As part of its communication plan to educate members on the recommendations being proposed for the long-term sustainability of the organization, Seychelles Pension Fund met with the first group of Human Resources and Payroll officers, today, Friday the 4th February, at the STC conference room. The meeting targeting officers in small groups of up to 30 persons per session due the Covid 19 situation, was tailor-made for this group as they represent the intermediary between SPF and the local workforce.
As such, the session focused on refreshing the participants knowledge on the SPF’s operations of which included amongst others, the history and the processes in place currently, ongoing population dynamics in terms demographic changes and its effects on the operation of the Fund, the recommendations raised by the SPF’s Actuary and the proposal to increase retirement age to 65 years by 2023 and members contribution to 10 % – 5% employer and 5 % employee contribution by April 2022. To note that the change in retirement age also makes provision for members to retire from 60 years onwards at a reduced pension rate.
The interactive meeting brought forward various reactions and questions from the floor. Most questions raised were aimed at understanding the benefit processes and calculations and an improved understanding of the component of the reduction factor being proposed.
It is expected that the now informed group of HR and Payroll officers will be in a better place to further the education process on the proposed reforms within their own workplaces. SPF will be holding further meetings with other HR and Payroll officers in the weeks to come.
To recall that the awareness program was commissioned by the Cabinet of Ministers and kick started in November 2022 with a meeting with the Citizen Engagement Platform. The campaign is expected to last until end of March 2022 and a wide range of stakeholders have been identified to participate either in offline and/or online forums in the program, all respecting the Covid 19 guidelines in place from the Health Authorities.
The next meeting is scheduled for Monday 7th February with the various Trade Union organizations in Seychelles