The GRTU has urged government to introduce higher and more realistic pension capping rates for self-employed and business owners as part of the pension reform.
“Our self-employed and business owners have not only contributed heftily in financial terms over the years, but are also the main drivers of economic development and job creation. Their contribution must be acknowledged and translated into the pension they have contributed for and deserve,” it said.
“The current system is unjust, especially when considering that other sectors of society, such as former MPs, are treated differently with no maximum capping on their pension. This measure should not only ensure a fairer pension to this sector of society but also disincentivise under-claiming of income.”.
The GRTU proposed that self-employed persons should be allowed to retire early if they were close to their retirement age and their business was no longer feasible.