“Government Ministers, shame on them!” these were the words of Public Services Association (PSA) Executive Member, Kellon Wallace, when referring to the Finance Minister’s proposal that increases the retirement age to 65 from the current age of 60. The Finance Minister Colm Imbert, last week in a press conference said that while the Government has not made a firm decision on the matter as yet, increasing the retirement age to 65 from the current age of 60 was under consideration.
Wallace, who also holds the position of Chairman of the National Insurance Board’s (NIB) PSA Staff Side Section, said that it was because of the Government’s bad decisions that this was even being considered. He said that governments both past and present had to be blamed for the conundrum that the NIB was now faced with. He stated that it was irresponsible of Governments to raise minimum pensions to the level that it is right now, as it is the highest in the world in terms of any social security system governed in any jurisdiction.
“We are the only country in the world that has a minimum pension greater than minimum wage, even after the recent increase in the minimum wage, so even prior to that our minimum pension was almost 125% greater than that the minimum wage at the time, when it was raised to $3000.00″.”These bad decisions by governments have led to the position of the NIB being in the place it is right now, so to hear Government speak on it, shame on them! What I can say is that what perfect timing the Minister has, when in fact the workers of the NIB expect their just dues with respect to their settled negotiations,” said Wallace.