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Pension reform measures could begin in January
2012-11-07 08:49:55 | with audio | (0 Comments)
Aspects on the pension reform programme being pursued by the government could come on stream in January next year if the recommendations of a joint-select committee are adopted by the parliament.
minister with responsibility for the public service Horace Dalley
Yesterday, minister with responsibility for the public service Horace Dalley, opened the debate on the recommendations of the joint-select committee on public sector pension reform.
Dalley said the committee has recommended retaining a defined benefit model and that the money be held in a segregated fund, under trust.
He said beginning in January 2013, all new recruits in the public sector would be required to make a compulsory contribution of five per cent of their salaries to the fund.
Existing workers would be brought in later in 2013 or 2014.
Dalley says the retirement age for all workers would also be raised from 60 to 65 years, except for members of the security forces:
According to Dalley under the new pension scheme an actuarial review would be conducted every three years or earlier if there were severe economic shocks.
Meanwhile, Helene Davis Whyte, the vice-president of the Jamaica Confederation of Trade Unions (JCTU), says the group cannot say at this time if it is in full agreement with the recommendations of the committee.
She says the JCTU has not received a copy of the final report.
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Minister with responsibility for the public service Horace Dalley,
Source: The Gleaner/Power 106 News
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