A social pension is a non-contributory cash income that is given by the Government to the elderly.
In July of this year, the Jamaican Government launched an $800,000,000 social pension geared at providing guaranteed income to senior citizens 75 years and older who don’t have retirement income or disability benefits. Recipients are entitled to a monthly payout of $3,400. But, can this paltry sum suffice in an economy of rising prices? The nation is indeed facing a retirement crisis. With a decline in fertility compared to an aging population, the prospects are not favourable for the younger working population […]
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