Awaiting official notification of approved indexation
While government employees have received cost of living adjustment (COLA) payments, pensioners affiliated with APS can rest assured that they too will be receiving their COLA payments. The payments will be realized as soon as official notification is received of the approved indexation. In anticipation of this, the preparations for COLA payments to APS pensioners are presently ongoing, as the national pension ordinance indicates that indexation of pensions must follow the indexation of salaries to civil servants. The process of indexation is one in which a number of steps must be followed, including attaining prior approval of the COLA payment from the Minister of Finance and other non-government employers whose retired personnel are now collecting pension benefits. This is particularly the case for those participants who entered the pension fund before January 1, 1998, as the last employer is responsible for paying the COLA. APS assures its pension beneficiaries that it is following the customary procedures and will keep them updated with regard to the COLA payments.