Increase in pensionable age

A newly amended social security act was passed by parliament on February 22nd that will gradually increase the pensionable age to age 65 by 2012.

 

This amendment will come into action in march 2012 and the age by which people receive their pensions from the Dominica social security will increase by six months annually over the next 10 years.

 

In addition there will be an increase in contribution rates from workers and their employers.

 

This increase will be a gradual one with an overall increase of 5% over a period of 20 years from the current 4%.

 

Therefore next month the pensionable age will increase to 60 years and six months and the contribution rates will increase annually by a quarter per cent until 2031.

 

Social security officials say the method is a fair one that will prevent an abrupt

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