Stimulating and encouraging discussions, is how Minister in the Ministry of Finance, Brian Manning, describes consultations today on the proposed increase in the compulsory age of retirement from 60 to 65 years with the Trinidad and Tobago Fire Service Association.
In a media release Thursday, the Ministry of Finance said Minister Manning said consultations with other trade unions will continue in the near future.
In the Senate recently, Minister Manning, said the number of retirees in the system is increasing while the number of contributors is decreasing.
Minister Manning said this has created a deficit between benefits and contributions.
Minister Manning said it has been recommended the retirement age be increased in Trinidad and Tobago from 60 to 65 years and increase in the contribution rate from the current 13. 5 percent to 16.2 percent.