The British Virgin Islands government will amend the Social Security Board (SSB) law to strengthen its financial management.
The government announced plans to modify the Social Security Act in Governor John Rankin’s recent Speech from the Throne in the House of Assembly (HOA).
The Commission of Inquiry (COI) found that former Financial Secretary Glenroy Forbes requested and received a $40 million grant in 2020 for pandemic support from the Social Security Fund.
The administration also stated that other revisions to the main Act will enlarge the four-member Social Security Fund Investment Committee.
The Board should then approve the government’s suggestions.
The government proposes that the Board pay legal costs only if the courts rule against it.
The Act would also address compensation for beneficiaries with private health insurance.
Return the certificates
The administration also plans to alter the Social Security (Contributions), (Benefits), and (National Health Insurance) Regulations to make the social insurance system more efficient and sustainable.
Last December, SSB Director Jeanette Scatliffe-Boynes told the Standing Finance Committee (SFC) that defaulters remain a problem. However, the Department has collected from several defaulters, she said.
Scatliffe-Boynes said the SSB is lobbying the government to return the certificates of earnings and good standings, which help the Department recover from defaulters.
