Parliament will convene next Thursday to debate the proposed multi-million-dollar investment in Jolly Beach Hotel.
Attorney General Sir Steadroy Benjamin confirmed the development after Cabinet discussions, which included input from Social Security Scheme officials David Matthias and Geoffrey Joseph. Both backed Cabinet’s plan for Social Security to invest in the resort’s redevelopment.
The officials cited the Social Security Act, which allows a committee, overseen by the responsible Minister, to manage the Scheme’s investments—requiring Cabinet approval.
Cabinet reaffirmed its commitment to maintaining fiduciary responsibility, recalling the 2010–2013 financial crisis that led to a $30 million IMF bailout. Under Prime Minister Gaston Browne, the Scheme has since stabilised, despite recent challenges like the COVID-19 pandemic.
With 47,000 active contributors and a monthly surplus of EC $2 million, officials warned that longer life expectancy could impact the Fund’s long-term sustainability. The current contributions-to-payout ratio is 5.9:1—well below the ideal 10:1.
Plans are underway to strengthen the Fund through financial restructuring, property investment, legal reform, and regional partnerships.
The Social Security Scheme was introduced in 1965 by the Antigua Labour Party to replace the Poor Relief System with a more sustainable safety net.