Government has been advised to set up a new fund to pay public workers’ pensions, instead of putting pressure on already strained tax earnings.
The suggestion has come from the Institute of Chartered Accountants of Barbados (ICAB), which says all indications are that the annual cost of pensions will continue to eat into an increasing percentage of Government revenue.
Currently, a portion of pension payments to retired public officers comes from tax inflows, but the ICAB said, in a statement, that “serious consideration should be given to making this a funded programme in order to place it on a sustainable footing for the future”.
In an interview with the SUNDAY SUN, ICAB’s executive director Reginald Farley said such a fund would ease the strain on Government’s financial resources.
Read the full story in today’s SUNDAY SUN.
