Govt’s pension liability can’t continue like this
Opposition Leader Ronnie Skelton has argued that urgent attention needs to be paid to the government’s pension liability.
Effectively, the term pension liability refers to the amount of money that the government has to account for to make future pension payments.
Skelton noted that the government plans to approve some $10 million in salary increases for government workers. However, he also pointed out that considerations must be made on pension liability. He said the government’s pension liability was nearly $20 million when he served in a previous government several years ago.
The Opposition Leader said he applauded the government for looking at the issue but urged them to do much more.
“Just don’t look at it because I was there [in government] and we ‘looked at it’. By the time we got ready to do something about it, they fired us. So we couldn’t do anything about it. Don’t let them fire you before you do something about it. Something needs to be done,” Skelton pleaded.
He continued: “The pension liability of the government, it needs attention. It cannot continue the way it’s going. We can’t sustain it and those of us who have gone before and benefited from it are at risk.”
Premier Dr Natalio Wheatley replied stating that the government would be addressing the issue this year.
“In response to the Leader of the Opposition — who rightly raised the concern of our pension liability — that we have to, for the sustainability of the current system, that we have, for the sustainability of being able to provide pensions to individuals for years to come, we have to start contributing to our pension and in 2024, that’s going to be rolled out,” Premier Wheatley said.
The Premier explained that the issue is something which falls on the office of the governor and noted that the Minister of Finance and the House of Assembly have to agree on the allocation of monies to pay the pension.
“So, we also have a responsibility to ensure that we have a sustainable system to pay pensions,” the Premier stated.
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ARE THEY GOING TO CREATE ANOTHER GOVERNMENT PIGGY BANK LIKE SOCIAL SECURITY?
They have ignored this for decades. The same way they have ignored the need to diversify Financial Services and Tourism. A million cruise visitors cant save the Territory
The NHI Liability? You introduced it speak on it.
When NDP went in Government back in 2011 I think the first think they do was to cut increments in half.
That was probably Ronnie’s idea as well
You see how MISINFORMATION spreads?! The then Gov’t noted that increments were due and owed to public officers, HOWEVER, they could not AFFORD to pay ALL of it. Thus, they opted to pay half now and half later. Unfortunately, later never came. Get your FACTS together before posting piss just to say you have an opinion.
Orlando admitted to the fund being 300 million in arrears during his first term in office, so what is it actually now??
Common sense isn’t very common. Pensions must be renegotiated to ensure that the expectation of receiving any kind of pension is sustainable. One other thing that isn’t common is courage among legislators to put this on the table. They are all weak and feckless (S!0w W@nde and the entire A$$ C!0wn Brigade including the opposition)
Successive governments have watched and said “oh well”.
To the fake lodger, please find your own name. I am sure you didnt come up with that name by yourself. Do you know what it means?
Do not mess with my pension. If so there will be mass…….you cannot fool around with 40 years of my life.