CMNT_TITLE

Social Security (Minimum Standards) Convention, 1952 (No. 102) - Barbados (RATIFICATION: 1972)

Article 65, paragraph 10. Adjustment of survivors’ benefits. In reply to the Committee’s previous comments, the Government states in its report that it has introduced in 2005 a new method of annual indexation of benefits and insurable earnings, the upper limit of the latter being increased in line with national average wage increases. Benefits are increased by the same percentage as the lesser of the three-year average of wage or price increases, subject to actuarial advice on the maximum which may be granted so as to maintain the target reserve ratio of five times, through to the year 2030. The 12th actuarial review of the national insurance scheme indicates in this respect that in 2005, year of introduction of indexation, pensions were increased by 4.76 per cent, while the insured earnings ceiling was increased by 2.9 per cent. The Committee notes with satisfaction the introduction of indexation of long-term benefits and invites the Government to supply with its next report the information requested by the report form under Title VI of Article 65.