The pension age in Dominica has been set to 65.
This according to the Deputy Director of the Dominica Social Security, Augustus Etienne who made this announcement on State-owned Radio.
With effect from 2012, and consequent upon amendments to the Social Security legislation, the Pensionable Age (i.e. the age at which an Insured Person becomes eligible for an Age Pension from the DSS) increased incrementally by six (6) months every year – until this year 2021, where the Pensionable Age will be set at Age 65.
“As of January of 2021, the pensionable age has now been established, now settled at age 65. We were moving towards 65 from 2012 moving by six months every year,” Etienne said.
“What this means is that for someone who has contributed to social security to receive a full pension in 2021, the person will need to be 65 years of age.”
According to Etienne, in the first six months of this year, no one will be qualifying at 65.
“If you qualify at 65 in the first six months of this year that means you would have been 64 and a 1/2 sometime in the second half of last year, but from July of this year persons will begin qualifying at 65 to receive their full pensions.”
Notwithstanding such incremental increase in the Pensionable Age, provisions have been made whereby persons, who wish to do so, can opt to receive their Age Pension earlier than the normal Pensionable Age.
“What this also means is that now that the age has been settled at 65, if a person were to take their pension as soon as they turn 60, they would be taking that pension five years earlier than it is due to them and therefore they would be losing sixty months by thirty percent of what otherwise their pension would have been and that’s a reduction they would have to live with for the rest of their life,” Deputy Director of the Dominica Social Security, Augustus Etienne stated.