Social Security encouraged to safeguard investments 

The new Social Security Board has been encouraged to safeguard the capital invested in the fund, while at the same time increasing its portfolio.

Chief Minister Dr. the Honourable D. Orlando Smith made the comments while addressing a luncheon meeting of the new Board on Monday. "I am grateful that you have agreed to serve your country in this very important capacity as members of the Social Security Board," he told them. He pointed out that Social Security is unlike any other governmental agency or department in that the services provided touch the lives of the entire community, including the most vulnerable members of the society, namely the aged, the disabled, the widowed and the orphaned. "As members of the Social Security Board, the public is counting on you to ensure that when the time comes to claim benefits, those benefits will be paid to the right persons, in the right amounts and at the right time," Hon. Smith declared.

According to him, statistics prove that less than 50% of working people provide adequately for their retirement, thus, the growing need for social protection plans to ensure some income for later in life. He pointed out that for a significant number of persons their only source of income after working for a lifetime is their social security pension. "The aging population and reduced birthrate mean that in years to come there will be less working persons to support the growing number of pensioners; therefore, the prudent investment of the fund is of paramount importance," the BVI Leader asserted. "All care must be taken to safeguard the capital invested while at the same time increasing the fund". The prudent investment of the fund over the years has resulted in the Board's accumulation of 190 million dollars in assets. However, the Board continues to experience the problem of delinquency and non-compliance. At the moment, some 289 delinquent employers are indebted to the Board for approximately 1.1 million dollars.

"This is an unsatisfactory situation, and if not arrested, will seriously compromise the viability of the Fund," the Chief Minister stated. "We at the Social Security Board and the Chief Minister's Office must seek new ways to ensure compliance by these employers who by their actions demonstrate the total disregard for the Social Security laws and total unconcern for their employees' future." He hastened to add that it is not Government's intention to use the Social Security Board funds as a piggy bank, but he believes that in the light of the present day social and economic realities, Social Security must critically review its role and functions. "I believe the time has come for Social Security to be considered more than an institution that merely accumulates resources," he stated. "Social Security must play a leading role in the development of our society; it must move away from the tradition of collector-payer role to a developmental role paying particular attention to the growing and expanding needs of the population." Chief Minister Smith said Social Security programmes must compliment government programmes for the social and economic development of society. I He commended the Social Security Board for being a good corporate citizen, with annual contributions to social causes such as the sponsorship of the Red Cross Prostate Cancer Screening Programme, the annual nursing scholarships, continued support of the Health Department, etc. "The issue of ensuring that all residents of this Territory can afford adequate health care is a priority of my government," Chief Minister Smith declared. "My Permanent Secretary and the Director of Social Security are in discussions and are working together to get the process started for the creation of a National Health Insurance Scheme in the not too distant future." In closing, he again thanked the Board Members for agreeing to serve in this important capacity. He also commended the management and staff for their dedication, commitment and hard work over the years.