Published On: Wed, Dec 12th, 2018

Sarah: Changes to pension ordinance critical for survival pension fund

President of Parliament Sarah Wescot-Williams - 20181212 AB

PHILIPSBURG—The Chairlady of Parliament Sarah Wescot-Williams has announced that there will be cardinal changes to the pension ordinance. During a press conference which was held at the Parliament Building, she said that these changes will be critical to the future of the pension fund as we know it.

This is said to be critical to government employees with the proposed increase of the age for pension. It is being considered moving the pension age from 62 to 65 for civil servants where the pension will be calculated over their entire service and not as it is where it is calculated over the last two years of their employment.

The Minister of Finance Perry Geerlings in his presentation to the parliamentarians spoke about the need for the changes of the pension ordinance which he described as critical for the survival of the pension fund that these changes be made. The Finance Minister explained that if the changes are not considered then the fund will not have the monies to continue.

These discussions are expected to continue before the recess of parliament this year end. During the discussions in the Parliament many questions from the parliamentarians were tabled and the debate is expected to continue in the Central Committee of Parliament.