Retirement fund still on edge of collapse

BY GIFF JOHNSON

Marshall Islands Correspondent

MAJURO, Marshall Islands — Legislative action taken earlier this year by Marshall Islands legislators has merely delayed by four years the problem of a collapsing Social Security system, said a report included with the Marshall Islands’ national budget submitted to the Nitijela (parliament) in mid-September.

“The major pressing fiscal issue facing the Marshall Islands is the collapse of the Social Security system,” said the budget report.

The report noted that to avoid this collapse, the Nitijela in early 2017 raised employer and employee taxes, increased taxable wages from $5,000 to $10 . . .

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