The pensionable age for the National Insurance Scheme (NIS) will be increased.
The announcement was made by Minister of Labour, Social Security and the Third Sector, Colin Jordan as he delivered a Ministerial Statement in the Lower House on the Revitalisation of the NIS.
Back in August 2022, it was revealed that an increase was among changes being considered.
Government had also engaged with a wide cross section of stakeholders, including unions and the Democratic Labour Party, allowing for suggestions on how the NIS could be revitalised and placed on a sustainable footing.
Minister Jordan says there will be a one year rise in the pensionable age in two steps.
He is confident the measures will serve to revitalise the NIS and protect Barbadians for many years to come.
Changes were also announced for the age to qualify for a reduced pension.
Minister Jordan says this will be undertaken in three steps.
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