Pension Fund Solution

Making adequate provision to make the pension fund solvent requires all hands on deck. Increasing contributions and reducing benefits is not the only solution. Each individual must determine what contribution is reasonable to be made.

Those receiving non-contributory funds must be assigned community service and supervised by community leaders. In this way their contributions can be deducted.

The salary of the workers at the pension fund needs to be brought in line with that of government workers, and any reduction in benefits should be reflected in a similar reduction of salary.

There should be no statute of limitation on the collection of contributions deducted or should be deducted from workers. Delinquent employers, including the government, should be required to pay in what they owe. Contributions should be required of all persons, and a good standing report from the pension fund should be required to conduct business.

Each worker should document his work history to determine the liable employers and all efforts made to collect the deductions. An efficient compliance department is needed to ensure that all workers from the informal sectors make their contributions.

A good, robust economy with adequate growth is the main fuel for the health of the pension fund. Every effort must be made to improve productivity.

Anthony G. Stewart, PhD