Parliament Passes Bill Denying Million-Dollar Pension to Former PM Young

The Trinidad and Tobago government passed the Prime Minister’s Pension (Amendment) Bill 2025, which removes the million-dollar lifetime pension for former Prime Minister Stuart Young, with five Independent Senators joining the Government to secure passage. Independent Senator Courtney McNish cited strong public opposition and compelling public interest as reasons for supporting the bill, despite potential legal challenges to its constitutionality. Meanwhile, concerns about retirement savings and pensions are rising globally, as inflation and longer lifespans increase the amount Americans need to retire comfortably, with estimates suggesting over $1.1 million in additional savings may be required. This reflects a broader trend where traditional pension schemes and retirement savings are increasingly inadequate, as seen in Germany where some birth cohorts receive pensions so low they barely cover living costs. The rising costs of living and inflation are eroding retirement dreams, emphasizing the need for more robust financial planning and pension reforms worldwide.