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.