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Jul 2, 2019

Private Sector Senator says S.S.B. has other Options to Avoid Financial Crash

The new S.S.B. contribution and reform scheme came into effect on Monday. The Social Security Board embarked in a two-year consultation process where the private sector, the Opposition, Cabinet, and other stakeholders were brief on why it was important to reform the scheme.  The restructuring will be phased out over three years with incremental changes in contributions. But according to Private Sector Senator, Mark Lizarraga, the S.S.B. had other options to ensure that it avoids a financial crash.

 

Mark Lizarraga

Mark Lizarraga, Senator for Private Sector

“My personal view is that of things could have been done before we reached to this point and there are a lot of things that should be done immediately. One of the main points I highlight is that we have at this time uncollected contributions from employed persons to the tune of some thirty percent of employed persons are not contributing to the social security board. That means that you have employers and employees that are not reporting to the social security. If we can collect from these people there are some thirty to forty million dollars that can be collect. We have the matter of an unresolved island that belonged to social security that was sold and that socials security has not been compensated for that island. We the matter the matter that has been discussed about high administrative expenses and ways to curtail expenses which the board has said it’s would address and its going to come up with a plan for that and I hope that is done pretty soon. We have the matter of the non contributory pension scheme which continues to draw large sums of money from a Fund that was not designed to carry that load. The reality is that really has the Fund in trouble today is that it has been burden with a hundred million dollars from N.C.P. and N.H.I. again monies that it was never designed to carry.”

 

It is expected that another reform would be needed by 2025.


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