Lower House Approves 65 Years As New Retirement Age

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The Pension’s Amendment Bill of 2019 was passed in the Lower House to move the pensionable age of civil servants from 60 to 65 years old.
“So Mr Speaker let me speak in terms of how our civil servants will clearly understand, once this bill is passed the official retirement age will be 65.” explained MP Samantha Marshall.

 

Marshall says the bill’s initiative to change the retirement age for civil servants is in line with social security regulations.
In fact, Social Security 2016 Regulations gradually increase the pension of age to 65.
Member of Parliament for Barbuda, Trevor Walker, says the government has an underline issue that needs to be addressed.
“We are having a fundamental issue in this country, where the government has serious fiscal problem. Apart from addressing this fundamental issue of the age, the government hasn’t come into this parliament with any solutions as to how they are going to try and remedy the situation. ” he said.
MP Lennox Weston dismissed the arguments of Walker saying the bill is the remedy.
“I was trying to indicate to him, the solution is right in your hand. This was passed specifically to help social security meets its fiscal operation obligation on time. Because what we are doing is that we are delaying individuals from getting their pensions from social security for five years.” Weston explained.
MP for St. Mary South, Samantha Marshall, also spoke on other circumstances where pension could be granted.
According to Marshall, civil servants on or after attaining the age of 60 years may have planned and are prepared to leave the service at 60; they would have the option to do so.
Civil servants who reach 55 years old and have worked in the system for 33 and a third years can apply to the cabinet for early retirement with full benefits.

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13 COMMENTS

  1. Well y pay this might as well invest in something else to pay your old age bill.

    • Some care and their actions show it. Others could not care less as long as they are getting and living big. GG you hear?

  2. Poor ppl in this country have to suck salt before them can get they money which is due to them. Why change the age when politicians can claim full pension after serving two term as an MP. #fixitgastonfixit

    • Flying around first class. More folks than needed going on trips for huge pre diems. Unnecessary trips.

  3. The solution is not to increase the age of eligibility but the government and business places need to pay the funds they deduct from worked into the social security.
    Also Government need to stop using social security as an ATM.

  4. The retirement age is now 65.I do believe persons should be able to retire between the ages of 60 and 65.There is a thing called early retirement.Where persons have an option of their choosing to retire early.If they do not wish to work until 65 years old.Why someone has to apply to Cabinet for full benefits,if retiring early.That should be a matter between an individual and the Social Security Board.Why do we bring Politicians into everything.Some years ago,I were in Antigua and offered a suggestion to a Member of Cabinet.In regards to the paying out of Social Security monthly.I had this idea that the payout should not be a month end thing.Where all monies are paid out.It puts too much financial burden on the system.Social Security should be re-assessed and be paid across the entire month.By using the Alphabet and Surnames,A to M would be paid on the second Tuesday of the month.While those Surnames with N to Z would be paid the fourth Tuesday of every Month.It is my opinion it would put less stress on the system.Spread it out than to bundle and tie it to month ends.

    • “Why do we bring Politicians into everything.”
      Aren’t the politicians their boss. The Social Security has nothing to do with them. These are public servants. And all applications for early retirement have to be approved by cabinet on the advise of the Public Service Commission. That is how government works. The same if they need a transfer from one ministry to another.

    • If the civil service pension at 60 is based on 33/3 years and pension is based on that, then at 65 the pension should be based on at least 38 years. In that way, you will get a pension more in line with your years. Without this, retiring at 65 years is more benificial to the government and less so for the civil servants.

  5. This is dam shit. It is done because no money in the social security Scheme (SSS ) nor government. People a go dead before them get them pension. Government and the private sector deed to submit employees contributions and their contributions to SSS and although government not putting the both contributions they still going to the SSS and with drawing like an ATM. How civil servants must going until 65 and Politicians can get pension after ten years and work until them over sixty five and a use walking stick and nar move. A dogs are we be.
    If you desire to leave after working 20 years in the police force/fire brigade where the regulations say you can and get gratuity only, what happen now. All this is advantage. With all them stress it is better everybody leave now. Government waste the monies and now without consultations with the people just forcing this on us. Lord please help us.

  6. Why is there a retirement age after all. I mean a mandatory retirement age. I believe one should work as long as the can and want to work. providing they are in good health to keep being an asset for the company their work for. For some professions it may be short but for others it can be very long. Physical labour can have a toll on your body much sooner than mental labour. A mason, carpenter or a landscaper may have health issues after a certain age. Therefore it would not be fair to tell a worker in those industries to keep working until they drop death on the job. Politicians do not have a retirement age. Papa Bird was on the job until he was very old. Actually I wonder in his last days why he pushed himself. Most of the Parliament meetings he was sleeping. Lester was also going down that road. Not knowing when to quit. But given that we do not have a pension plan that is attached to our latest income people going in retirement sometimes lose as much as 50% of their last earned salary and more. We need to develop a hybrid of the american 401K and the European Pension Plan. Where a person can decide to put a minimum of his income in a funds that will guarantee him a certain income and another in a speculative funds in which he can increase his earnings. Many start building at a mature age and banks spread the mortgage payments way past their retirement age, knowing very well that at that time they will therefore default on their mortgage with the consequences of being evicted from their life long home. It is similar to predatory lending practices that took place in the USA that brought us the housing crisis. I think we need to have an investigation how many people are facing this tragedy to come sometime in the near future to them. We need to proactively find a solution for this before it becomes a big social issue. Fines will be to small to hold all of them. How many people have mortgages that will take them past their retirement age? And have they taken any measures to solve this when it comes around. And what are the bank’s policies when it comes to making these loans. Are these done deliberately? These issues have been addressed in some European countries in the 80’s and 90’s and the banks had to write of the loans where it was proven that the bank was involve in predatory lending practices. Knowing very well that a person could not make their monthly payments after retirement age. Another solution has been the reverse mortgage. In that case the equity you have earned over the years is being used to repay the balance of your mortgage. Thereby you can stay in your home and don’t have to make payments. You just use up your equity. The negative of this is that your children will not be able to inherit your property unless they pay of the loan. It usually has a lot of fine prints. But it puts the banks in control of your property

  7. Sidelines:I agreed with you that there ought to be a 401K savings in Antigua and Barbuda.It should be set up for the Private Sector,only.The Government Workers should not be involved in that scheme.They should have a Government Pension Plan only.The Civil Servants should not be involved in Social Security.Here in the USA.We have 401K and company issued Pension Plans.Not all Companies have a pension plan.However all workers private sector,paid into Social Security.The 401k is an individual choice to be in or not.Because it is not a mandatory program.In the USA,Civil Servants do not pay into Social Security.There is a Federal Retirement Fund.Civil Servants would put in 7% of their income for retirement.Even the US Military has its own Retirement Fund.The Military Personnel do pay into Social Security either.What Antigua and Barbuda needs to introduced into the Social Security system.When persons do retire and goes back to work.They should be paying into Social Security based on their new income.I was told that in Antigua they do not pay at this time.That needs to change.

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