The amount of $60.0 million has been budgeted to meet the payment Pensions in 2018.
The figure represents a 7.6 percent or $4.4 million increase over the $56.0 million provided in the 2017 Estimates for Pensions.
This rate of increase outpaces the rate of growth in budgeted Current Expenditure for 2018 by 500 basis points.
The new finance minister said it is indisputable that this matter of pensions must be tackled and placed on a sustainable footing.
“If we do not, it will remain a significant threat to the future stability of the public finances”.
More will be said on this subject, including possible options for reform, in the budget address.