The National Insurance Scheme has begun consultations with various interest groups, as it seeks to move forward with proposed plans to increase the pension age, in a bid to remain viable.
Grenada is one of few countries in the region whose retirement age still stands at 60.
With the decline in birth rate and people living longer, the National Insurance Scheme is proposing to increase the retirement age to 65 and increase contributions.
By doing this the organization says it will be better poised to stay afloat and at the same time add more benefits to its beneficiaries.
At present the NIS pays out more in benefits that it receives in contribution.
Actuarial advice, according to NIS Director Dorset Cromwell, clearly states that continuing on the current path will lead to bankruptcy.
He says three different actuaries is successive years have made the same recommendations, as fewer people are coming into the labor force.
Present at last Thursday’s session, which included a wide cross section of business people, was president general of the Technical and Allied Workers Union, Senator Andre Lewis.
Lewis complimented the NIS, supporting the sentiments of the Director.
The labour representative encouraged people to take part in the discussions, reminding employees who are not unionized and have no foreseeable pension, of the importance of state pension provided by the NIS.
April 4th marks thirty-six years since NIS was established.
International Actuary and consultant Georges Langis, BBL World Canada and his colleague are in Grenada to assist the NIS with its twelfth actuary review.