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Apr 13, 2018

S.S.B. Claims Backing for Increase in Contributions and Benefits

Last year, the Social Security Board put forth a proposal for a contributions reform. The idea is to increase the contributions of employees and employers and at the same time increase the benefits. The S.S.B proposed this increase so that those who earn more than three hundred and twenty dollars weekly will not get a pension that is in line with what they had been earning prior to retirement. Simply put, it is a pay more to get more proposal. It is a major reform process that led to countrywide consultations with employers and employees. Those early consultations are over and S.S.B. says that there is an initial positive feedback for the proposed reform.

 

Chandra Nisbet Cansino

Chandra Nisbet Cansino, Corporate Customer Relations Services, S.S.B.

“We’ve completed the stages of preliminary consultations and so we’ve met with the general public. We’ve met with the business stakeholders and we’ve met with the worker groups and the worker representatives to present a proposal. We’ve actually met with the business community twice and so right now at this present time they are both reviewing the proposal and we await their documented response in regards to the proposal. If they both agree, then we will be able to submit the – we will make our submission to cabinet for the changes. If they don’t, then we will probably have to go back to the bargaining table, sit down and get a final consensus before we can move forward. But the general consensus is an acceptance to the proposal, simply because it’s not only an increase in the payment of contributions but it’s also an increase in the benefits.”

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