During the Press Conference of Monday, September 15th, Premier and Minister of Finance and Labour, Cora Richardson Hodge, announced that plans are being made to develop an unemployment fund and a private sector pension fund, both of which would be managed under the Anguilla Social Security Board.
Former Minister of Labour, Mr. Kenneth Hodge, had proposed the Private Sector Pension Plan under the former administration. In keeping with this goal, he had appointed an Advisory Committee on a pensions proposal for the private sector.
The Premier spoke about these plans to the Press Conference. She pointed out that during her stint as Minister of Labour between 2015 and 2020, she witnessed Hurricane Irma and the Covid Pandemic leaving Anguilla’s hotel sector crippled with unemployment at a relatively high level. She noted that on both occasions Social Security had to step in the gap to provide financial aid to affected workers.
“We do believe it is time to create a system where persons who undergo such shocks would be able to tap into an unemployment system,” the Premier said. “I have spoken to the Chairperson of Social Security and members of the Board with respect to an Unemployment Benefits Program. And along with that would be the aspect of a Private Sector Pension Plan. We know that there is no pension plan for the private sector as it exists.
She said that shortly after her administration came to office, the Social Security actuary was charged with looking at both of these aspects to see how these programmes could be provided for Anguilla’s people. “The Social Security Board will be looking at these plans and will come forward with their ideas and suggestions,” the Premier said.
