Since 2010, the number of pensioners in this country has increased by over 50% and is projected to increase by another 40% over the next decade.

The statistics were provided by Finance Minister Colm Imbert, as he contextualized  government’s plan to raise the retirement age to 65.

The Minister was speaking in the House of Representatives on Friday, where the report on the operations of NIB of Trinidad and Tobago and the audited financial statements for the financial year June 2020 were laid.

The number of contributors in the National Insurance system during 2020 was 404,197- representing a 4% decline when compared to 2019. 

Contrastingly, the number of beneficiaries, the Minister said, saw a .9%% increase from 202,800 in 2019 to 204,613 in 2020.

NIBTT collected $4.69 billion in contributions for the financial year 2020- marking another decline from the $4.71billion earned in 2019.