Social Security Board defaulters rack up near-$15M debt
Non-compliance by employers continues to pose a significant challenge for the Social Security Board (SSB), particularly during the early stages of 2021 when defaulters racked up millions of dollars in debt to the agency.
This is according to SSB Director, Jeanette Scatliffe-Boynes, who told the Standing Finance Committee (SFC) late last year that the challenges that came in early 2021 were largely due to the effects of the pandemic.
Scatliffe-Boynes told the SFC that by mid-2021, the defaulters increased to 41, bringing the total to 1,381 businesses. Their combined estimated balance was $14.9 million.
The SSB Director told the SFC that the SSB had begun transitioning into their regular collection routine and had recommenced field visits. The SSB also transferred accounts to a new in-house counsel and had been working with defaulters.
Since those measures had been implemented, Scatliffe-Boynes said the SSB had realised a decrease of $13.7 million of the outstanding balance as of the end of September 2021.
Severe penalties for defaulters
A previous social media post made by the SSB noted that there are severe penalties in place for employers who default on their obligations to pay the Social Security Board on behalf of their employees.
According to the SSB, the employer is liable to pay a surcharge of five percent of the amount in contributions payable for that month.
The SSB further noted that employers can be prosecuted in the courts for the unpaid contributions as well as for the late or non-submission of the contribution forms.
SSB projected $74M as revenue for 2021
Meanwhile, Scatliffe-Boynes told the SFC that total revenue for the agency for 2021 was projected to be $74 million.
She explained that $38 million of that total was from collections and other income while the remaining $36 million was from returns on investment (ROI).
According to the Acting Deputy, due to adverse economic conditions and disruptions in operations, the total collection was projected below the budgeted collections for 2021 of $39 million, but that total collection was expected to be five percent more than the prior year.
She further explained that projections for revenue as of the end of 2021 revealed collections for contributions in the region of $38 million.
The Acting Director noted that the projected expenditure for the year 2021 was $40 million with 88 percent of the total expected to be pensions and benefits.
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Pay money for the premier to blow on fake farmers/fishermen
How can that be. If you cannot get permits or Trade Licence without Cert of Good Standing they should not be in business. Are they all operating illegally?
Didn’t they have to cancel that rule because so many locally owned businesses were in default; and would have had to close down because they couldn’t get a trade licence? I thought that was reported last year.
If that is right, it’s another example of what happens when most tax payers can’t vote. Every one can suffer for the few who can vote.
It’s so true
So they know the number of businesses who have not paid therefore they must know what the businesses are.
Why can these people who are not paying ( and probably deducting from their workers) be taken to court and prison if necessary?
Giving money to the government to squander and giving some pensioners pittance.
Be honest all the businesses owners that don’t pay their obligations to SSB are personal friends of *** etc. That is why it’s not wise to give these positions to indigenous people.
Has any company ever actually be fined?
We hear about “name brand” BVI Islanders including some who lead prayers, who do not pay! When their workers get sick and nothing is at SS for them word on the street spreads.
Do not think it goes unnoticed or unsaid.
Just post the names of the persons & businesses and shame them into paying. But noooo that would be dissing them. Can’t do that. So, freaking turd world
The offenders should be publicly listed.
It’s every body’s business,including potential employees and consumers.
Theft is a crime
. Everything in this place is Top Secret, One big Web of pretense and coverup across the board in every aspect of life. A systematic indelible
system of complicity,aiding and abetting nauseating set of hypocritical demons parading as Christians.
OH yeah , well we have 3 ah dem , from CGB, same location ? ( who are these people ?? the 3
wise (?)
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Where is the Love for all the business’s that strive to pay on time month after month through busy and slow seasons regardless sometimes enduring hardship in the process. While at the same time, the dead beats reap profits that do not belong to them. Trade License renewal should be the stop gap to Stop The Steal
Just now you will hear they cannot pay SS to pensioners . This Govermnent is destroying everything they dip into . They woukd blame the businesses. It is only a matter of time .
This Govermnent has to Goooo go
Social Security and NHI are very weak, only focussing and harassing the employees. The employers who taking out the employees monies and not paying it in are the real criminals and its time they get serious and get the courage to prosecute…Then again because of political connection they cannot touch certain employers… The System messed up
Sorry, but I don’t for one moment believe that defaulters racked up the amount in such a short period of time. It had to be that social security was carrying that figure for a period of time. Maybe the figure rose between April 2020 and say, June 2021, but there’s no way on earth that the pandemic can be blamed for that 14.9million.
Then , the Director said that a decrease of 13.7million of that was realized by end of September 2021. If that’s the case, then by the end of December 2021, the estimated outstanding balance should be under 2 million?
And what about collections at NHI. Are employers paying contributions there? Mr.Barry didn’t address this area? How can they expect to be in the black if they continue to pay out and not concentrate on collections?
A sound overhaul of Social SecurIty and NHI needs to take place immediately. Minister(s) responsible for these entities need to tell the public exactly what amount is owed by employers to the Social Security Board and NHI. That’s the only way to know exactly how bad things really are!
Pure and simple theft, similar to embezzlement. many people have served imprisonment for this , why not these polyester pant wearing high waist scamps?