The National Social Security and Welfare Corporation (NASSCORP) has cut down the number of pensioners from the payroll of the Government of Liberia through its biometric system, said Deputy Director General, Nya D. Twayen.
Speaking Thursday at the Information Ministry press conference in Monrovia, Twayen said before one enrols on the entity’s payroll, a vetting process is conducted to ensure that all the documents are genuine.
Twayen disclosed that the number of pensioners has tremendously reduced from 17,000 to 5,000, thus saving the government at least US$3.5 million per annum.
According to Twayen, the exercise will save the Liberian government US$3.5 to US$5 million if sustained and used to develop other areas in the government.
Meanwhile, the NASSCORP official indicated that the cancelation of the 25-year service pension scheme was timely, adding that if the government was to continue with such scheme about 35% of the country’s budget would have been allotted to pension.
He added that retiring employees after 25 years of service will retire active and effective employees, adding: “Let us assume you started working for government at the age of 20 years, and by the time you reach retirement you are 45 years old, you will be pensioned under the old law.”
“Under the old law, we were retiring 45 years old senior citizens who were active on duty and whose experiences were vital, causing the company to retire and rehire them as a contractor or consultant so that they can keep working,” he noted.
Twayen indicated that the 60 year-old retirement scheme is unique to the Liberian society, adding that it provides the opportunity for experienced civil servants to contribute positively to the country’s economy over a long period.
“NASSCORP pension is a contributory pension that means you pay a portion of your salary every month and at the age of 60 years when you shall have retired, you get 25% of the total amount of your best salary,” said Twayen.
NASSCORP was established in 1975 with the mission to provide future financial security of insured employees (and their dependents) in the event of loss or natural inability to earn income temporarily or permanently, due to work-related injury, occupational disease, old age, invalidity, or death.