Minister of Finance, Hon. Joseph E. Farrell will host a town hall meeting on Thursday July 1, 2021 starting at 5PM to allow for public
discussion on the challenges being experienced by the Social Security Fund.
The meeting will be held at the Montserrat Cultural Centre in Little Bay and will be attended by Hon. Joseph E. Farrell, Ministry of Finance Officials and Officials from the Montserrat Social Security Fund.
The Social Security Fund has previously informed Government 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.
Thursday’s Town Hall meeting is part of Government’s ongoing efforts to meet with key stakeholders on the issue, and to receive input on the way forward, as the Government considers several recommendations that were made by the Fund to address the issue.
Based on actuarial advice, the Fund made the following recommendations to the Government of Montserrat:
Increasing the contribution rate to 11% in 2021 and adopt a schedule of additional increases that would take the rate to at least 15% by 2025.
Gradually increasing the age at which reduced Age Pensions are payable while at the same time increasing the reduction factors that apply from ½% to ¾% per month.
Reduce the maximum Age/Invalidity pension percentage rate from 60% to 55%.
Government of Montserrat injecting funds into the Social Security Fund in the short-term to offset deficits.
These recommendations will be discussed in detail during Thursday’s meeting. Members of the public who would like to attend are reminded that face coverings are required.
The Government Information Unit (GIU) will stream the event so persons who are unable to attend can view and contribute to the discussions. The Town Hall meeting will be streamed on the following platforms:
1. GIU’s Facebook Page – GIUMontserrat
2. GIU’;s YouTube Channel
3. Local Cable Powered by Digicel – Channel 96
4. Government website – www.gov.ms (click on GIU Live in the top right corner)