Social Security Continues To Receive Government Support

The cash strapped Social Security Fund will receive another financial boost from the Government of Montserrat.

Premier and minister of finance the Honourable Joseph Farrell says 500, 000 dollars have been allocated to the statutory body, that has experienced financial difficulties in recent times.

Premier Farrell says the fresh injection of cash is in addition to the 1.8 million dollars handed over to Social Security Fund during the last financial year.

This followed an actuarial review recommendation that the Government gives support over three financial cycles.

Premier Farrell is encouraging workers to pay their social security fees, as this investment would bear fruit in the future.

The following was the Premier’s statement on Social Security during his budget presentation on Monday April 17, 2023: “Madam Speaker, this government has proven it’s commitment to long-term sustainability of

our Social Security Fund, to ensure that those who need support can be guaranteed to receive it when they reach the stage in life when they are no longer actively employed. Madam Speaker, a further capital injection of no less than five hundred thousand dolalrs ($500,000) will be made into the Fund this year with the possibility of an additional injection as the year progresses”.