9 Feb 2012

New Caledonia public pension reform call

5:48 pm on 9 February 2012

New Caledonias's Audit Office has called for another urgent reform of the public service pension scheme, saying it is unsustainable.

Its annual report says despite earlier reforms the pension fund was losing more than 660,000 US dollars a month.

It says the fund has just over 8,500 contributors while 3,700 people draw an average pension of 2,900 US dollars a month.

The report says the age at which the pension is being drawn is 55 for women and 57 for men.

To remedy the situation, the Office recommends raising the retirement age and lowering the pension.