Government of Montserrat to make decision on Social Security Fund

The government of Montserrat is set to make a decision on the sustainability of the Social Security Fund.

In his 2021/2022 budget address Premier the Honourable Joseph Farrell said the Government has been in discussion with both the Board of the Fund and Foreign Commonwealth and Development Office on the best ways of ensuring the Fund’s sustainability.

He stated that it was no secret that the Fund is in dire need of Government’s intervention to ensure its long-term survival.

According to Premier Farrell the volcanic crisis has fundamentally altered the population demographic on the island due to the mass exodus of working age Montserratians/residents.

He said this has caused the inevitable reality of the Fund paying out more in benefits than it is generating in income, that is, through contributions and investments.

Meantime the Public Accounts Committee will be making their recommendations to the Social Security Fund.

Chairman the Honourable Paul Lewis says the PAC is scheduled to address the matter as early as next month.