Thursday 13th December, 2018-Millions of dollars are owed to the Social Security Scheme by several of its contributors who are refusing to pay the deductions despite court rulings in some instances.
It has placed the Social Security in a precarious situation where it is struggling to meet its financial obligations, specifically to pensioners.
Private enterprises—employers of two-thirds of the nation’s workforce—owe Social Security more than EC$27,000,000 (twenty-seven million) dollars. Cabinet Ambassador Lionel ‘Max’ Hurst stated was informed that $10 million dollars of the $27 million have been declared bad debt, which cannot be recovered.
Now agents are being utilized to go after defaulters.
While the figure is high among private enterprises, it is even higher among statutory corporations who are also indebted to the Scheme, to the tune of $ 54 million.
As a result of the shortfall being experienced, the Board made a request for $15 million dollars to meet the amounts required to fulfill their obligations in December 2018 and January 2019.
The Cabinet has asked the team from the Social Security to return next week when the decision to secure the $15 million dollars will likely be ratified.