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Jun 19, 2019

Will Public Officers & Teachers Start to Pay for their Pensions?

Patrick Faber

There seems to be more bad news on the horizon for public officers, teachers and police officers. The longstanding pension scheme for government employees is that G.O.B. pays one hundred percent and then on reaching retirement, a gratuity is paid and then pension kicks in until you die. That bill is a hefty one which DPM Patrick Faber says is unsustainable and has to change sooner rather than later.

 

Patrick Faber, Deputy Prime Minister

“I’ve made this point in terms of the wider government pension scheme, which is not on the table now, but I can tell you we need to look at seriously again because that too will crash if we don’t make some changes. The government keeps pumping in a hundred percent of the contributions for such a pension scheme and gratuity package for public servants, teachers, police officers, we are going to crash. And any responsible administration will have to face that music at some point or the other no matter how far we kick the pan down the road.”


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