Local Economist supports decision to increase retirement age and contribution rate

first_imgLocal Economist McCarthy Marie said he is supporting a decision by the Dominica Social Security to increase the retirement age from 60-65 and to increase the contribution rate as well.The DSS said it will go ahead with recommendations in an actuary report to increase the retirement age and contribution rate.Marie said the move is not only timely, but it will benefit the institution and pensioners as well.“It’s all in an effort to maintain the DSS. Given the fact that the conditions are already as they are, we have to say that it’s the entire society who will benefit. Otherwise, those who are 40 and 50 who will retire in ten, twenty years time is at risk,” he said.Marie said if steps are not taken, there’s a possibility than many persons will lose out.“People who will lose are those who are 50 and 55 who were expecting to draw their pension at 60, would now have to wait a couple of years more,” he said.The DSS is currently holding sensitization programs around the country on the issue and have indicated that the move is imminent. Dominica Vibes News LocalNews Local Economist supports decision to increase retirement age and contribution rate by: – September 19, 2011 10 Views   no discussions Share Tweetcenter_img Share Sharing is caring! Sharelast_img

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