The need for a pension plan that would offer support for residents in their golden years is being worked on by the government. The disclosure of the pension plan was made by Premier and Minister for Finance Hon. Andrew Fahie as he stated that this is an area of social support that his administration plans to deliver.
While speaking in the House of Assembly on 10 July the Premier said that outside of the public pension initiative the government envisions a pension scheme that is territorial and gives a source of comfort to residents.
In explaining what he has in mind, Hon. Fahie told the House of Assembly that the proposed plan would be contributory. “In terms of pension, the Government trying to look to see how to get that pension program going because right now there is not a pension program going where persons contribute to the pension.”
The outline and proposal for the program are already being worked out and the Premier said that it would be discussed publicly in the future. “That is a program that we have been working on that is overdue and we’ll be able to bring to the public cause we are finding the best way to implement it especially amidst this COVID 19 era.”
In previous years the BVI Chamber of Commerce and Hotel Association (BVICCHA) sought to bring a solution to assist the private sector in this area of old-age pension for residents.
The Chamber was able to collaborate with Pension Management Interactive, INC. (PMI) to create a multi-employer pension plan. It was disclosed in 2013 that several companies registered and a number were discussing joining.