Director of Social Security David Mathias has provided a detailed account of the scheme’s debt and management, addressing its historical buildup and the steps taken by successive governments. Speaking on Pointe FM’s Browne and Browne show over the weekend, Mathias outlined how arrears mounted from as early as the PLM administration, escalated during the UPP years, and are now being restructured under the current ABLP government.

Mathias explained that by the end of 2003, before the UPP came to office, Social Security was already owed about $366 million. That figure grew by $127 million during the UPP’s tenure, reaching nearly $550 million by 2010, consolidated into an MOU involving a bond and asset swap. He contrasted this with the current administration’s record of reducing the bond, transferring assets, and introducing reforms aimed at securing the scheme’s future.

Watch the full segment from Pointe FM below.