Acting Press Secretary Maurice Merchant (Photo by state media)
In a novel attempt to bolster the long term viability of Social Security, the Government of Antigua & Barbuda is planning to make Social Security Scheme an investor in the Jolly Beach Resort redevelopment plan. Director General of Communications in the Office of the Prime Minister, Maurice Merchant, communicated the new plan at the weekly Post-Cabinet Press Briefing on Thursday.
“The Attorney General has been instructed immediately to commence work on looking at the various legislations that will need amendment to give Social Security Scheme authorization to participate in investments”, Merchant said.
The Director General stated that the government did not believe contributions alone from workers in Antigua and Barbuda was enough to keep Social Security viable for years to come.
“With more individuals living longer, it puts a bigger burden on the Scheme, and so contributions become less with retirement”, he said. “Creating an investment portfolio for Social Security Scheme is a novel idea; it is practiced throughout the world.”
This is the same social security that cannot pay us our benefits on time. Remember this
While I see the need for bolstering/ funding social security, I dont know about this move since and am staunchly against any form of privatization or investments. It’s risky and greed might just cloud good judgement, but I hope those in authority think long and hard and do thorough analyses before making any final decisions.
I AGREE With You “Teacher for Life” ……
What is THE HASTE!!!!! Wasn’t $$$$$ just Taken From OUR SOCIAL SECURITY SCHEME When THIS ABLP ADMINISTRATION Took Office Since 2014????
HOW MUCH $$$$$ Does the CURRENT (And PAST) ALP Administrations OWE The Social Security Scheme — Contributions taken from Workers that Have NOT BEEN PAID IN TO THE SOCIAL SECURITY SCHEME ….. For YEARS?????
I Know For SURE That Medical Benefits SAVINGS was GUTTED Shortly after THIS ABLP ASSUMED THE ADMINISTRATION OF 🇦🇬 in 2014!!!! ….. THIS WAS VERY WRONG!!!!
Can Someone Remind Us if Social Security Funds Were ALSO Taken During THIS (2014 – The Present) ABLP Administration????
THIS IS VERY SERIOUS …… And Smells of GREED As Mentioned by Teacher for Life!!!
Without Even CONSULTING US THE PENSIONERS, The ATTORNEY GENERAL Has Been INSTRUCTED To Commence Work To AMEND Various Legislation!!!!! THESE Actions are HASTY AND RISKY …… It is OUR (Pensioners) Hard Work EARNINGS That is Being PLACED AT RISK!!!!
Something is NOT RIGHT WITH THIS SITUATION!!!!
I am BEGGING Someone Who Has Some INFLUENCE AND KNOWLEDGE About The LAWS Connected With Our Social Security Funds, And The Recent DECISIONS Taken To IMPROVE The FUNDING OF OUR SOCIAL SECURITY SCHEME to Step In And Seek To HELP US PENSIONERS UNDERSTAND EXACTLY WHAT IS INVOLVED IN INVESTING ALL WE HAVE TO LIVE ON IN THIS MANNER!!!
THIS IS NOT BEING FAIR TO US PENSIONERS!!
Help! Help!! Help!!!
I have a question for the government of the day. The money that the ABLP loaned from or took from social security have they replenish?
This is a slippery slope. If every struggling business can tap into our Social Security funds, what will be left for actual retirees? This sets a dangerous precedent without clear guidelines and strict governance.
I’m not sure how I feel about that as yet. Let it sink in