Increased Social Security Benefits Coming in 2009

~~Adz:Left~~Roadtown, Tortola- Pensioners and new mothers in the Territory will be among those benefiting when Government increases social security benefits in 2009.

The increase in benefits, effective January 1, 2009, was announced by Premier Honourable Ralph T. O’Neal, OBE in his recent report on Government’s first year in office.  The increases are based on recommendations emanating from the 9th Actuarial Review of the Social Security Fund covering the period January 2004 to December 2006.

The Premier said “the economic expansion experienced in the British Virgin Islands over the past few decades continues to provide a strong economic foundation for the long-term growth and sustainability of the fund.”
The strength of the fund’s economic performance is the basis upon which Government decided to increase some of the social security benefits.

“These include a 50 percent increase in funeral and maternity grants, a reduction in the qualifying period for invalidity and survivors pensions, a 25 percent increase in minimum age pension and the provision of payment of age pension or Invalidity pension with survivors’ pension,” the Premier stated in his first year report.

The increase will see the age pension move from $48 to $60 per week and the maternity grant from $200 to $300. Funeral grants will be offered in three categories, not exceeding one year, $300; over one year but not exceeding 15 years, $1,950 and exceeding 15 years, $3000.

The payment of the age pension with survivors’ pension means that eligible pensioners who have been widowed will now be able to receive their earned pension as well as their survivor benefits.

The overall cost of the increases is approximately $519,000. According to the Premier, “the assets of the Social Security Board are valued at approximately $322 million as of July 31, 2008, increasing from $275 million at the end of 2006.”

It is Government’s view that the BVI Social Security Board must continue to be relevant to contributors by paying adequate benefits.

Permanent Secretary in the Premier’s Office Mrs. Rosalie Adams told the Department of Information and Public Relations she is “supportive of amendments made to improve the situation of those who benefit from social security.”

Mrs. Adams added that “Cabinet’s instructions have been sent to the Attorney General’s Chambers to amend the legislation to facilitate implementation of the increased benefits by the agreed upon deadline.”

The increase in benefits will take effect on January 1, 2009. The BVI Social Security Board is the Government agency established to provide appropriate social security benefits to contributors and their families based on fair and sound policies, visionary proactive management, prudent investments and the sustained efforts of a highly motivated and professional staff.