Government has announced changes to this country’s pension system including raising the pension age and increasing the number of contributions required before a person qualifies.
The changes have been announced in the House of Assembly by Minister of Labour and Social Security, Colin Jordan, who warned that on the current trajectory the pension fund could start to run out in about eleven years and be depleted in 20 without intervention.
Mr. Jordan gave the assurance the current pensioners will not be affected, nor will the contribution rate be increased, but there will be changes.
In the future, people will have to contribute for at least 15 years to qualify for state pension
Minister of Labour and Social Security, Colin Jordan.