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SSB funding into Stimulus Plan must be explained - Hon Penn

- calls on Premier Andrew A. Fahie to bring clarity on how $$$ was sourced
Leader of Her Majesty's Loyal Opposition, Hon Marlon A. Penn (R8) has called on Virgin Islands Premier and Minister of Finance, Hon Andrew A. Fahie (R1) to bring clarity on how money from the Social Security Board (SSB) is being sourced in the Government's COVID-19 economic stimulus plan. Photo: VINO/File
Premier and Minister of Finance, Hon Andrew A. Fahie (R1) announced a $62.9M Phase 2 Economic Stimulus Plan on May 28, 2020. Photo: VINO/File
Premier and Minister of Finance, Hon Andrew A. Fahie (R1) announced a $62.9M Phase 2 Economic Stimulus Plan on May 28, 2020. Photo: VINO/File
The Virgin Islands Economic Stimulus Plan in response to COVID-19 has received an injection of $40M grant from the Social Security Board (SSB). Photo: VINO/File
The Virgin Islands Economic Stimulus Plan in response to COVID-19 has received an injection of $40M grant from the Social Security Board (SSB). Photo: VINO/File
ROAD TOWN, Tortola, VI - Leader of Her Majesty's Loyal Opposition, Hon Marlon A. Penn (R8) has called on Virgin Islands Premier and Minister of Finance, Hon Andrew A. Fahie (R1) to bring clarity on how money from the Social Security Board (SSB) is being sourced in the Government's COVID-19 economic stimulus plan.

"I am pleased that some important needs are being looked after and support given in several areas, such as unemployment, small businesses, farming and fishing and health protocols for returning quarantine persons, many of which were previously outlined in our plan," Hon Penn said in a May 29, 2020, statement.

The Opposition Leader; however, has questioned the source of funding.

Source of funding 

Premier and Minister of Finance, Hon Fahie announced a $62.9M Phase 2 Economic Stimulus Plan on May 28, 2020.

"This for us is very encouraging, as our ultimate objective was and still is to ensure that you the people receive the support you need and rightfully deserve," Hon Penn said regarding the Opposition's stance on the people of the Territory receiving the support. 

As part of the funding, the premier announced some $40M will come from SSB.

According to Mr Penn, "I am; however, concerned that most if not all, of the $62.9m of funding for this plan is coming from our Social Security Board. I am even more concerned that this is being termed a grant."

Explanations needed - Hon Penn 

Hon Penn said what is very unclear to him is if that funding could or should be had as a grant. "It is incumbent upon the Premier and Minister of Finance to justify and explain this, in the context of the Boards current financial position, its legality and its long term sustainability," he said.

Premier Fahie has noted that Government has been trying to avoid touching the taxpayers' "piggyback" due to the upcoming hurricane season, seismic activity in the area and COVID-19 pandemic, hence leaving room in case the VI is struck by another disaster.

“Left with no alternative, your Government reached out to the Virgin Islands Social Security Board which has agreed to provide the people of the British Virgin Islands with a special COVID-19 grant in the sum of $40M towards our efforts in providing social and economic relief and stimulating economic activity," he said.

The Economic Stimulus Plan has also been boosted with a $17M grant from the SSB’s Affordable Home Construction Project and “another grant of $2M to assist with infrastructure."

'If you not careful you will puke'- Hon Fahie

Premier Fahie had previously sharply criticised the Opposition for trying to tell the public the Virgin Islands Party (VIP) Government didn't care about the people during this global pandemic when they, the Opposition, failed to address critical matters to assist the public in times of crisis when they were in government.

"Those who are there bellowing now had those decisions to make, they had those legislations to amend. They did not do it. Now they have come forward with a plan for the very things that were to be done by them and telling the people we don’t care.

"If you evaluate these things totally. Forget political parties, just evaluate them totally. When you hear some of these things, who they were…and they are not new things, they were there to be done. If you not careful you will puke. We have sat down with Social Security and they have told us these were things that were there to be done.

"So we have told them to bring them forward now. We have attached whatever help that they need and we are bringing them forward now. And some of them is what you going to hear on May 28...the decisions we have made and the adjustments we have made to move forward," Hon Fahie had said at a press briefing at the conference room of the Office of the House of Assembly (HoA) on May 21, 2020.

21 Responses to “SSB funding into Stimulus Plan must be explained - Hon Penn ”

  • Lily Ann (02/06/2020, 13:43) Like (13) Dislike (10) Reply
    Exactly.... SSB have millions to grant,,... but want to be paying me dollars and cents for maternity leave
  • Rabsatt (02/06/2020, 13:48) Like (4) Dislike (3) Reply
    Hon. Penn I do appreciate your concerns bc we the residents of these Islands needs to know, however I dont tolerate your way of approach in regards to fishing /farming ..as though this was rocking science....these have been top in discussions years ago and still is. .
    Its crucial more than ever that our leaders needs to work together for the residence of these beautiful Virgin Islands and years to come.
  • Marlon (02/06/2020, 13:59) Like (5) Dislike (3) Reply
    Cart ur m .s
  • My girl (02/06/2020, 14:01) Like (12) Dislike (1) Reply
    Make it a loan from SSB, not a grant.
    • True (02/06/2020, 15:56) Like (1) Dislike (4) Reply
      so everyone who got a payment, food or will have to pay it back? Its not the government that is getting the money but the population. think before
  • True (02/06/2020, 14:06) Like (1) Dislike (2) Reply
    please read leader of the opposition so you understand how the SSB works.

    They have stocks and shres in multiple companies to pay the pension fund. They also have cash reserves of $800 million that is where the $40 million comes from, that 5% of the cash reserves is overspill from Expats leavig the territory after being here for less than 3 years and so not claiming any of that money back, there is millions more.
  • Quiet Warrior (02/06/2020, 14:43) Like (4) Dislike (11) Reply
    No doubt Covid-19 caused the VI(British)economy to tank, creating employment and other hardships on residents. Residents needed help. Agree with Hon Marlon Penn that the Hon Premier Fahie should explain to the people the source of the funding, especially the social security funding. $40M grant from social security is a concerning step; a $40M loan from social security would be a tastier pill to swallow. Does not the HOA have to vote on grant(s) to government? If no, it should though social security is a statutory body. Does the $40M grant meet the spirit and intent of the Social Security Act?

    The major purpose of Social Securoty Act was to provide Old Age pension/grant, Disability pension/grant, Survivor pension/grant, Funeral grant and Sickness and Maternity benefits. Though all of the funding should not have been sourced from the Reserve Fund, the Rainy Day Fund was intended for situation as the BVI is currently in. More of the funding should come from the Rainy Day Fund, maintaining an above the line amount to help with other emergencies, ie, hurricane disaster. If there is one good thing that the NDP did, it was feeding and caring for the Rainy Day Fund. Giving Jack his jacket, it was a good plan and foresight in this instance. Moreover, if social security is flushed with cash that it can dish out $40+M in grants , perhaps it can lower the employee and employer contribution rates. Further, it can keep the same contribution rates plus more to create unemployment insurance, though unemployment should be under the Dept of Labour.

    Bringing an agenda item before the HOA to explain the stimulus action is good governance. By the way, what good is the UK? In a territorial crisis in the OTs, the UK is a useless, AWOL and MIA. I guess Britannia no longer rules the waves or the sun does set on the Empire.
    • SS Retiree (02/06/2020, 16:48) Like (6) Dislike (0) Reply
      If social security can give out tens of million ($40M) in grant, surely it can afford to increase the paltry monthly annuity given to retirees. This grant should have been a loan so as to boost the social security trust fund to enhance its solvency. The government was asking the UK’s permission to relax the financial management protocols to borrow money so why it could not have borrowed the money from social security. Is this huge grant even legal. Saw an article on another electronic site stating that a hired actuary indicated that social security sustainability will not be impacted by the grant. Just curious to who hired the actuary. People work for whom hired them; need independent actuary. Know that Ms. Antoinette Skelton has to carry out policy(s) set by the Social Security Board. But wonder what her true feelings were on the grants. Barry say you will hear.
  • stop (02/06/2020, 15:18) Like (4) Dislike (1) Reply
    Taking the peoples money !!!
  • 2020 (02/06/2020, 15:38) Like (9) Dislike (3) Reply
    I want my social security money I put in.

    EVERYONE should get a percentage of what they put in to date regardless of whether working or not. How the h€!! can you be giving who didn’t put in and don’t be giving who put in? What the h€!! is this? Is this justice?
    • True but (02/06/2020, 16:54) Like (2) Dislike (0) Reply
      I highly doubt that social security will give monies to persons who are not up to date with their payments. I believe this is why they specifically doing this through social security. Social security has a vast a mount of information which makes it easier for them to deal with the unemployment benefit.
  • Yyyy?? (02/06/2020, 15:57) Like (1) Dislike (3) Reply
    WhY can’t SSB jus pay those ppl who’s been paying for years a portion of what they contributed to assist instead of holding the money hostage . We as the ppl deserve to get taken cared of .. and why is the money coming from the ssb when the queen assist with funding for it
  • Social Security Money (02/06/2020, 16:29) Like (2) Dislike (2) Reply
    Please note that more social security funds are paid out than what is received. What is going to happen in the next 25 years when I am ready to claim my social security? Government should not handle this stimulus in this manner. It is like giving away free money, I wonder if they realized the hurricane season just started and we don’t know what lies ahead. Poor decision to just give away our money just like that.
  • Got the form today (02/06/2020, 17:41) Like (3) Dislike (0) Reply
    The form is comprehensive..nice...Well done... No one can lie. if they try they will get caught... Im encourage all affected persons to fill their forms out, so the companies and bosses cant lie on you or about you......Great Job with the form..
    • still (03/06/2020, 00:55) Like (0) Dislike (0) Reply
      Fraudulent acts can take place. We need an audit during and after the process. Audit should start a certain way in the process.
  • Really Downtown (02/06/2020, 18:14) Like (3) Dislike (2) Reply
    Something really wrong with the people of the vi. Keep minding Marlon. Myron them causing trouble through him he is the mouthpiece for the ones who were voted out
  • Frustrating (02/06/2020, 19:44) Like (1) Dislike (1) Reply
    Wham Penn wham !

    We been paying social security for long an plus when they ready to take their payments they take their payments good, so what happen if they somehow find money to pay is who in need, not cause you have big government money stash off an living good the rest of we have to suffer, so relax an leave we eh
  • Contributor (02/06/2020, 20:04) Like (4) Dislike (2) Reply
    Them better got my money when I make 65...
  • Dancing In Th\e Sunshine (03/06/2020, 08:40) Like (0) Dislike (0) Reply
    What good for the goose is good for the gander. It seems as though some of us have short memories. It was this same Social security money that was given to the previous government to assist with the building of the Hon. Dr D Orlando Smith hospital that many persons are utilizing today. Was it appropriate for the previous government to get a grant to develop the hospital then and it is not good for this government to get a smaller grant to assist its people now. Where was Hon. Penn when the Board gave that grant for the hospital. What is good for the goose is good for the gander.

    The Social Security Board is in a sound financial position based on the financial reviews and as such it decided to give the government that grant and I think it is a very good corporate practice to contribute towards the development of the territory. I give my unswerving support to the decision. When the country develops all of us benefit from it. The stimulus helps to create employment in the territory and more Social Security contribution will be collected if the employers pay their contributions to the Board.

    Indeed what will be beneficial to the Board is to employ a few inspectors who will visit ALL the businesses to ensure that they pay their contributions that they collected from the employees and pay it to the Board. This will enhance the financial standing of the Board further. I am sure there are MANY defaulting employers who do not pay their contributions to the Board and that is what Hon. Penn should address forthwith. Thank You.
  • know a lot (03/06/2020, 09:16) Like (0) Dislike (0) Reply
    marlon keep quiet and stop calliing down every thing andrew is trying to do remember your life with ndp wen youhave clothes ut side lookout for rain your path is not clear what happen to thesewage money tallk aout that you should be s....you will npt talk and say that andrew isstill kind to still do the seewage even thugh the money is missing you should give thanks that issue wilol soon come up so yubetter know how you will face it ihonestly think youneed tokeep a low case because your story is going to coe fort you see the oad join the vi zrty what s done in darkness comes to light hoping the stimulis money you get does not dispear so shut your mouth because there are persons ready totalk
  • Explanation (03/06/2020, 21:16) Like (1) Dislike (1) Reply
    He wants an explanation give it to him that's what the opposition is there for. Checks and balances


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