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particularly crucial for pensioners and those solely dependent on Social Security, noting that the current amounts are outdated and insufficient to meet modern living expenses.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.