Grenada Broadcasting Network

21st May 2024

  

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Government is moving to increase the retirement age from sixty to sixty-five years.

This they say is necessary, as they aim to help sustain the National Insurance Scheme.

After meeting with the newly elected board members of the National Insurance Scheme (NIS), government said it now realise that a number of changes need to be made so that the organization can continue to operate efficiently.

According to Minister for Social Development, Phillip Telesford, these legislative changes are needed to secure pension payments for the population. One of the changes to be pursued is an increase in the retirement age from sixty to sixty-five years.

Over the past 18 years, the trade unions and the public service commission has made several recommendations to the previous government to increase the retirement age. The minister said that apart from it being cabinet approved no other action has been taken.  He explained how this is now affecting the NIS financially.

Minister Telesford outlined other legislative adjustments that need to be made in order to tackle the issues within NIS.

The social development minister was speaking at the Governments Post cabinet briefing on Tuesday.

 

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