Pensions

Senate resumes debate on pension bills today

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KINGSTON, Jamaica — Senate will attempt to complete debating the long awaited pension reform bills when it meets today at Gordon House.

 The bills are: The Pensions (Public Service) Act, 2017; and, The Constitution (Amendment)(Established Fund) (Payment of Pensions) Act, 2017.

The Pensions (Public Service) Act, 2017 aims at giving effect to the proposed reform arrangements for the public sector pension scheme. It seeks to establish a defined benefit contributory scheme to which all pensionable public sector employees will contribute five per cent of their salary, establish a segregated fund for the contributions and gradually increase the retirement age to 65.

 The second bill seeks to amend the Constitution to provide for payment of pension, gratuity and allowances from the fund, instead of the consolidated fund.

 The bills were passed in the House of Representatives on April 5 with 38 amendments. The Senate started debating them on June 23.

 Balford Henry

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