Last year the Social Security Board began a series of consultations across the country with several groups and organizations to discuss an adjustment to the scheme. In September of last year, it was explained that SSB’s expenditure have surpassed contributions and with its deficit growing, if the proposal is not implemented, 2021 the fund will become unsustainable. In order to make the scheme financially viable in the coming years, the SSB is proposing a ten percent increase in contributions for employees who make between three hundred and twenty to five hundred dollars a week. Opposition Leader, John Briceno, outlined the PUP’s position on the subject.
John Briceno, Opposition Leader: “Yes they have painted a really troubling view of Social Security and in the years to come and they are trying to make the case that we will have to consider raising the contribution the workers do to the fund. But what we did agree with to them was that I am going to invite them now to make a presentation to the Executive and parliamentarians jointly so that after they finish we can ask all the questions and then after that they’ll be at a position to make a decision as to whether we would support or not support their proposal.”
SSB officials have met with social partners including the NTUCB, BNTU and the BCCI.