Social Security assistance bump coming in January
Residents relying on Social Security assistance can expect an increase in their monthly benefits starting in January 2025.
Health Minister Vincent Wheatley made the announcement during the House of Assembly’s budget debate.
Wheatley, who represents the Ninth District, explained that the increase is part of the government’s effort to modernize the Social Security system and ensure that the elderly and vulnerable receiving assistance are adequately supported.
“We have made adjustments to the current persons’ remunerations,” Minister Wheatley said. “That increase will go into Cabinet as soon as possible to bring it into effect. So persons who currently are getting money from Social Security, that monthly amount is going to increase as soon as it gets into Cabinet. So, hopefully, as early as January, you should see an increase.”
The minister emphasized that the adjustment is particularly crucial for pensioners and those solely dependent on Social Security, noting that the current amounts are outdated and insufficient to meet modern living expenses.
“I’m going to ask Social Security to rethink their function in a modern society. Their legislation is very, very old,” Wheatley stated. “You cannot live on $200 a month anymore. Medication alone [costs] more than that, despite all the efforts to bring the medication [costs] down.”
Wheatley also indicated that the government is exploring ways to share the gains from Social Security investments with contributors.
“I’m also going to ask Social Security to consider something else because persons are giving their money, contributions into Social Security that is then invested,” Wheatley explained. “But the investment, the gains from the investment, is not then shared back with people whose money they’re investing.”
He revealed that a resident of Virgin Gorda had brought the issue to his attention.
“Currently, the legislation doesn’t really allow it to happen. So I want to send them a directive to look at it and see how, when they invest money and there’s a good return, how can you give these persons a little something, a little something extra.”
“[Social Security] invested in so-and-so… made $50 million. You know, we’re going to take $5 million, and we’re going to give back to you, our base. We’re exploring that possibility,” the minister added.
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Those who contribute to Social Security should be able to get some kind of reimbursement at least every five years. Some people just contribute and never get back anything. How many people live to 65 years to get a pension ?
Government just uses SS as a bank and there is no way for the common man to get back something.
When we educate ourselves on the scheme and stop listening to this political rants, we will be better off.
Is this increase different to the one Social Security gives every year? Ad far as I know, every year my figures goes up around January. So is what the Minister speaking about an addition to this?
How knowledgeable about the SSB pension policies is the Minister anyway?
Thank you Hon. Min. Wheatley/Butch.
Finally, something for so many duly deserving. Thank you. Will it ease the suffereing? Probably but more than likely not.. We will see.
Sadly, however, seniors will may benefit for one month only, before the pricing/gouging voltures eat up every penny in higher costs and prices.
Hence, the dire need for price control laws in the BVI, and with stiff jaws and bull dog teeth in them.
Imagine, working and then retiring to an income that can not pay for a hernia repair much less more advanced procedures as have been the case.
Stands to reason then that, some major work must be done to bring sanity and hygiene into pricing and price controls within the environment of business and consumers protection and emancipation.
A dr**ken alc**olic continues to talk when half sober…
No one at social security taking any directives from this man. No matter all the hot air VG people not going to forget forget the death of our beloved under you as minister….
you are turly a fool and that why you will all continue to be ripped off by those that know you have no sense. So even after the exposure of the NHI that pin pointed the underlying issues with why there are no funds to support clinics etc you prefer to bury your head in the sand and blame the wrong person.
How about updating us tax payers on how our investment in Joes Hill is doing? Have we made a decent return there? Did we achieve our objectives of providing affordable housing? Are the units all leased out now? Is there a commitment to maintaining the units? I’m suspecting we will not hear anything on this.
For real they will build a air port before a hospital on VG. Backwards. Next thing you know one of those stars end up bottom up before they reach Tortola and its a big law suit.
Does the Minister have a Cabinet paper in place to present to Cabinet?. If not he’s fooling people.
As mentioned earlier what raise in social security benefits the people going to get come January? Isn’t this the normal raise people get every January? Please stop lying to the people because something like this have to go to cabinet and Legco and I never hear before about this raise.
Who speaking truths here, the Minister or the bloggers?
Who know the facts and will we the retired get a significant raise beyond the normal?
Are webeing bamboozoled again? Do you remember the disappointment, dejection, heart ache and subsequent suffering we got from NDP?
Not a law man, but maybe some of us should strive to become one.
It was VIP first, the VIP again the NDP.then NDP. again for a grand total of twenty years plus. Yet we keep electing those self serving people to continue serving their pockets.
Is this going to be an increase in addition to COLA, or is COLA going to be increase? Can some one who knows please answer this inquiry. Thank you.