The Minister of State for the Public Service made her contribution to the 2023/24 budget debate on Monday where she announced the government’s exploration of implementing a contributory pension plan for the public service.
The Hon. Pia Glover-Rolle told Parliamentarians, “the draft legislation will soon be presented to public sector unions for feedback. But as we await that feedback, I can inform you of the ideal format for this contributory pension plan. Ideally, the way this will work is that the benefits will be larger on average than those experienced under the existing plan and will also be proportionate to the amount of public servant contributions. The more you contribute the more you will receive. Existing public servants will still be entitled to their current pension plan as well as NIB but they will be able to opt into this contributory pension plan so that when they retire they will receive NIB benefits, the existing pension plan benefits, as well as the expanded benefits from the contributory pension plan.”