As the Government works to restructure the public sector pension scheme, Governor-General, His Excellency the Most Hon. Sir Patrick Allen, is assuring pensioners that their entitlements are safe.
“Existing pensioners and those public sector workers approaching retirement can be assured that their entitlements will be preserved even as the reforms are introduced,” he said, as he delivered the Throne Speech at the State Opening of Parliament, today (April 14).
He pointed out that the restructuring and rationalisation of the public sector to improve its efficiency and effectiveness in facilitating growth is a priority for the Government, adding that an issue that must be urgently addressed is the rising cost of pensions for public sector workers, which has risen by 82 per cent in the last four years.
“Detailed studies with recommendations as to how the pension system can be managed in a sustainable way are virtually complete and will require decisions to be made during this year,” he said.
The Governor-General said that the recommendations of the Public Sector Transformation Unit have been widely discussed, including consideration by the Public Administration and Appropriations Committee of Parliament, and that the final decisions and implementation strategy will be outlined during the Budget Debate.
The State Opening of Parliament marks the start of the financial year, which began on April 1. The theme of the Throne Speech was: ‘From Stabilisation to Growth’.
CONTACT: ALECIA SMITH