MINISTER of Finance and Economic Affairs, Christopher Sinckler has been explaining the increase in public servants pensions as outlined in the Estimates of Revenue and Expenditure.
While introducing the Appropriations Bill yesterday in the House of Assembly, the Minister said that the pension bill during next financial year will be about $270 million or three per cent of gross domestic product.
He said that the increase came about because more people are now leaving the Public Service. According to him, “a lot of the baby boomers are now retiring from the Public Service.”
He said that 609 persons came out service in 2015 and a further 683 came out of the service last year. Sinckler said that retiring benefits is a large component of government spending.