A Public Accounts Committee Inquiry Advances Four Key Recommendations to Save the Island’s Ailing Social Security Fund
January 1, 2022 has been recommended as the end date at which four critical recommendations should come into force to save the island’s Social Security fund.
This was brought out forcefully by Actuary Montserratian Derick Osborne.
He was at the time addressing an inquiry into the Montserrat Social Security Fund at the Credit Union Hall in Brades.
The one-day public evidence session Wednesday was held by the Public Accounts Committee (PAC) who announced the launched of the inquiry on June 8th.
Actuary Derick Osborne.
The inquiry was aimed at establishing the current state of the fund, finding possible solutions and making recommendations on how the fund can remain solvent and beneficial to the people of Montserrat.
The Social Security Fund recently informed the Government of Montserrat of challenges it is experiencing, which would have “serious impact on its ability to meet its obligations,” as the Fund is projected to deplete its reserves by 2025.