Finance Ministry continues talks on raising retirement age

THE Ministry of Finance has continued consultations on the proposed increase in the compulsory retirement age from 60 to 65 with the Police Service Social and Welfare Association and All Trinidad General Workers' Trade Union.

In a release on Wednesday, the ministry said, the minister, Colm Imbert, held thoughtful and incisive discussions on the subject, and discussions with other stakeholders will continue in the near future.

In 2021, Imbert first announced that the idea of increasing the retirement age was under consideration.

The ministry met with representatives of the National Union of Government Federation Workers Union in February.

During a contribution in the Senate in April, Imbert said increasing NIS contributions would be government’s last resort to deal with existing shortfalls in the system.

In May, minister in the ministry Brian Manning also met with the Amalgamated Workers Union and Communications Workers Union. The ministry described those talks as “fruitful and engaging.”