You probably don't know it - and if you did it would keep you up at night…but the social security fund is near a dangerous tipping point. Every year, the fund is running multi million dollar deficits - because there aren't sufficient contributions to support to burgeoning cost of pensions.
And, so after getting hard won buy-in from all the social partners, including the unions and the business sector, Social security has now gotten approval from Cabinet to implement a new revised schedule of contributions - the first in decades.
It will mean more payments for those making more than 320 dollars weekly - but also an increase in benefits.
The new schedule is proposed to go into effect on July first - but first there will be another round of information sharing before that. The session with the media will be held next week and we will have much more information then.
Email
Print