Problem: The Government has announced that Jamaicans should contributing more to the National Insurance Scheme (NIS). Under of the public sector pension reform, the government has gradually increased the normal retirement age in 2016 from 60 years to 65 years as at 2021. The French government has also decided to go ahead with a pension reform. The centerpiece is a rising of the legal minimum retirement age from 62 to 64, by 2030.
a) Why is it necessary for you to contribute to a pension?
b) Why is there a need for persons to contribute more to the National Insurance Scheme?
c) In your opinion, what are the important reasons for a country to increase the normal/minimum retirement age?