DSS defends decision to implement increase retirement age

first_imgLocalNews DSS defends decision to implement increase retirement age by: – September 6, 2011 Dominica Social Security buliding. Photo credit: investdominica.comThe Dominica Social Security is defending a decision to advocate for the implementation of an increase in retirement age and a higher contribution rate.A report has recommended that the retirement age move from 60 to 65 and the Dominica Social Security has been conducting sensitization meetings around Dominica.Deputy Director of the Dominica Social Security Augustus Etienne said the changes are imminent but the public’s impute is essential.“Because of the age of the system and because of the age of the population, we have a lot of people retiring and we are getting to point that the reserves that we have been able to accumulate overtime will be depleted in the future. When that happens we are going to have to charge people the real cost of the benefits that we are paying to them. In other to avid that, we have to make changes on a gradual basis so the system will be in place for future generations,” he said.He said the recommendations have been there for years but sometimes it’s difficult to implement some of those changes.“People are saying that things are looking bleak but every three years we are recommended by law to undertake a review which will indicate what changes will be made to the system. The system is not meant to be static. Overtime changes must be made and where you fail to make changes when you were suppose to make changes, the time will come when you will have to make drastic changes that will be too much for the people will deal at the time,” he explained.Dominica Vibes News Tweet Share Sharing is caring!center_img Share Share 14 Views   no discussionslast_img

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