Government will consider raising the retirement age from 60 to 65.
This announcement came today from Finance Minister Colm Imbert during his presentation of the 2021 Budget.
Mr Imbert says with expenditure on benefits now exceeding contribution income, “steps will have to be taken to maintain the integrity and viability of the National Insurance Board”.
This, he adds, includes a “serious examination of the need to extend the retirement age to 65”.
Such a proposal is not new.
In June last year, then Minister in the Finance Ministry Alyson West reportedly stated that an NIB committee had recommended a retirement age of 65 (among other things), as a way of securing the National Insurance fund.
Also, just last month, The Greater San Fernando Chamber of Commerce reportedly advised the government to seriously consider increasing the retirement age to 65 or 70 years.