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Jun 18, 2019

S.S.B. Chairman Supports C.E.O.’s Memo to Cabinet Ministers

The memo details five reasons why the United Democratic Party should implement the reform this year. The first reason listed is ‘leveraging political capital.’ The memorandum explains that it is understood that any increase in S.S.B. contributions will cause the U.D.P. administration to lose political capital. In fact, Doctor Young tells cabinet that further delays will be a harbinger of significantly greater increases in the future. The second reason is to, “Negate a potential P.U.P. campaign strategy.”  Under this reason, Young predicts that the P.U.P. will “undoubtedly try to capitalize on the fact that S.S.B. is running out of money as a campaign strategy to put wind in their political sails.”  Supporting Young’s memo is S.S.B.’s Chairman Douglas Singh, who also responded to the P.U.P.’s fiery release.

 

Douglas Singh

Douglas Singh, Chairman, Social Security Board

“The C.E.O. in his wisdom and with the support of the Board wrote to the Prime Minister recognizing the challenge that the Government has because while it is the responsible thing to do to make the adjustment it is also a political decision and try to make the point to the government that it is prudent for you to do this notwithstanding the fact that there can be political outfall for it. So contrary to the statement made in the P.U.P.’s press release that you are showing that there are political advantages that can be reached from this, there is no advantage. Really, what the C.E.O. pointed out is that you can mitigate political damage as a result of making these kinds of decisions. To charge of mismanagement and to charge any form of misdeed in context of the fund is really neither here or there. The social security annual reports are tabled at the National Assembly for the members of both government and opposition to review on an annual basis. It is on the website. It shows the growth. It shows the performance of the portfolio. It is absolutely transparent. It is unfortunate that the P.U.P. will choose a memo which is design to convince the government to do the right thing and to charge the C.E.O. of political misdeeds.”


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