SOCIAL SECURITY BOARD
COMMEMORATES 36 YEARS OF SERVICE
Thirty-six years and counting! It was July 2, 1980 when the Virgin Islands Social Security Board opened its doors to the residents of the Virgin Islands. The purpose was to provide sickness, maternity, invalidity, age, funeral and survivor’s benefits. In 1991 Employment Injury was implemented and Self-Employed persons became insurable. Along the way, Social Security has improved significantly. Reflecting on the 36th Anniversary of the Board, Director Antoinette Skelton said “it is evident that the Board continues to be a stable and secured source of income for thousands of contributors and their families. She sp
oke about the numerous amendments to the Benefits and Contributions regulations, which included the mandate that each year the maximum annual insurable earnings increase by the rate of inflation or five percent (5%), whichever is less. Director Skelton pointed out that the annual increase is to ensure that pension benefits do not lose their value but keep pace with inflation.
Over the years, Social Security has paid benefits in excess of $180,923,583.00 to and on behalf of persons, locally and globally, who worked and contributed to the system. For the year ended December 31st, 2015, the Social Security Board collected $32.66 million in contributions and paid $20.9 million in benefits to 5,013 claimants. Presently, the total value of the Social Security Fund is $565.9 million.
An addition to the Social Security mandate came in 2014 with the 
establishment of the National Health Insurance (NHI) as the financing and purchasing mechanism for facilitating equitable access to healthcare services for all legal residents of the Virgin Islands. Over 32,000 persons are registered with the NHI.
The Board continues to make a measurable difference in the Territory in its philanthropic support by donating to health, education and other social areas which meet the Board’s social donation policy. Of special note, in 2014 was the Board’s donation of $1.5 million to the BVI Health Services Authority to assist with the outfitting of the new Peebles Hospital.
One June 2016, the House of Assembly approved a Resolution giving the Board 
permission to acquire several parcels of land. The purpose for the purchase is to initiate a first time home owner’s development. Newly appointed Chairman, Mr. Ian Smith, said that the Board’s intentions are to enable individuals to create wealth and economic ownership; stimulate the economic growth within the Territory and promote a community of social cohesion.
As the Board continues on to its 37th year, the primary goal remains to provide appropriate benefits to the contributors and their families through strong government support, proactive leadership, dedicated and knowledgeable staff and prudent investment of the Fund.