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WASA retirees want lump sum payment

Wednesday, March 15 2017

SAYING their pension plan has seen no growth in the past nine years, disgruntled WASA retirees yesterday demanded to be removed from the pension plan and paid a $100,000 lump sum each.

The WASA Daily Paid Retirees Group yesterday made the call saying members are fed up with the poor treatment being meted out to them by people in control of the retirees’ fund. “Do you know how much pensioners still have to mind their children and grandchildren and still have to find money to get medication,” asked Magnus Joseph, the 69-year-old leader of the group.

WASA retirees are paid $2,400 monthly.

Joseph explained that every three years, the union in charge of WASA workers would negotiate to raise the pension payment. Money which fills the coffers of the pension fund is collected from the salaries of permanent workers, who are told they would later benefit through the said pension plan.

Actuaries would conduct an evaluation of the pension fund every three years, and if there is a surplus, a raise of payment would be approved.

Joseph that since their last pay raise, three evaluations were done, but no increased pension payment has been forthcoming.



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