Dennie Quill, Contributor EARLIER THIS week I ran into a retired police officer. So far as I can remember his name was never linked to any scandal. He was one of the decent hardworking members of the Force. I found it hard to believe that tucked under his belt were more than 40 years of continuous and creditable service to the Jamaica Constabulary Force (JCF). He had not developed the familiar beer-belly and he really looked in good nick.
Always prepared to speak his mind, my retired friend became lyrical as he described the quandary that threatens to overwhelm him. He had so far not collected "one red cent" in retirement benefits. And his situation was not unique. He pointed to nearly 80 others like himself who were waiting to draw down from the Police retirement system. Apparently there are no funds to pay these retirement benefits.
I don't know the exact sum involved; however, if one considers that these officers could be receiving a significant portion of their final average wages, put together with accumulated annual leave and sick time, it amounts to a decent sum. But from all accounts, the Government has become insolvent and suggestions made to the Ministry of Finance by some of the retirees in the hope of finding a lasting resolution were reportedly rejected. Taken together, these officers of the JCF would have served the country for roughly 3,200 years!
PRIORITY
Surely the Government should see it as a priority to provide secure retirement benefits for members of the JCF and affiliated branches of law enforcement. They have the right to expect a dignified retirement and this cannot be achieved if their benefits are not paid promptly. They too need to plan for the financial and health care future of themselves and their families.
This treatment of the retirees once again reflects the near contempt that the system has for its serving men and women. This may also have a long-term negative effect on those who are now serving. They are looking on the plight of seniors whom they once held in high esteem and they may take certain decisions to secure their own future such decisions may not be in the best national interest either.
Traditionally, Jamaicans have not given the requisite attention to retirement issues and many of us are defined by our jobs. We see many situations in which men and women who have served long and faithfully are now terrified at the penury they face at retirement. This rite of passage from the world of work to the world of retirement is often delayed by many who find that they are not equipped to sustain an acceptable lifestyle after they stop working. Healthcare costs are rising and one of the negatives of retirement is that people no longer have a structured activity-filled day so they have more time to be anxious and to develop hypertension and other diseases.
ONEROUS ECONOMIC
OBLIGATIONS
Retirement should mean a withdrawal from onerous economic obligations and a retreat to a more intimate life surrounded by family and loved ones doing the things that make one happy. But wait a minute, if you think it is cheap to retire, think again. Lifestyle changes which may include travel and new hobbies like gardening, fishing or golfing and petrol bills or club memberships, cosmetic surgery, are all new costs that one may have to face in retirement.
Illness can also throw a loop into your retirement plans. The reality is that in retirement one is bound to find new and exciting ways to pass the time. Many sad stories of broken-hearted civil servants who are struggling to make ends meet are waiting to be written. I am told that a visit to the office of the Accountant General would provide any intrepid reporter with many column inches for good human interest stories.
The primary source of retirement income will come from the worker's savings, either in some form of employer-sponsored programme or private fund. Alas in today's community, the virtue of thrift which was commonplace with our parents has lost its flavour for today's young people. Many people now live from pay cheque to pay cheque and often are eating into their next month's salary by taking advances. This is one reason why retirement funds which require mandatory participation by employees can be such a blessing. It is commonplace in some companies to hold pre-retirement seminars. I believe this practice needs to be widespread. Employers both in the private sector and Government should be having pre-retirement seminars for persons who are close to their sunset years.
SEMINARS
Make no mistake, whether you are 10 years or 20 years from retirement you need to plan. These seminars should be attended by workers and their spouses and every attempt should be made to answer concerns about the social and psychological issues ahead while covering topics such as the challenges of retirement, benefits and financial planning. Workers should be educated about where to put their money stocks that offer long-term growth or conservative income investments.
Dennie Quill is a veteran journalist who may be reached at denniequill@hotmail.com.
