Business Mauritius wants to extend retirement age to 65

Business Mauritius has submitted its proposals to the Minister of Finance on the sidelines of the upcoming Budget.

These proposals encompass various measures aimed at addressing national priorities in the financial services and energy sectors, as well as facilitating openness towards foreign investors and talent.

Business Mauritius’ proposals include raising the retirement age to 65 for a period of 10 years starting from 2025. “This would help maintain the current amount of the old-age pension and utilise the Generalized Social Contribution (CSG) to fund future increases,” it said.

Furthermore, it proposed capping the combination of the old-age pension and the Generalised Social Contribution at Rs 13,500 until it reaches two-thirds of the minimum wage.

Another proposal pertained to limiting social benefits, specifically the Rs 1000 payment for employees earning up to Rs 50,000, to those individuals affected by “retirement and industrial benefit”.

With regards to the energy sector, Business Mauritius has called for the establishment of an Electricity Price Monitoring Committee.

Additionally, Business Mauritius has put forth a series of proposals to the Minister of Finance concerning changes in foreign investment regulations, as well as the medical and pharmaceutical sectors.

Source: Defi Media