Social Security & Mandatory Retirement!

http://mimbari.livejournal.com/

February 18-2010:

Social Security & Mandatory Retirement:

This issue is being debated currently in France. Where there is an aging population that would be eligible for Social Security Pensions soon. And in a society where the working population that can contribute to the pool of Security Benefits is dwindling, due to an aging population would qualify very soon, and a small and younger work force.

Which threatens the viability and longevity of the Social Security Pension Scheme.

GUYANA:

As far as I am aware, the Guyana National Social Security contribution requirement are the following.

* The total amount to qualify for Retirement Pensions is 750.

* This can be acquired/accumulated over the course of TEN years of continuous employment.

* Each employee has to make a weekly contribution via his/her employer payroll.

* If that employee is paid monthly. Then he/she will pay four contributions for each month.

* The employer also pays a supplementary contribution for each employee also.

This was the requirement as @ May-1989, when I still resided therein.

I don't know if the contribution period have been changed, or if the rate per person, and the rate per employer has changed.


VOLUNTARY CONTRIBUTIONS:

Individuals who are Self-employed can also contribute to the Social Security Scheme, if they so desire. And are expected to contribute the same amount per person, as if they were employed with some firm or organization.

The National Retirement Age Legislated by Parliament is 65 years. And if at fifty five years you are still not qualified for N.I.S. pension.

You have the option to Voluntarily Contribute the remaining contributions that would make you eligible for a pension.


CONCLUSION:

Maybe the French should consider Voluntary Contributions (if that does not exist), for those who have past the retirement age, and for Self-employed persons willing to contribute towards their retirement also.

Derryck.
New York City.