The Grenada Government is moving ahead with plans, with what the Minister of Social and Community Development and Housing, Phillip Telesford, says is to save the National Insurance Scheme.
He says it’s imperative action be taken immediately, following analysis and discussion with the Board of Directors.
Initially, the Prime Minister, Dickon Mitchell, had said if nothing is done, the NIS could possibly go bankrupt.
He also suggested that the retirement age be moved gradually to 65, with the first step to 61 at earliest.
Telesford, present at a Post Cabinet Briefing, being held for the first time for the year, says at the Cabinet level quite a number of things have been done directed to save the institution, in accordance with an actuarial report.
He says the rate of contributions will be increased from the 1st of February.
