Consideration on raising the retirement age from 60 to 65 is scheduled for future talks with the Government.
This was announced by the Finance Minister, Colm Imbert during his 2020/2021 Fiscal Budget in the Parliament.
Minister Imbert also said that payout of benefits now surpasses contributions.
“With expenditure on benefits now exceeding contribution income, we will take whatever steps necessary to maintain the integrity and viability of the National Insurance Board,” said Minister Imbert.
He said there will be “a serious examination of the need to extend the retirement age to 65.”
The Finance Minister also said that the changes must be able to meet the current demands at the National Insurance Board, where citizens with various needs such as maternity, employment injury, retirement, and funeral expenses can be met.
Meanwhile personal income tax allowance increases to $84,000 per year.
Minister Imbert also said that anyone earning $7000 or less will be exempt from income tax.
FOLLOW IZZSO on TWITTER for more updates on the Budget –