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Pension reform debate begins next week

Published: Thursday November 1, 2012 | 6:13 pm Comments 0
Finance Minister Dr Peter Phillips. - File Photo
Finance Minister Dr Peter Phillips. - File Photo

The Finance Minister Dr Peter Phillips says the debate on the critical issue of public sector pension reform will begin in the Lower House of Parliament on Tuesday.

Phillips was speaking at the second Social Development Commission public forum in May Pen, Clarendon last evening.

Public sector pension reform is one of the key issues Jamaica needs to undertake to secure a deal with the International Monetary Fund.

The Government has indicated that the reforms are critical since the current system is not sustainable and will put pressure on the pension pool.

Phillips has also said Jamaica will not achieve fiscal sustainability without a reform of the current system.

In fact, the Government's failure to implement the reform led to the country's inability to draw down on funds from the multilateral institution.

Yesterday, Phillips said the government is committed to a contributory pension scheme in the public sector which will allow for guaranteed returns on pension.

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