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Social Security Targets EC$1 Billion Reserve Through New Investment Strategy
The Antigua and Barbuda Social Security Board is aiming to build its reserves to EC$1 billion as part of a strategy to strengthen the fund through long-term, income-generating investments.
Executive Director David Mathias said the fund’s reserves currently stand at about EC$900 million, but rising pension liabilities and longer life expectancy mean additional revenue sources are needed to sustain payments in the years ahead.
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He said the goal is to maintain a six- to twelve-month reserve while diversifying income beyond contributions.
According to Mathias, “We are out of the woods, but not entirely out of the woods,” and the focus now is on “matching rising liabilities with stable, income-generating assets.”
A key element of this approach is the government-backed redevelopment of the Jolly Beach Resort, which is being financed by the government and will later be transferred to the Social Security Board as equity.
The arrangement will allow the fund to earn dividends and operational returns from the hotel without drawing directly from contributors’ money.
To ensure transparency, Mathias said the fund will provide monthly and quarterly reports to Cabinet and expand its investment committee to include banking and valuation experts.
The measures, he added, are designed to safeguard contributors’ confidence while supporting the long-term stability of Antigua and Barbuda’s pension system.
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To ensure transparency, Mathias said “the fund will provide monthly and quarterly reports to cabinet …”
CABINET ONLY! NO, NO, NOOOO …
With respect to Executive Director Mathias, this isn’t FULL transparency – not at all. Surely transparency includes the general public as well, who are rightly entitled and have the right to know where – and how – every penny cent of their taxes is being used?
Report to Cabinet only – give me a break!!!
After an embarrassment, a little humity will or can save the day.
There is no need to allow yourself to be made a political puppet.
We all know that Social Security funds have been mismanaged by successive labour party administration.
We all know that Social Security is now scraping the bottom of the barrel to see if a dollar was misses.
News that St Kitts and Nevis Social Security has over a billion dollars in reserve has really shocked and embarrassed this government.
However that’s no reason for Mathias to make himself a political ass.
St Kitts and Nevis didn’t get there overnight.
There was serious and prudent fiscal control of the people’s money.
Political directorate didn’t see it as their savior and campaign piggy bank.
So having been embarrassed about Antigua’s poors state of Social Security as compared to St Kitts well run and healthy Social Security, there is no need to come out and talk political SHIT.
Under this government the Social Security will never smell anything close to a billion dollars in Social Security reserves.
You know that and should never allow yourself to become such laughing stock.
If you allow yourself to be used, you will be misused and abused.
You know that Antigua will never see a billion dollars in reserve at Social Security.
Not with the pack of hyenas!!!!!!
Today is a day I wake up really really happy, but I never in my days would expect this type of comedy this early on this Wednesday morning.. 🤣 😆.
A billion in reserve? Very attainable, but not under this government.
Show us the books Mr..show us the books.
That’s all I ask, because lying has become the go to move for this administration. This horse dodo has to stop..sheesh!
What good is the reserves if they are hard assets like land and buildings?