The government is engaged in active consultations with key stakeholders on the issue of increasing the retirement age.
This process has started with trade unions, however, a decision has not yet been made.
Minister in Ministry of Finance, Brian Manning, in the senate on Tuesday, said the number of retirees in the system is increasing while the number of contributors is decreasing.
This, he said, 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.
Minister Manning said the proposal to increase the retirement age is not new and has been recommended by the National Insurance Board to government on several occasions as a result of several actuarial reports prepared by the International Labour Organisation many years gone by.