Department of Personnel Management has suggested to Bank of Papua New Guinea Superannuation and Life Insurance Review Secretariat for the retirement age of public servants and employees to remain as it is at 65.
Executive Manager, Public Service Institutional Housing, Mrs Nancy Levi, who represented DPM said this during the SLIRS Consultative Workshop in Port Moresby recently.
The consultative workshop includes discussions and suggestions by Superfund, commercials banks and stakeholders on SLIRS reviews into laws and regulations that governs superfunds.
According to the 4th Edition of the Public Service General Order No.16 on Redundancy and Retrenchment in the Public Service, 60 years and above are retirement age.
However, a recent National Executive Council’s decision has seen the amendment of Public Service Retirement Age to 65 years of age.
Mrs Levi told the committee and the participants that the retirement age must not be changed because the government through DPM have plans to involve retired public servants in Small and Medium Enterprises activities for life after Public Service.
“This is to ensure they do not spend their retirement benefits unwisely, and help to the development of this country through whatever small or big business activities they do,” said Mrs Levi.
SLIRS through its consultative workshops nation-wide have received suggestions from stakeholders to review the retirement age of 55 years as stipulated in Section 2 (C) of the Superannuation Regulation 2002.
They said this may be causing able-bodied people, who are still capable of engaging in active employment to leave the workforce and retire early.