2015 Budget extract on Pension schemes. What does this imply? Will the lump sum payment remain or be done away with? Have your say: Social Protection 84. Mr. Speaker, Government remains committed to ensuring adequate social protection for its citizens. The provision of sustainable and equitable pension benefits as well as other social safety nets for vulnerable members of society is, therefore, at the core of Government’s social protection policy. 85. Sir, our public pension system is characterised by huge actuarial deficits, low annuities and unsustainable entitlements. To address these challenges, an inter-ministerial committee was constituted to review the pension system. The committee has since completed its review and made recommendations to redesign the pension rules and framework and harmonise the social security legislation. Government is now considering these recommendations.
Posted on: Sat, 11 Oct 2014 05:22:29 +0000
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