From January 1st 2020, the old age pension (Algemene Ouderdomsverzekering, AOV) will be supplemented for elderly people with a low income and little equity. This is one of the measures taken by the Ministry of Social Affairs and Employment to increase incomes and benefits in the Caribbean Netherlands.
Persons aged 64 or over who have been lawfully residing in the Caribbean Netherlands for a minimum of 5 years, are eligible if they have an income that is lower than the Minimum Wage. For Bonaire this is an amount of 951 USD per month. On Saba and St. Eustatius it concerns USD 1,134 and USD 1,147 respectively. Any pension from a former employer is exempt up to $ 54 per month.
The person’s equity is also included in determining the entitlement to Extra AOV. A capital limit of 8,760 USD maximum applies to Bonaire. For Saba and St. Eustatius this is USD 10,460 and USD 10,600 respectively. Elderly people who have more than this amount in equity are therefore not eligible for Extra AOV.
The Extra AOV can be applied for between January 6th and April 1st 2020 at the SZW-unit of RCN. This is possible by appointment or during special consultation hours. You can also find more information about Extra AOV on the RCN website.
In addition to the Extra AOV, the regular AOV pension will increase by 2020 for all elderly persons entitled to AOV. This is an increase of 6.2% on Bonaire, 5.3% on Saba and 2.7% on St. Eustatius. The adjusted old age pension is automatically credited to the account of the elderly persons entitled to AOV.