JIS News

Government employees will soon have to contribute to their pension, Minister of Finance and the Public Service, Hon. Audley Shaw, has confirmed.
“It is inevitable that all public sector workers are going to have to become used to the issue of making a contribution to their pensions,” Mr. Shaw told the Standing Finance Committee of the House of Representatives on Tuesday (September 29) at Gordon House.
He was responding to questions from Opposition Member of Parliament (MP), Dr. Peter Phillips, about a timeframe for introducing a contributory pension scheme for Government workers.
Mr. Shaw said that a World Bank study has already been completed. However, he said that some refinement was needed because the current system is not sustainable. He also noted that MPs have already started contributing to their pension, and that the signal will have to be sent to other Government paid employees that they must contribute to their pensions, as well.
Mr. Shaw said he could not commit to a timeframe for the change in the system, but noted that “it is not years away.” He said that the delay was because it has to be done properly, and there has to be a smooth transition from the current system.
“But the World Bank is working with us on it right now,” he said.

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