Social Security considers raising rates, benefits

The issue was first raised in the opposition “Guardian” and followed up with banner headlines in the “Reporter”. Today General Manager Narda Garcia confirmed that the Social Security Board is considering an increase in the size of contributions but emphasized that benefits would also be increased and that no changes would be made without ample public consultation. Garcia told News Five that cabinet is considering several recommendations by the SSB which were based on a number of actuarial studies as well as a series of nationwide meetings held last year. She said contrary to published reports there is no specified implementation date and that only after the public was fully informed and canvassed would a statutory instrument be signed. According to Garcia the proposals are now being fine-tuned and while declining to offer details she did assert that the proposed increase in Social Security benefits were substantial, particularly for lower income wage earners. Under the plan these workers would not see much increase in their salary deductions. The proposed changes in Social Security are distinct from any plans to implement a National Health Insurance scheme. NHI, when introduced, will have a separate set of contributions and benefits.