The House of Representatives will convene a meeting at the Parliament Chambers this morning with all eyes focused on the debate on the government’s plan to invest funds owed to the Social Security Scheme into the Jolly Beach Hotel.
According to Prime Minister Gaston Browne the move has many benefits for Antigua and Barbuda. Primarily it will help to secure the future of the scheme which in the past had faced difficulties in meeting its monthly obligations.
A 2011-12 actuarial report had indicated that the scheme requires ten contributors to every one beneficiary to make it financially sound. This has never been achieved in the life of the organisation and with life-expectancy increasing, the demands on the scheme will only grow as the gap widens between contributors and beneficiaries.
The government believes that the proposed investments by the Scheme into Jolly Beach hotel, which is a viable concern that is currently turning a profit, is a sound move that will ensure the long-term viability of the scheme and thus reduce the threat that one day beneficiaries will again be lining up at dawn to collect their pensions.
Additionally, by investing in the lucrative tourism sector, the move guarantees employment, economic growth and most importantly, ownership. It will place a key tourism asset into the hands of Antiguans and and Barbudans who are the owners of the Social Security Scheme.
The prime minister even added that another layer of security will be put in place; the guarantee by the government of the investments by the Scheme. It is therefore a ‘win-win’ for Social Security and the people of Antigua and Barbuda.
Other matters on the Order Paper is the amendments to the CIP Act to bring it in line with recommendations from both the US government and the European Union.
