A 3.9% increase in Isle of Man pensions “acknowledges the contribution” of older people to society, the Manx Retirement Association has said.
The rise of up to £374 a year in the Manx state pension and up to £263 in the basic state pension were announced in the 2020/21 Manx budget.
Pensioners received a rise of 2.6% in the previous year’s financial plan.
Manx Retirement Association’s chairman Howard Parkin described the higher increase as “gratifying”.
In the 2019/20 budget, the basic state pension rose by £169 per year, while the new Manx state pension was introduced at a rate of £184.15 a week the same year.
Mr Parkin said those who had retired contribute “at both ends of the spectrum” by looking after elderly parents and babysitting grandchildren, as well as spending money in the local economy.
The increase was “gratifying” as the role of pensioners in society had often been “maligned” in the past, Mr Parkin said.
He continued: “I was pleased to see older people’s contribution is acknowledged via the pension contribution. Costs are increasing over time so it’s nice to get a small increase.”
The latest rise maintained the government’s commitment to the triple-lock principle adopted in the UK, Treasury Minister Alfred Cannan told Tynwald last week.