British Virgin Islands

Monday, Jan 18, 2021

Don’t Fear! Unemployment Insurance coming next year!

Don’t Fear! Unemployment Insurance coming next year!

Social Security Minister Vincent Wheatley has announced that the government has plans to implement an Unemployment Insurance scheme next year.
Speaking in the House of Assembly on Tuesday, Wheatley said this insurance scheme will act as a safety net for persons who lose their job.

“So when you are not working, you do not have to be scrambling to figure out where you’re going to get money from,” Wheatley explained.

He said the implementation of the scheme will not place an extra burden on employees, adding that such a scheme will be valuable in times of national disasters.

“It is COVID now, we don’t know when it’s going away but it could be something after COVID. So we have to use this situation here, learn from it, and prepare for the next time,” Wheatley explained.

“We don’t have right now. We did this $40 million quick-fix thing to get us through this little COVID thing. But going forward, we’re going to have proper unemployment insurance.”

The $40 million to which he referred was a sum which the Social Security Board gave to government to help fund its $62.9 million COVID-19 Economic Stimulus-Response Plan.

During the height of COVID-19 earlier this year, the government launched plan to ease the financial burden in the territory. A total of $10 million was allocated for unemployment relief.

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