The Government Institution Pensioners' Association in Namibia (GIPAN) has rejected the five percent annual pension increase by the Government Institution Pension Fund.

The Chairperson of GIPAN, Raphael Pieters, argued that the increment is 0.46 percent less than the previous financial year.

Following a disagreement over salary increments between Netbank Namibia and its employees on Thursday, leading to a demonstration by the employees, the Namibia Financial Institutions Union (NAFINU) and Nedbank Namibia have finally reached an agreement after a roundtable discussion.