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State Of Economy Determines Pension Regulations: A-G

State Of Economy Determines Pension Regulations: A-G
Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum with some who attended the 2018-2019 Post Budget Roadshow in Ba. Photo: DEPTFO News
August 13
12:16 2018

The state of the nation’s economy will determine any regulations regarding pensions.

Whether it be the reduction of the minimum of eligibility or an increase in their pension.

The Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum said all of these were determined by the state of the economy.

Some changes have been made in terms of minimum age and the amounts paid and making more changes in that regard is Government’s plan for the future.

“We started with this pension at the age of 70 with $30, then it came down to the age of 68 with $50 and now it has gone to the age of 65 getting $100 per month,” he said.

He made these statements following questions raised to him by the Sugar Festival Committee president Pushp Raj.

Members of the public present at the 2018-2019 Post Budget Roadshow in Ba. Photo: DEPTFO News

Members of the public present at the 2018-2019 Post Budget Roadshow in Ba. Photo: DEPTFO News

Mr Raj asked him if there was going to be any further changes made in the current pensions scheme.

Mr Raj had asked if there was going to be an increase in pension pay and if there was going to be any reduction made to the pension minimum wage.

No false promises said Mr Sayed-Khaiyum. The Government does not want to make false promises in that regard because it does not want to mislead Fijians in that regard.

However, he said any changes regarding pension depended solely on the current state of economy.

Mr Sayed-Khaiyum clarified issues on the matter so that there would be no misconception made by the general public.

“We do not want to give any false hopes or make any false promises, because we have to have the capacity to be able to do that,” Mr Sayed-Khaiyum said.

“At present, a total of 44,000 people are now receiving $100 a month in this year’s Budget and that is a lot of people.”

He said they would be approaching the matter in a sustainable manner, but one thing Fijians must be reminded of was that this had never been done before.

In addition, he said they would be evaluating and assessing the matter and changes would be made in that regard in the near future.

Edited by Percy Kean

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