The Cabinet of the Virgin Islands is set to review the current pension system by June 2025 as part of a broader pension reform strategy aimed at addressing financial sustainability and the needs of retirees.
Premier and Minister of Finance, Dr. the Hon. Natalio Wheatley, made the announcement in the House of Assembly while responding to a question submitted by Opposition Leader Hon. Ronnie Skelton but delivered by At-Large Representative Hon. Lorna Smith in Skelton’s absence.
The question was raised in light of the recent salary increments for public officers and the increasing cost of living.
The pension reform strategy is being guided by a steering committee tasked with assessing the current system and recommending necessary adjustments. Premier Wheatley outlined the committee members, which include key government representatives and financial experts.
While details of potential changes have yet to be disclosed, the review is expected to take into account economic conditions, rising living costs, and the long-term sustainability of pension funds.