Government Considering Recommendations to Save Social Security Fund
The government of Montserrat is actively considering a raft of recommendations to save the Social Security Fund.
One of the recommendations is for the government to invest millions of dollars in the Fund, which is in danger of running out of money by 2025.
Premier the Honourable Joseph Farrell explains what would happen if the government accepts the recommendation to increase the contribution rate from 9 to 15 per cent.
Premier the Honourable Joseph Farrell.
Other recommendations include gradually increasing the age at which reduced Age Pensions are payable while at the same time increasing the reduction factors that apply from ½% to ¾% per month.
It was also recommended that the maximum Age/Invalidity pension percentage rate be reduced from 60% to 55%.