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ACCESS TO PENSIONS IN OLD AGE TO ALL CITIZENS THROUGH A UNIVERSAL PENSION

ACCESS TO PENSIONS IN OLD AGE TO ALL CITIZENS THROUGH A UNIVERSAL PENSION. IN MAURITIUS. Jayavadee Sooben Principal Assistant Secretary. Ministry of Social Security, National Solidarity , Senior Citizens Welfare and Reform Institutions MAURITIUS.

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ACCESS TO PENSIONS IN OLD AGE TO ALL CITIZENS THROUGH A UNIVERSAL PENSION

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  1. ACCESS TO PENSIONS IN OLD AGE TO ALL CITIZENS THROUGH A UNIVERSAL PENSION IN MAURITIUS

  2. Jayavadee SoobenPrincipal Assistant Secretary Ministry of Social Security, National Solidarity , Senior Citizens Welfare and Reform Institutions MAURITIUS

  3. MAURITIUSDemographic Position 2001-2006

  4. Mauritius Five –pillar Pension System is made up of: • A universal Non-Contributory Pension Scheme • Contributory Scheme for private Sector and Non-Contributory Defined Benefits schemes for public sector • A national Savings Fund – Provident fund • Private Occupational pension schemes mainly sponsored by employers • Family support through extended family system; free health care and free education by government; free transport and other facilities under social assistance

  5. BASIC RETIREMENT PENSION(old age pension) • Non-Contributory benefit • Funded from Government Budget • Granted to all persons of age 60 and above subject to residency conditions

  6. Basic Retirement Pension (BRP)Rates – (Year 2006)

  7. Basic Retirement Pension (BRP)Rates- (2006) • Average earnings approx. Rs.12,600 , i.e USD 400 • Enhanced Pension = Basic Retirement pension + Allowance of Rs. 1,490

  8. Projections for Years 2006 - 2040

  9. Main options to review the present system of pensions • Increase in pension age • Gradual increase in the rate of BRP • Targeting the BRP • Introducing a couple – based pension rate

  10. New Policies Announced are: • Increase in normal retirement age from 60 to 65 years over 10 years –from august 2008 • Similarly, pension age for entitlement to universal retirement pension to increase from 60 to 65 years • Pension age for contributory pension – private sector –to increase from 60 to 65 years

  11. Increase in Retirement Age-WHY? • Healthier life style leads to longer terms of employment • Pensions provision to be financially sustainable over the years • Life expectancy at 60

  12. “The old age pensioner has throughout the years paid taxes on commodities he has consumed as everybody else has. He has paid taxes on tea, sugar, tobacco, matches, rice, pulses, dried fish, rum, calico, khahi, everything he has consumed and used to be able to live as a useful member of our society. One way or another he has contributed to the national budget. The old age pension scheme being financed out of public funds is (thus) a contributory one. The applicant for old age pension has already paid his contributions” “Statement made by Hon. Chadien during the debates in the Legislative Council of Mauritius on 25 June 1857

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