Govt Prepared to Phase In Pension Reform Proposals

The government says it’s prepared to continue discussions with trade unions with the aim of ‘phasing in’ the implementation of pension reform proposals.

Come April 1 public sector workers should start contributing more to their pension scheme.

However, this has been met with resistance by the unions.

Public sector teachers, who don’t currently contribute to their pension, will be asked to pay five percent of their salary to the scheme.

In opening the debate today in Parliament on the Pension (Public Service) Act, 2016, Finance Minister, Audley Shaw, disclosed that some changes will be made to the proposed legislation.

He asked for the debate to be suspended to allow for further discussions with the unions.

Minister Shaw told the House that the reform was not a panacea. He says the programme will be reviewed to determine whether other reforms are required.

However, he noted that public sector pension reform must be done.

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