Liberian Senate Votes On Second Look At Pension Bill
(LINA) – The Liberian Senate has unanimously voted to take a second look at the proposed Integrated Pension and Benefits Scheme for certain categories of Government officials despite its rejection by the House of Representatives.
The Senate stated that it will also review the current Pension Scheme for civil servants.
The Senate made disclosure Monday after discussions concerning the bill in its Chambers on Capitol Hill, Monrovia.
The action of the Liberian Senate follows a heated debate by members of the upper House on the action of their colleagues in the lower House of Representatives.
Members of the upper House noted that the Senate still believes that the proposed rejected bill crafted by the Senate has created the atmosphere to save more money for the Government in the provision of pension benefits for former lawmakers than the current existing Pension Law of 2003.
The existing law requires that retired lawmakers, whether or not they have served for a term, to benefit from 50 percent of the incumbent lawmaker salary.
The proposed law, however, seeks to save more money for the government as retired lawmakers, who served two terms, to benefit from 30 percent of the salary of the incumbent lawmaker and 10 percent for one term serving lawmakers.
The proposed legislation does not make provision for retired lawmakers who were defeated in elections as they were not honorably retired.
The Senators argued that the purposed law was to harmonize the 2003 Law with the current proposal consistent with the fiscal space of the current day reality in the country.