Dear Retiree GMIP Participant,
ADB has announced an increase in premiums for the GMIP. For retirees, this is 10% across the board. Given that (1) our premiums have not increased since 2006, and (2) claims increased an average of 15.5% per annum during that time, a 10% increase seems quite reasonable. By comparison, increases for current staff are actually steeper on average, as staff premiums have remained unchanged since 2004, and the percentage varies widely depending on staff level. As suggested in the past, especially by AFE, the increases are steeper at the higher levels, so that the higher earners share the burden in a more equitable manner.
Jill Gale de Villa