Brian Manning MP, Minister in the Ministry of Finance (2nd from left), and James Lambert, President General/CEO of the NUGFW (2nd from right), along with other executive members of the NUGFW, following the meeting to discuss increasing the pension age, on Wednesday 23rd February 2022. (Image courtesy Ministry of Finance)

Consultations on the proposed increase in the compulsory age of retirement from 60 to 65 years have begun between the Government and the trade union movement.

A release issued by the Ministry of Finance reports that Minister in the Ministry of Finance, Brian Manning MP, began meetings this week with leading trade unionists on the issue.

“In his first meeting held on Wednesday 23rd February 2022, the Minister met with representatives of the National Union of Government and Federated Workers (NUGFW),” the Finance Ministry release stated.

The Ministry also notes that discussions with other trade union bodies will continue in the near future.

Earlier this month, acting Permanent Secretary in the Finance Ministry and Executive Director of NIB Niala Persad-Poliah, told Parliament’s Public Accounts Committee (PAC) that the Ministry and the National Insurance Board (NIB) are examining recommendations to gradually increase the pension age from 60 to 65 years. 

She also revealed that they are considering adding the self-employed to the National Insurance system to help sustain NIB’s fund.

However, the NIB Executive Director did not say when such changes would be implemented.