Dominica government approves increase in retirement age & social security contributions

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first_img Share 121 Views   no discussions Michael MurphyPresident of the Dominica Association of Persons with Disabilities and Former Statistician Michael Murphy, who was the keynote speaker at the 5th stakeholders meeting of the Dominica Social Security on Thursday, announced that the government of Dominica had approved the increase in the retirement age and social security contributions.The Dominica Social Security embarked upon an awareness campaign earlier in 2011 to inform and educate the public on a proposal by an actuary report indicating that the retirement age should increase from sixty (60) to sixty-five (65) as well as an increase in contributions from employees to assist in sustaining the fund.Mr Murphy highlighted two main areas of reform at Thursday’s meeting.“There are two main areas of reform which were recommended by the actuary to take effect in 2009 and again in 2011. The aspect for 2009 was implemented but in 2011 there has been a little backlog. The government has now approved this; one first of all, they have approved an increase in the retirement age from sixty to sixty-five every year by six months which means it is going to take the Dominica Social Security ten years to completely implement this. Secondly, the recommendation that the contribution rate and I think it refers to the employees’ contribution rate should also be increased by 0.25% each year for twenty years. So over the twenty-year period there would be a total increase of 5%.”According to Mr Murphy, “the government has stipulated that there should be no further enhancements of benefits other than those that are being recommended or approved at this time until the first two measures are adopted and implemented by the Dominica Social Security”.These new measures will commence as of 2012 and Murphy hopes that “the social security will increase their financial position” and that “pensioners who are receiving very small increases will no doubt be able to attract a better increase in our social security benefits”.Dominica Vibes News Share Sharecenter_img Tweet Sharing is caring! LocalNews Dominica government approves increase in retirement age & social security contributions by: – December 8, 2011last_img

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