The crucial pension reform bill was approved in the Senate today.

The bill was piloted by Leader of Government Business in the Upper House, Senator Kamina Johnson Smith.

Senator Smith told the Senate that Government officials recently had discussions with trade unions leaders regarding their concerns with aspects of the bill.

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The bill seeks to make the pension system more affordable and sustainable for the Government, while providing adequate benefits for pensioners.

The current pension expenditure is estimated at more than $30-billion and is projected to increase.

The passage of the Pensions (Public Service) Act 2017 is a benchmark under Jamaica’s Standby Agreement with the IMF.

The bill was passed in the House of Representatives earlier this year.

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