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SSB under the microscope @ HoA sitting today, June 11, 2020

- Opposition Leader to question Hon Vincent O. Wheatley on actuary studies, investment portfolios of SSB
The Social Security Board (SSB) will be placed under the microscope when the 9th Sitting of the 2nd Session of the 4th House of Assembly convenes today, June 11, 2020. Photo: VINO/File
According to the Order Paper for the 9th Sitting of the 2nd Session of the 4th House of Assembly, Leader of the Opposition and Member for the Eighth District Hon Marlon A. Penn (right) is set to ask the Honourable Minister for Natural Resources, Labour and Immigration Hon Vincent O. Wheatley (left) several questions on the Social Security Board, including on finance. Photo: VINO/File
According to the Order Paper for the 9th Sitting of the 2nd Session of the 4th House of Assembly, Leader of the Opposition and Member for the Eighth District Hon Marlon A. Penn (right) is set to ask the Honourable Minister for Natural Resources, Labour and Immigration Hon Vincent O. Wheatley (left) several questions on the Social Security Board, including on finance. Photo: VINO/File
The House of Assembly (HoA) convenes today, June 11, 2020, at Save the Seed Energy Centre in Duff's Bottom, Tortola. Photo: VINO/File
The House of Assembly (HoA) convenes today, June 11, 2020, at Save the Seed Energy Centre in Duff's Bottom, Tortola. Photo: VINO/File
ROAD TOWN, Tortola, VI- Ever since the Social Security Board (SSB) gave the Government of the Virgin Islands a $40 million grant for its economic stimulus plan, the SSB has been under scrutiny. That scrutiny is scheduled to continue when the House of Assembly (HoA) convenes today, June 11, 2020, at Save the Seed Energy Centre in Duff's Bottom, Tortola.

According to the Order Paper for the 9th Sitting of the 2nd Session of the 4th House of Assembly, as released by HoA spokesman, Mr Linton V. Leonard, Leader of the Opposition and Member for the Eighth District Hon Marlon A. Penn is set to ask the Honourable Minister for Natural Resources, Labour and Immigration Hon Vincent O. Wheatley (R9) the following questions:  

“Mister Speaker, could the Minister for Natural Resources, Labour and Immigration please tell this Honourable House, who are the current members of the Social Security Board?”

Study 

The second question from Hon Penn is: “Mister Speaker, could the Minister for Natural Resources, Labour and Immigration please provide this Honourable House, with the details of all actuary studies conducted by the Social Security Board within the past five years?”

According to Premier and Minister for Finance Honourable Andrew A. Fahie (R1), an actuary study conducted by Canada-based firm Morneau Shepell Inc. stated that the $40 million grant would not affect the future sustainability of the SSB.

Premier Fahie said: “Will it be around for us when we retire? Well, the answer is ‘yes’ because we also had, thanks to the Social Security, been doing an actuary study to assess the life and the feasibility of if we take this money for the unemployment grant and other grants if it will still be sustainable. It is important to highlight that the study found that the SSB has the financial strength to support our well-designed targeted income support programme to workers.” 

SSB $$

The third SSB related question from Hon Penn is: “Could the Minister for Natural Resources, Labour and Immigration please provide this Honourable House, with the account balances of all accounts held by the Social Security Board as of 1st November 2019 and 3rd June 2020 respectively?”

The Opposition Leader is also seeking a detailed breakdown of the account balances of all unencumbered accounts held by the SSB whether investments, Certificate of Deposits or traditional bank accounts that could be accessed as of 1st November 2019 and 3rd June 2020 respectively without penalty.

And lastly, Hon Penn is to ask Hon Wheatley: "(a) If his Ministry and the Social Security Board have engaged any new, or renewed any consultant, consultancy or service provider, formally or in principle to provide services to the Government of the Virgin Islands since taking office? and (b) If the answer is yes, please provide the details of all contracts inclusive of the duration, amounts and purpose, as well provide a copy of all contracts, agreements, inclusive of a payment schedule, purchase orders and terms of reference and deliverables for each engagement, contract or agreement."

While a wide cross-section of the public is happy for the economic stimulus, critics have argued the $40 million should have been given to the government as a loan.

Stream & Watch Live

Today's sitting, scheduled to start at 10:00 am, will be aired Live on the House of Assembly's YouTube page, ZBVI (780 AM), CBN 90.9 FM and FLOW TV Channel 101.

6 Responses to “SSB under the microscope @ HoA sitting today, June 11, 2020”

  • True (11/06/2020, 11:21) Like (2) Dislike (1) Reply
    He already knows who the board are at the SSB so why question 1?

    Why would a minister ask about an actuarys study he would not have any hope to comprehend? My IQ is 142 and math my favourite subject and an actuary would make me look like a 2nd grader in the subject

    You want an audit from the SSB when they are trying to help the country?

    This guy is just wasting time he must be a member of the BVIEC who want letters of good standing from the SSB before the 15th when they are dealing with unemplyment payments during this exact time.
    • student (11/06/2020, 14:27) Like (1) Dislike (1) Reply
      There is something wrong about a person who brags about him/herself. Do you know the IQ of the Minister? The issue is not about you. Address the matter and wait for your turn.
  • Very concerned BVIslander (11/06/2020, 12:11) Like (2) Dislike (0) Reply
    If the Government intends to assist persons and businesses, the funds need to be provided. It is said that Social Security has provided a grant - the people's money - to the Government. Help the people, especially if they indicate that they require help. Deal with delinquent employers at another time - after all, all the time was there to deal with them. Why was this situation allowed to escalate all this time.
    This Government was elected to assist the population to have a better standard of living. In this COVID-19 pandemic no one wanted to be a part of it, but we had no choice. Everyone is entitled to get assistance, $6m can go a mighty long way for BVI population. Don't let it become a reality that the Government is just spouting vain words.
  • tretretrete (11/06/2020, 13:00) Like (4) Dislike (1) Reply
    Boy Penn the rate you going on with I done see no body ain’t getting no money or help at all from the government and if this continues we all will suffer who in need and will be blamed,I won’t be surprise after that a protest start saying “PENN MUST GO !”
  • Near65 (11/06/2020, 14:20) Like (0) Dislike (1) Reply
    Mr. Primier did the study take into account the impact of a Pandemic which has caused a global economic recession and the impact it will have on our own economy?.
  • Disinterested (12/06/2020, 06:23) Like (0) Dislike (0) Reply
    Indeed, the $40M grant of social security to the central government should have been a loan. The SSB bordering on poor fiduciary responsibilities. With a loan, the people would still get the needed help but $40M would be available to shore up social security and stability. The $40M didn’t go just to help the unemployed impacted by Covid-19 but it seems to fund day-to-day government operations. Is social security funding government?

    On another note, the practice of submitting questions ahead of time is a waste of time. The responses are canned, sanitized and self-serving. Every minister should be able to answer basic questions about issues under his/her purview. Additional supporting information, if needed, can be provided later. The current practice does not move the needle. Another thing, bellowing Mr. Speaker every other word is annoying, sounding like scratching finger nails across a chalk board.



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