Three options emerged as being most realistic and worthy of consideration by the many stakeholders of the scheme.
The NIS would like the public to give their feedback and preferences for the options via opinion polls that will be conducted via telephone and online as well as through written submissions, and public meetings.
The committee does however welcome suggestions of other options for reform of the Pension Scheme from organisations and individuals.
Contribution Option
Increase contributions each year by one per cent until General Average Rate* is achieved.
Retirement Age/Contribution Option
Modest increases in contributions PLUS gradual increase in retirement age to 67.
Benefits Option
A significant reduction in benefits in an effort to maintain the Reserve Fund ratios; without any increase in contribution rates.
| * The General Average Level Premium Rate: Actuarially calculated rate which paid from now will be sufficient to maintain the Reserve Fund for the future. | |||
2001 - 2002 Copyright
National Insurance Scheme,
Barbados, West Indies