Cap. 318 Art. 61APersons who have partaken of an early retirement as a result of a privatization process.

The pensionable income of a person born before the 1st

January, 1962 who becomes entitled to a pension in respect of retirement or invalidity in accordance with this Act and who had accepted to partake of an early retirement scheme after 1st January

2008 in anticipation of the privatization or as a part of the process of restructuring of an entity in which the Government, at the time when such person accepted to take up early retirement, was the owner or the majority shareholder, shall be that specified in the Thirteenth

Schedule, or the pensionable income which would have otherwise resulted in accordance with the provisions of this Act, had that person’s last day of employment following the acceptance of the early retirement arrangement been the date of retirement or invalidity, whichever pensionable income is the higher: Provided that, with effect from 1st January 2019, the provisions st of this article shall also apply to a person born before 1 January 1962 who becomes entitled to a pension in respect of retirement or invalidity in accordance with this Act and who had accepted to partake of an early retirement scheme after the 1st January 2003, in anticipation of the privatization or as a part of the process of restructuring of an entity in which the Government, at the time when such person accepted to take up early retirement, was the owner or the majority shareholder.