I am not writing to be critical but to get a clearer understanding of the Benefits from the National Insurance Scheme which all of us who are mandated to contribute.
I only became curious because one of my employees reached retirement age and was told that in order to be eligible for pension, 500 contribution has to be made.
I conclude a contribution is one monthly payment.
Being a business person I sat down and calculate how one will be eligible for a pension.
There are 60 contributions in 5 years.
360 contributions in 30 years
500 contributions in 42 years.
Retirement start at age 60 years with the National Insurance Scheme.
Then to qualify for pension which has to be at 60 years, one has to start working at 18 years.
May be 2% of Grenada Population starts work at 18 years.
And one cannot contribute after they reach 60 years was the information given, yet on another occasion there was information given that if a person working after 60 years, the employer has to contribute 1% of the Employee’s salary.
WHICH IS CORRECT?
National Insurance Scheme was formed in 1983 making it 35 years old which means then no one is qualified for PENSION under the NIS at this time.
What is so scary is that Pension for Public Workers Employees was cancelled in 1983.
THERE IS NO PENSION FOR PUBLIC WORKERS. WHAT THE HECK IS GOING ON?
PEOPLE ARE REALLY RETIRING IN POVERTY.
In the midst of the Union fighting for the Worker’s Pension, there has to be a fight to restore the Pension through the Government and not the National Insurance Scheme.