Public sector pension reform an urgent matter - PM Holness

Prime Minister Andrew Holness has declared that urgency must be placed on settling the issue of public sector pension reform. 

Acknowledging concerns expressed by trade unions relating to the five per cent increase in contributions by workers, Mr. Holness noted on Saturday that failure to reform pensions will result in a major crisis.

Addressing delegates at the public session of  the Triennial General Assembly of  the Bustamante Industrial Trade Union, Mr. Holness recounted that in 1990 the public sector pension bill was 0.4 per cent of  Gross Domestic Product (GDP). Today, it has more than quadrupled.

He said the pension cost is now two per cent of  GDP.

Mr. Holness reiterated the need to pass pensions reform legislation.

The bills, which were passed by the House of  Representatives earlier this year, are now before the Senate.

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