Synching of age for retirement & pension still being considered- Hon. Skelton
Hon. Skelton now suggests that one of the reasons for this is that people are living longer; something he expressed was a “known fact” and said “those who live longer want to work… they don’t want to stay at home," the Minister told residents at a community meeting in the Fifth District on November 7, 2012.
“There is this age that companies and the government retire you, which is at 60 years and the time to collect social security is at 65,” the Hon. Minister said, “so we are trying to get that age synchronised.”
He further explained that the eligible age for social security benefits “cannot come down” but efforts are being made to carry the government retirement age up to 65 years.
The Minister previously said on an edition of the NDP radio programme aired in March 2012 that in trying to synchronise the two ages, it would not be prudent to lower the age of eligibility for social security retirement benefits. “We cannot lower social security and have it sustained for any long period of time. The system will go bankrupt. So we have to increase the age of people (retiring) from 60 to 65.”
The Age Pension is one of the many benefits provided by the Virgin Islands Social Security Board which is responsible for the management of the Fund. The Director of the Board has the responsibility for the management of the Fund, in particular the collection of the contributions and the payment of benefits.
Social Security is a compulsory insurance plan which employers, employees, self-employed and voluntary contributors contribute to and is designed to protect insured persons from financial distress by providing partial income replacement when certain contingencies arise.
Age Benefit is paid to an insured person who has reached the age of 65 and has satisfied the necessary contribution conditions. While the benefit is awarded in the form of a Pension or a Grant, in order for someone to qualify for Age Pension currently they must be 65 years of age and have paid at least 500 contributions within the last 10 years.
During the meeting, the Hon. Minister also expressed concern at the number of chronic diseases affecting the Territory and revealed that there were now over 50 patients currently under dialysis treatment at Peebles Hospital. He noted that the numbers were steadily climbing and there is currently a waiting list of persons for treatment.
He further explained that the physical work now being done for the new Peebles Hospital extension is expected to be completed by August, 2013.
.png)
.png)
.png)
.png)
.png)
Follow Us On
15 Responses to “Synching of age for retirement & pension still being considered- Hon. Skelton ”
WTF?? Are you an a$$$%# or what? Because you live in the 5th District you don't want to hear anything about the Territory on a whole? Then if she was there alone you would ask why couldn't the at large and other members show up as well since the people have questions? You really can't please idiots unless you become one.
Who is getting $100,000? I hope you do not think that is her salary? Not that I am defending the elected officials but their base salary is $36,000 and the additional does not take it no way near $100,000. If you were to the meeting, you would have heard her list all the things she did in the district and her plans for the next year. You should have read all the articles or better yet, be at the meeting.