Prime Minister to address looming pension problem

Prime Minister Dr. Ralph Gonsalves has hinted that there may be a problem with this country’s civil servant pension plan for in the not too distant future.{{more}}

Gonsalves, addressing delegates at the 18th heads of social security meeting on Sunday, noted that by 2025 civil servants would be earning more in retirement from their National Insurance Service (NIS) pension and consolidated funds from the Government than when they were employed.

He said that this situation would become unsustainable over time and may become a problem between young workers and retirees.

Dr. Gonsalves also noted that although by the time indicated, the issue of social security or any government concern for that matter, would not be his to deal with since he would have already have left office. But knowing of the situation, he would be irresponsible to avoid the issue.

Gonsalves said that this matter has to be dealt with constitutionally, and can be solved without it being a problem for the persons involved.

He said that the problem is one that will arise in other territories and needs to be addressed by the relevant bodies together. (JJ)