This page contains a Flash digital edition of a book.
SOCIAL SECURITY


PLANS CHANGES TO MEET THE CHALLENGES OF A GROWING ELDERLY POPULATION By Deputy Susie Pinel, Minister for Social Security


The fact that we are living longer on average – is a fantastic achievement. The generation of people born in the 1950s and 1960s (the baby-boom generation) is also starting to reach pension age now. So we shouldn’t underestimate the huge positive impact these developments will have on our society over the next ten to twenty years, and the fresh challenges that will result.


My department’s aims are to help people achieve and maintain financial independence while providing benefits to those islanders who are unable to support themselves. Two of its responsibilities are managing the Social Security Scheme and running the Long Term Care Scheme, both of which will face challenges in the future.


The Social Security scheme What we have done


The Social Security scheme helps to protect us at times when we may be less likely to earn a living, for example when we are ill, or if we become disabled, or after we reach pension age. 52,500 working age people contributed to the scheme during 2015.


The cost of the “old age pension” makes up most of the Scheme’s spending each year, and this will increase sharply in the future as more people reach pension age, live longer and consequently claim their pension for longer.


The States has known about this challenge for some time. In the last twenty years, two important changes have been made to the Social Security Scheme to improve its long- term sustainability.


Firstly, between 1998 and 2002, the Social Security contribution rates were gradually increased by 2.5% (0.5% each year) to help towards paying future Social Security pension costs. This, combined with substantial investment


An Ageing Island Page 19


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116