The first pensions and benefits hike in five years, effective next month and covering some 12,300 seniors, has been approved by Parliament.

“Looks like an election is coming,” responded David Burt, the Shadow Minister of Finance, who said the Progressive Labour Party administration had consistently kept seniors ahead of the rate of inflation.

However, Grant Gibbons, the Minister for Economic Development shot back that it was “easy when you’re spending somebody else’s money”.

The increases of 5 per cent for benefits and 7.5 per cent for contributions were announced by Bob Richards, the Minister of Finance, last month after a 2014 actuarial review of the Contributory Pension Fund.

Seniors getting $982 a month will see their benefits rise to $1029, which Mr Richards said struck “the right balance” — though he acknowledged that the cost of living had increased by nearly 8 per cent since August 2011.

Mr Burt said the increases fell well short of the 8.3 per cent rate of inflation over the five-year period, and he pointed out that healthcare costs, which hit seniors the hardest, had climbed 30 per cent.

During an at times heated debate PLP MP Derrick Burgess maintained the Government needed to do more to help the island’s seniors.

Meanwhile PLP MP Zane DeSilva added: “This increase is overdue and fantastic for our seniors, but it falls woefully short.” Mr DeSilva condemned the Government for finding money for referendums, BTA staff bonuses and a Commission of Inquiry when he said that money should have gone towards seniors.

PLP MP Jamahl Simmons also questioned whether the move was motivated by an upcoming election saying: “We have to do better for our seniors, not just when it is election season.”

However Mr Richards rounded on the Opposition rejecting the notion that the increase was prompted by an upcoming election.

He said the decision was based on: “prudent judgment based on facts”.