JavaScript is disabled in your web browser or browser is too old to support JavaScript. Today almost all web pages contain JavaScript, a scripting programming language that runs on visitor's web browser. It makes web pages functional for specific purposes and if disabled for some reason, the content or the functionality of the web page can be limited or unavailable.

Sunday, May 4, 2025

Pension promises deferred

by

20100617

It seems as though good sense has pre­vailed and Prime Min­is­ter Kam­la Per­sad-Bisses­sar has cho­sen to amend the pen­sion promis­es that the Peo­ple's Part­ner­ship made on the elec­tion plat­form. This is an ac­cep­tance of the point that I made in the two pre­vi­ous com­men­taries in this space that T&T could not af­ford to im­ple­ment the Peo­ple's Part­ner­ship's full pen­sion promis­es at this time. Speak­ing at the Of­fice of the Prime Min­is­ter on Tues­day, Mrs Per­sad-Bisses­sar stressed that the Gov­ern­ment would in­crease the old age pen­sion/se­nior cit­i­zens grant from $2,500 to $3,000 ON­LY for those who re­ceive it at this point.

I in­ter­pret that to mean that this Gov­ern­ment will use the ex­ist­ing in­come qual­i­fi­ca­tion to de­ter­mine those who re­ceive the pen­sion or grant. Just to re­it­er­ate, the promis­es as made by the par­ties that now form the ad­min­is­tra­tion com­prised the fol­low­ing:

�2 1) Re­in­state­ment of the Old Age Pen­sion Act. Pen­sions must be an en­ti­tle­ment and not a grant. (Man­i­festo promise)

�2 2) Pen­sion laws must be amend­ed to pro­vide for the na­tion­al and re­gion­al porta­bil­i­ty of pen­sion ben­e­fits and for im­proved pen­sion ben­e­fits. (Man­i­festo promise)

�2 3) Re­move all re­stric­tions and qual­i­fi­ca­tions for peo­ple to re­ceive an Old Age Pen­sion and thus every cit­i­zen will au­to­mat­i­cal­ly re­ceive a State-fund­ed Old Age Pen­sion up­on the at­tain­ment of pen­sion­able age. (Man­i­festo promise)

�2 4) In­crease the val­ue of the month­ly old aged pen­sion en­ti­tle­ment to $3,000. (Man­i­festo promise)

�2 5) Low­er the pen­sion­able age from 65 to 60 (Promise in news­pa­per ad­ver­tise­ments

It seems, there­fore, that the cur­rent ad­min­is­tra­tion will im­ple­ment promis­es 1, 2 and 4 but de­fer (or re­pu­di­ate) the third and fifth promis­es. It's in­ter­est­ing that the Prime Min­is­ter is re­port­ed to have de­nied ever mak­ing the promise to low­er the qual­i­fy­ing age to re­ceive a pen­sion from 65 years to 60, as it is there in news­pa­per ad­ver­tise­ments car­ried in the Guardian and the News­day. One sus­pects, though, that the Prime Min­is­ter would be right in say­ing that she per­son­al­ly nev­er promised to low­er the age from 65 to 60.

One won­ders whether she would de­ny the news­pa­pers ad­ver­tise­ments or claim that they were is­sued in er­ror. The Prime Min­is­ter's de­ci­sion to lim­it the pen­sion promis­es to those that the Gov­ern­ment can af­ford to fund at this time must be seen in the con­text of the cur­rent fi­nan­cial sit­u­a­tion that the coun­try faces. This in­cludes the fact that the coun­try is pro­ject­ed to record a fis­cal deficit of $7.7 bil­lion in the cur­rent fi­nan­cial year.

But it should al­so be seen in the con­text of the fact that not even the Cen­tral Sta­tis­ti­cal Of­fice (CSO) knows for sure how many peo­ple over 60 there are in this coun­try. On June 7, the CSO is­sued the Labour Force Bul­letin for the fourth quar­ter of 2009. That doc­u­ment in­di­cat­ed that there are 169,000 peo­ple 60 and over in this coun­try. The bul­letin is based on a sci­en­tif­ic sam­ple sur­vey con­duct­ed by the CSO.

How­ev­er, the mid-year es­ti­mate of the pop­u­la­tion, pub­lished in the Re­view of the Econ­o­my doc­u­ment (ap­pen­dix 11) which ac­com­pa­nied the 2010 bud­get doc­u­ments es­ti­mat­ed that there were 131,269 peo­ple 60 and over in this coun­try as at the mid­dle of last year. The mid-year pop­u­la­tion re­view is based on re­ports of births, deaths and net mi­gra­tion (both in­ward and out­ward mi­gra­tion) as re­ceived by the reg­is­trars of births and deaths and the Im­mi­gra­tion de­part­ment.

The on­ly way to know the size of the over-60 pop­u­la­tion for sure is by con­duct­ing a cen­sus and count­ing every­body. The last pop­u­la­tion cen­sus was con­duct­ed in 2000 and one was due to start on May 17. This was post­poned be­cause of the gen­er­al elec­tion. Cen­sus­es in this coun­try are gen­er­al­ly not held dur­ing the rainy sea­son (for ob­vi­ous rea­sons) so it is quite like­ly that the of­fi­cial 2010 cen­sus will be de­layed un­til ear­ly next year.

An­tho­ny Wil­son


Related articles

Sponsored

Weather

PORT OF SPAIN WEATHER

Sponsored