Low Contributions Hurting Social Security

Government to Address The government of Montserrat will take steps to address the sustainability of the Social Security Fund.

That’s according to Premier Donaldson Romeo, in response to concerns expressed by opposition parliamentarian Dr. Samuel Joseph.

Mr. Romeo stated that action needs to be taken and taken fast.

During the past four years pay outs out stripped total contributions by 1.5 million dollars.

Jan 2014 to March 2015 contributions were 6.4 million – benefits 7.9

April 2015 to March 2016 contributions 5.8 million total benefits 7.7 million

April 2016 to March 2017 - total contribution 5.4 million total benefits 7.6 

And April 2017 to March 2018 contributions only totaled 5.4 million dollars, compared to 7.7 million dollars paid out in benefits.

Premier Romeo says the matter of the sustainability of the Social Security Fund is being addressed by cabinet, which is considering a report before making a decision.

He also revealed that 80 per cent of the recipients of social security funds are not residing on island.

The premier says the long term aim of the government to address the situation is to grow the economy, increase the number of jobs, and thereby increase the amount of contributions to the fund