The government’s plan to channel Social Security funds into the Jolly Beach Hotel will take centre stage this morning when the House of Representatives meets at the Parliament Chambers.
Prime Minister Gaston Browne is championing the move, arguing that it will not only protect the long-term future of the Social Security Scheme but also deliver wider economic benefits.
The scheme, which has struggled in the past to meet monthly pension payments, has long been under financial strain.
Browne insists the Jolly Beach investment offers a solution. The hotel, currently profitable, would give Social Security a reliable stream of income, while placing a key tourism property in the hands of the people of Antigua and Barbuda, the fund’s actual owners.
Still, the proposal is expected to draw sharp debate, given the sensitivities around using pension funds for business investments. The Opposition UPP has previously warned that such ventures, while potentially lucrative, expose Social Security to risks that could backfire if the hotel’s performance falters.
Also on today’s agenda are amendments to the Citizenship by Investment Act, aimed at satisfying recommendations from the United States and the European Union.
Pension money must be handled with the highest level of care. If Jolly Beach fails tomorrow, who will guarantee our seniors get paid? That’s the real question.
The bigger issue is governance. Who will manage Jolly Beach on behalf of Social Security? Without strong management, all the promises mean nothing.
This is a serious matter. If Social Security money is being invested, the government must guarantee that pensioners’ funds are protected. We can’t afford risky ventures with people’s retirement savings.
The debate was robust from the opposition, but we know that your views wont change the direction of the vote. This will indeed go through, and we may stand a better chance at making some money to sustain the scheme cause raising the pension age is not working for me at all.
We just can’t trust nothing government say. This is a big gamble