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by pltm
(PLTM) - As the Government prepares to implement a permanent unemployment benefit scheme, Premier and Minister of Finance, Hon. Andrew Fahie has signalled intentions to accept technical assistance from the United Kingdom (UK) on the new programme.
The scheme was promised by mid-2021, but that timeline has passed.
"While I am upbeat about the Virgin Islands’ economic prospects going forward, there are also lessons to be learnt from the last year," the Premier stated following his recent visit to the UK.
He added, "Indeed, the economic impact of COVID-19 has affected every country, and the Virgin Islands is no different. Despite the negative impact of the COVID-19 pandemic, our economy has proven to be resilient and swift government action has led to economic recovery, underpinned by our successful COVID-19 response."
Further, the Premier pointed out that the Government recognises the need for a permanent unemployment scheme to provide a financial and social safety net in the event of a disaster or catastrophic event.
"We would welcome the UK’s technical input on how to implement this for the Virgin Islands," the Premier stated.
Minister for Natural Resources, Labour, Immigration and Social Security, Hon. Vincent Wheatley has announced plans to introduce an unemployment benefits programme in a matter of months.
He had promised that the programme will not cause further financial burden on the working class.
“It has been spoken about for the last 20 to 25 years, but it will be in place by next year [this year], we have no choice! Because we cannot assume that this (Coronavirus Disease) is not going to happen in the next 100 years again. It might be an oil spill; this can happen again so we have to ensure that we put things in place for proper unemployment benefit,” he declared.
He said the unemployment programme would assist persons who are unable to work because of a natural disaster such as a hurricane or a pandemic such as COVID-19.
Wheatley continued: “I am going to make it happen. I would say by summer next year [this year] because it needs time to get seed money in place. You have to have time for the money to accumulate. The programme might start in January, but it might not be available for distribution until that time.”
Meanwhile, residents have been told that they can rest assured that the new programme will not be a further financial burden on them.
“The thinking would be not to increase the current, simply reconfiguring and redistribute it,” he said, referring to the Social Security contributions.
He continued: “I think the 8 ½ per cent would probably remain there, but instead of four per cent going somewhere, it will be three per cent and divert one. Something like that, we don’t want to add a burden unto anybody.”
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