Comments on: Finance Ministry: Pensions To Increase By 1.4%

By: Jimbo

Jimbo — Tue, 11 Dec 2018 15:00:52 +0000

Isn’t the newly provided method of calculating social insurance payments rather socialist?? Unless of course the people who pay more will end up with a higher pension when they retire….

By: Joe Bloggs

Joe Bloggs — Tue, 11 Dec 2018 12:38:19 +0000

Well, given that I have already contributed for 35 years, I will not see any greater benefit from my continuing contributions. I wish I could afford to retire before I am taxed to death with the new income tax the government is introducing.

By: fillibusted

fillibusted — Mon, 10 Dec 2018 23:55:39 +0000

I find it sad that the people I see walking around wearing their PLP t-shirts are the ones who are going to be so screwed when they retire, only by that stage it will be too late for them.

By: knowyourhistory

knowyourhistory — Mon, 10 Dec 2018 22:09:42 +0000

This is so dumb!!! The Government has no money we have no money!!! No money means no increases, its called sacrifice, and something we all have to do at this point!!! Shame on the PLP and a very terrible decision!!

By: Politricks

Politricks — Mon, 10 Dec 2018 17:57:24 +0000

PLP, it is quite easy to give away monies. The hard part, as you are finding out now (but should’ve known from your previous stint as Government) is to create viable revenue streams to sustain your giveaways. And no, taxing the disposable income out of the population is not the way to do it either.

By: Guy Carri

Guy Carri — Mon, 10 Dec 2018 17:50:55 +0000

Never seen a gov brag so much of lending such a significant helping hand toward running the pension fund out in the next couple of decades. Nothing on how they plan to combat the fact that it is underfunded but shouting about how they are increasing the amount coming out.

By: Double S

Double S — Mon, 10 Dec 2018 17:33:46 +0000

“The 2018 increase in benefits would normally be accompanied by a corresponding increase in contributions by an actuarially recommended rate of 3.9%. However, in the 2018 Throne Speech, Government announced that Bermuda’s social insurance system will be changed from a fixed-rate contribution to one based on a percentage of income.”

So will the people that end up paying more receive a higher pension payment upon retirement? If not, this is basically ‘redistributing’ ones pension funds to another which is not fair at all.

The attack on the middle class continues by the PLP.