Social Security Receives Funding to Meet its Obligations

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Friday 7th December, 2018-15 million dollars have become available to the Social Security Board to ensure the statutory body meets its financial obligations to pensioners.

Social Security is experiencing financial difficulties and government has intervened to make it possible for the elderly to receive their monthly payments for the months of December and January, 2019.

Information Minister Melford Nicholas explains this time around, the money was taken from the Treasury to fill the void.

One of the reasons given for the issue facing Social Security is a greater number of persons have moved into retirement, more than the number of contributors, thereby creating a fiscal gap.

Government is seeking more information on the challenges the statutory body is experiencing and wants to hear from the executives.