PM says Social Security pension increase is also on the cards
Prime Minister Gaston Browne says the government is preparing to increase Social Security pensions, while confirming that an initial rise in state pension payments has already been approved.
“A Social Security pension increase is also on the cards,” Browne said during his Browne and Browne radio programme, as he outlined plans to expand financial support for retirees.
He cautioned, however, that any adjustment to Social Security benefits will be guided by financial assessments to ensure sustainability.
“That will come after the actuarial review,” Browne said, indicating that the timing and scale of any increase will depend on the outcome of that evaluation.
The prime minister made the disclosure as discussion on the programme turned to salary adjustments and pension relief, where he confirmed that the government has already taken steps to provide immediate assistance to pensioners.
“We have agreed to a 5 percent increase for pensioners,” Browne said, describing the measure as part of a broader effort to improve income support.
Browne suggested that the combined measures reflect the administration’s intention to balance short-term relief with longer-term policy planning, particularly in relation to Social Security, where actuarial reviews are used to assess the financial health of the system.
The remarks come amid wider government efforts to address cost-of-living concerns, with officials examining a range of measures including salary increases, back pay settlements and pension adjustments.
Browne indicated that while the approved 5 percent increase will provide immediate benefit to pensioners, the potential Social Security adjustment could offer additional support once the necessary financial analysis is completed.
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What about those persons who are getting are decreased pension from Social Security because they had to apply for Pension at 60 as they were forced to take retirement at 60 from private entities and as such is getting in some cases over $900 less than what they are to get with no consideration from Social Security after contributing more than 35 years to Social Security. This needs to be looked into as they are experiencing hardship having to pay rent, pay utilities and groceries on less than $1500 a month.
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More vote catching ABLP inducements!
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Lawd ah mercy, ABLP are truly mad…
It is so unfair that when you talk a bout increase in Social Security pensions it only include people who worked in the Government service, those of us who worked in the Private Sector contributed too but are excluded when a lot of us contributed even more. We also face the wicked utility bills and the astronomical prices in these supermarkets with their low quality goods
I thought one such actuarial review was recently done when the government undertook to invest huge sums of Social Security monies into the Jolly Beach Hotel. Social Security Pensioners are reaping in many instances very little benefits to their long and arduous contribution to the scheme for many long years. Persons in the private sector have consistently contributed to the social security scheme and are really the ones who have kept the scheme vibrant and dynamic. In many instances, public sector contributions never reached the scheme…..neither employees nor government contributions. Many pensioners are unable to use the little pitons from Social Security in any meaningful way to live out their twilight years.
Didn’t Gaston day heaven will be on earth as he Gaston opine like a god?