An increase in the contribution rate to the National Insurance Services {NIS}, is among pension reforms announced by Minister of Finance, Camillo Gonsalves yesterday.
The Minister said in his Budget Address, that the changes are expected to improve financial sustainability of the NIS.
He said the approved reforms, when fully implemented, will secure the financial future of the fund and ensure that the NIS remains the best investment for Vincentian workers to secure their financial future.
Minister Gonsalves said another reform measure is to change the current age pension to a retirement pension.
The fourth measure is to increase the reference wage period used to compute pension from the five best years to the seven best years of contribution.
The Finance Minister also indicated that the government will introduce a permanent unemployment benefit, which will begin in January 2025.
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