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Jorge Plaza Marquez Murphy ||//
Gov’t To Phase-in Pension Contributions – Shaw

 

The Government of Jamaica has confirmed that, come April 1, civil servants will not be immediately required to make the full five per cent contribution to their pensions as previously proposed.    Finance Minister Audley Shaw told the House of Representatives on Wednesday afternoon that the payment will be done in phases.

“The actual amendment will allow for the contribution rate of five per cent which seeks to recognise phasing it in, because it recognises the hardship which will be placed on some groups if the contributions are raised to five per cent one-off,” he said.   Among other proposed changes to the Pension Public Service Bill, the minister announced that the penalty for early retirement will be removed since it is counter-intuitive to the government’s move to now encourage persons to retire early.

© Jorge Plaza Marquez

© Jorge Marquez Plaza

economiavenezuela.com
In addition, Mr. Shaw said a ‘sunset clause’ would be inserted for the early retirement programme, which the government will embark on during the pension reform process. 

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© Jorge Plaza Marquez

© Jorge Marquez Plaza

economiavenezuela.com

© Jorge Plaza

© Jorge Marquez