Social Security Systems Are Key to National Development

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 As one of the largest savings account fund of a country, social security systems in the Eastern Caribbean Currency Union (ECCU) continue to implement changes to ensure maximum advantage for their beneficiaries.

 

Speaking on this week’s episode of ECCB Connects, recently Retired Director, of the Anguilla Social Security Board, Dr Timothy Hodge and Acting Deputy Director Research Department – ECCB, Shernnel Thompson, highlight some of the benefits the ECCU social security systems offer and some of the reforms that have been implemented within recent times.

 

Hodge says that a key mandate of any social security system is to pay benefits to its members. He says that this type of fund can be leveraged for investment purposes and securing loans. Also, in times of crisis, social security systems are often called upon to make significant contributions to national development.

 

Hodge, who served as head of the Anguilla Social Security Board for over 30 years, notes that in an effort to be more responsive to the needs of its beneficiaries, social security systems have become flexible to change with the times as demographics have changed.

 

Thompson points out that the results from a survey conducted in 2019, reveal that the social security systems within the ECCU are in good financial standing ranging from 6.8 – 38.8 per cent of GDP.

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2 COMMENTS

  1. Antigua’s is NOT financially sound and appears to have been mismanaged by both political parties. While I agree that Social Security is a valuable savings tool it is beyond the control of the individual and hence is TREMENDOUSLY FLAWED.

  2. It’s very easy to say something is not being well managed from the outside without knowing how social security is truly managed. Were the Antigua social security mismanaged as you say it would have closed long ago. The role that politics has played in its mismanagement is the unwillingness to make the necessary changes to legislation to ensure its continued viability. It took 20 years to change the pension age and even longer to look at the contribution rates. Was a voice heard from the people of Antigua during that period, I hazard to say not a word, but now our inaction has resulted in delays in benefits its the management’s fault. When do we take responsibility for what we do, in this case what we did not do. Which among us can say we spoke to our MP in support of the necessary changes. Answer, very few.

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