S.S.B. to Cut Cost

Colin Young

As Doctor Young said, the rate increase is a temporary solution. It is expected that another rate increase or adjustment would be necessary in 2025. In order to delay that increase, Doctor Young says that S.S.B.’s investment portfolio must increase. It is his hope that the Board would consider making international investments.

Dr. Colin Young, C.E.O., S.S.B.

“The actuary has recommended for the last many, many years that from a return point of view the Fund ought to be getting a nominal return of five percent over its investment portfolio. Since 2008, the Fund has maintained a six point one percent average return on its investment. The Board is in the process of finalizing the investment strategy. We promise that we will share this with the social partners for input for them to consider other investment opportunities. One of which has been the issue of investing international. The Social Security Act today allows international investments. In fact it was one of the recommendations of the Social Reform Commission Report but no Board, under no administration, has opted to invest a portion of its investment portfolio internationally. That is one year I would hope that the Board want to undertake in the near future.”