The Dominica Social Security (DSS) has indicated to Roseau residents that two measures must be implemented in 2012 in order to sustain the scheme.
The DSS has been conducting consultations around the island to discuss recommendations in an actuary report.
The report is recommending an increase in the retirement as a matter of urgency from age from 60-65 and a 1 percent increase in the contribution rate.
“In the 10th review, the report recommended that we should increase the retirement age a matter of urgency in order to avoid more drastic measures later to ensure sustainability. That report indicated that the reserves would be exhausted by 2028 if the retirement age on the contribution was increased. When the report makes projections, they project for another 60 year period, therefore if we continue to do those reviews and implement the recommendation, there should be no worry as to the DSS capabilities to serve successive generations,” Janice Jean-Jacques Thomas, the director of DSS, said.
She said the reduction in the aging population and a high rate of outward migration are some of the challenges affecting the DSS.
“People are making fewer children; the population is aging compounded by a high rate of outward migration. We have a certain level of inward migration like the people from Haiti and the Dominican Republic but our net outward migration is still higher,” she said.
She said that has resulted in a reduction in the ratio of contribution to pensioners.
“The system is coming of age and people are living longer. It means pensions are paid at higher rates and for an extended period of time after retirement. Other issues include low contribution rate, retirement age considered as being low and at the moment we have a problem where there is limited opportunities for investments,” she stated.
where is my comment i made yesterday. why is it taken off.
DSS put our money in T.V i wonder how much returns thay geting from marpin seeing how much customers marpin lost with thair price increase,another thing people while thay after us thay not telling the government to fix the economy so people can get jobs & more business to make the money to pay DSS. tell the DSS lady tell the goverment to fix the economy.
It seems the dss is so desperate they are scared when people dont die on time to save giving money to the retired. we are starting to distrust the spooky scheme.
Watch their salaries and lifestyle.
Come on DSS all eyes are on you.
The island wide tour reminds us of those politicians who try to blindfold the people while they wheel and deal with our money
Social security you better close your doors. We will do our five cents economics and invest our moneys ourselves.
Social Security never publishes a financial statement. Yet, they are always quick to come to us and say that finances are low. We need to know just how our moneys are invested, and how much of it goes to pay staff. We also need to know how much was lost on the financial market. It is our right to know!
You lament the fact that you have to pay one man who is now ninety years old, but you have not said for how long he had contributed to the fund.
You claim that people are living longer, where is the statistics to support that statement?
We are being bombarded every day by all kinds of microwaves. Do you know the effect that these have on our life? Many of us have already worked for thirty five years, we want our money and we want it at sixty, no later!
YOU ALL BETTER HAVE MY MONEY READY FOR ME.
TAKE PEOPLE MONEY AND INVEST IT IN MARPIN
A COMPANY DESTINED TO FAIL WITH THE POOR QUALITY PROGRAMMING,PLUS HIGH RATES.S.A.T JUST NEED TO STEP
UP THIER SYSTEM AND MARPIN DONE.
POOR QUALITY NEWS IN 2011.
D.S.S BETTER COME GOOD.
Well yes, that is the next level. The US increase the age at which one can get SS, but not like that. They tell you if you were born before a certain year, your age for receiving will be pushed back by some months, but not 5 years. The US still has the option to receive early retirement at 62. Is that part of the DSS plan. DSS is talking about less contributions, why are there less contributions? There are a few reasons: unemployment–people who are not working cannot make contributions, people are migrating and not returning– people have always migrated out, but now it is worse, because of the state of affairs in Dominica. Lets look at the real facts. DSS staff indicates that people are having less children, so that results in less contributions, but if someone has 10 children in this day and age, and after striving to educate them, they cannot get jobs, there will still no NO contributions to DSS.
So DSS is saying that someone who is aged 59 now, who is starting to plan for their retirement, have to suddenly work till they are 65, 6 more years, instead of 1 more year. I don’t think its fair to just increase the age like that, it should be done in increments, like how most other countries do it.
COME TO ONE OF THE SESSIONS N LEARN MORE..PLEASEEEE CAUSE CLEARLY U DONT KNOW WHAT THE PROPOSALS ARE
The two main proposals are spelt out in this news article, and I also listened to the DSS program on DBS today. I know enough to know that this is not fair to the people who have been working and paying money to DSS, who did not invest and manage the money properly, so that they could pay the people when the time comes.
I am considering all the information provided to be hear say
how on Gods earth can you present an argument to increase rates and not present the population with the Audited Annual report of DSS
you are making inferences on population decline and not making reference to the cencus ( a report which is not out as yet)
therefore as a reasonable thinking person I cannot believe nothing that you submitted because of the lack of accounting evidence and the relevant population Data
Come proper this is 2011
Check the salary of the General manager and de deputy. and u telling me i have to wait till 65 year? come on man. How many of us going to live till 65.
Is a Good thing I not waiting on pension. I young and have plenty time to amass my wealth. Still.. though it is saddening for some. it will be a rude awakening for some of those same older supporters on the bayfront. They will hayleh soucou when they taste what they singing for.
Seems like DSS is government piggy bank!
Like the recommendation of 65 years. Really do
That 1979 individual is starting to get rediculously close to one of those DNO will probably soon have to ban their IP address from the comments section wi pal.
I think this statement about people are aging at later date pass the retirement age,and the population is diminishing because of fewer birthrate and more migration is ridiculous. Man’s lifespan is three scores that 70years. however some people of the past generation fortunately tends to live longer. therfore are you going to sacrifice for younger generation who is living a reckless life? A number of people of the younger generation develope health problem which may shorten the lifespan. If there is no one to inherit this moneys where does it go to? If you don’t have children, never claim maternity benefit, don’t have a beneficary where does that money go to. where did DSS get that statistic that people are living longer. with no increase in salaries this is impossible. DSS regain money wherever money is invested
You mentioned an increase of Haitians and people from the Dom Rep if these people are in this country illegally and not paying into the system who the hell said they are entitled to S.S?No wonder thi country is the way it is.
Haitians are among my employees. They are here legally and have their papers. They are registered with the DSS and pay their dues as do I.
In so many ways, in agriculture, vegetable vending, construction and a wide variety of work, Haitians are hard at it, doing an honest days work for an honest days pay, while a large number of young local Dominicans sit on the side of the road and complain that there is no work. So the Haitian dollars in contribution do in fact help keep DSS going.
Haitians have to work for whatever minimum wage you pay them because they have no roots in this country. employers like you that like slavery wages would be proud to use the opportunity to talk about young people….i wonder if you ever been to your haitian workers homes to see how they manage with the scraps that you pay them?
Honest days work for honest day pay my a**. Employers like you, that have the country still in the 70s. sickning
You all see that! Typical Dominica! They dont know what business I am in, who I employ, apart from some Haitians,what my wage rates are (well above the legal stipulation), or the number of jobs that I generate. But once they see the name “Employer” they vex and insultive.
How can we ever develop a vibrant economic climate with that attitude?
Tell dominicans what the real problems are why ss is sinking. No employment means no contributions.. the whole country will sink soon. But maybe that whats needed so we can have a fresh start…
Maybe all dominicans should die of poverty so people with ambition, ideas, vision can come and start new.. And change the island name too, my suggestion replace dumnica with ambinica, ideanica or visionica… lol with a disappointed heavy heart
Change the us at the end nuh. ass maybe. Think that’s more suited.
well our children will not get jobs when those who should be retiring have to work for 5 more years. Maybe DSS should save some money by taking spousal benefits from All their high level political sychophanatic stooges who are cohabiting but not marrying because they want to continue milking the DSS and any other system dry. Could the employment terms of the top executives be reverted to what was before and could the benefits be reviewed as well. For example why do staff have to enjoy 4% morgarge interest.
You all better stay afloat because all the money I pay already when I come for my benefits and allu cannot provide it to me I will just strap a…….hmmm know what allu about in dominica eh…… Know what allU about!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Who are you at Public Works???????
Wish u knew don’t you??? I am the walls the floor the desks and the chairs. They allllll have eyes and ears Lololol when the issue start getting some airplay you will know just who I am….
i will follow you; they want us to work up to 65 soon they will say up to 100 man. so when stress from working all hese years affect my health how many years of pension will i enjoy? Then some politician will use the rest of my mony to pay others? that is why they will never try to make this country export more products. why not have more manufacturing so more poeple will be working and paying social security; i see hucsters selling coco chess in gwada and the we have cocnut milk in liquid qnd poowder form in ur super markets. Now is poeple like me that have to spend 40 yrs working in domonica to get maybe five years of pension. what a shame. we ned a better system
so if we were supposed to be replenished in one or two years, that means that our hunger has to be on hold?
LORD HELP US
SOCIAL SECURITY!!!!!
THIS INSTITUTION HAS PROVEN TO BE A SET UP AGAINST THE REAL INTEREST OF THE PEOPLE.
If investments were made from the subscribers, why are we not getting a good report on the returns from the investments.
Our arguments from the ground is if your projections could not predict profits, our money should not be taken away from our accounts in the security for Marpin, Clico, Domlec, etc.
The burden should not be placed on Waitikubulians to fill the gaps that your institutions created by dishing out money to foreigners.
Your officers are guilty of betraying our trust.
And you all are bold enough to come back to us with your strange schemes.
It is a trick to announce a shift of retirement age and an increase in payments for the sake of replacing funds because of bad investments. That has nothing to do with the everyday people who cant fly on expensive jets that our subscriptions have funded.
Sell clico jets and return our money please before you come to us for an increase in pay when our salaries cannot increase.
Your education reminds us of the whip of the slave masters. In other words, we are now economice slaves.. no thanks to you DSS.
well stated. These people just ooking for a revolution.
I could not have said it better. This sad thing young people are not speaking up. My dears it is we this is going to affect. I am seeing no evidence of my generation is living longer. My grandparents yes, but forgive me they will be gone within the next 15 to 20 years and we still won’t be at retirement age.
This is a move to get more money from people who already do not have after failing to use the little that they gave responsibly.
My young people speak up. A lot of the nonsense that going on today it’s going to be us feeling the brunt of it.