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Written by Administrator   
Thursday, 07 September 2017 00:00

On Wednesday September 6th the Social Security Board hosted members of the media to a mixer with the sole purpose of informing on the proposal to increase coverage via increased contributions.

Established in 1981, the Social Security Board provides a safety net for employed persons who would otherwise not have benefits accrue to them while they work. Since its inception the board has had only one adjustment in its rates and coverage and that was back in 2001. Now a full 16 years later there is an urgent need to revisit the scheme.

Speaking to the media, the SSB’s Actuary, Hernando Montas, spoke plainly and explained that under the current demands, the fund will collapse within 4 years. Actually, the fund is currently operating at a deficit if it were solely dependent on contributions in order to make benefit payments.