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Successful savings scheme must be extended

Successful retirement savings scheme must be extended throughout the public sector

The Public Service Association is today calling for the extension of the State Sector Retirement Savings Scheme throughout the public sector in light of a report tabled in Parliament showing that more state servants are part of the government funded scheme.

“It is good news that more state servants are taking part in the government retirement savings scheme that was established by the PSA and the government in 2004. The scheme should now be extended to workers in all areas of the public sector,” said Richard Wagstaff, PSA National Secretary.

“Our members in local government, health and other areas of the public service were disappointed that they were excluded from the original scheme and consider that it’s about time government and employers extended retirement savings to include them.”

“It is arbitrary to limit participation in the retirement savings scheme on the basis of employer, all public service workers should now be given the chance to access employer contributions to retirement savings through this scheme.”

The report tabled in Parliament yesterday showed that 16 percent more state servants have joined the scheme in the last year.

The PSA is a member of the working party established to determine how the scheme should be extended to other areas of the public sector.

“The PSA is pleased to be participating in the working party. We are hopeful that government and employers will see sense and extend the retirement savings scheme to all public service workers as a matter of priority.”

ENDS

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