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The Self–Employed-a critical gap in the Caribbean social security systems

The Self–Employed-a critical gap in the Caribbean social security systems. Frank W. Alleyne GCM,Ph.D. Diversity of the self-employed class. Highly paid professionals Small business persons Informal sector own- account operators Small farmers Fisher folk. Social security challenges.

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The Self–Employed-a critical gap in the Caribbean social security systems

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  1. The Self–Employed-a critical gap in the Caribbean social security systems Frank W. Alleyne GCM,Ph.D

  2. Diversity of the self-employed class • Highly paid professionals • Small business persons • Informal sector own- account operators • Small farmers • Fisher folk

  3. Social security challenges • Coverage of both groups is problematic. • But it is a greater problem among the low income group.

  4. Why is low coverage of the self- employed a cause for national concern? • Undercuts the purpose of social security. • Exposes vulnerable groups to hardships. • Absence of a logical connection between high lifetime earnings and the ability to plan for retirement.

  5. Extent of coverage • Statistical information is generally unavailable. • Estimated high of 22% -Barbados • Low of 7% in Dominica.

  6. Self –employed status of coverage

  7. Self-employed status of coverage

  8. Factors accounting for the coverage gap • Exclusion at the inception , appears to have generated a perception of discrimination. • Social security Boards` reservations with respect to manipulation of regulations. • Higher costs of premiums and lower levels of coverage. • No representation of the self-employed at the policy level. • Weak compliance mechanisms. • Low levels of investment in public education.

  9. Confronting the challenge • Reform governance system to include representatives of the self –employed. • Revise the necessary legislation to require that professionals and other established business persons who are required to register yearly, provide a certificate of compliance with the Social Security legislation.

  10. Confronting the challenge (cont`d) • Conduct surveys to prioritize the needs of the self-employed for coverage. • Assist the self-employed in strengthening the capacity of their organizations to deliver education programs in partnership with the Social Security organizations.

  11. Confronting the challenge (cont`d). • Provide for flexible contribution systems to accommodate individuals who experience irregular earnings patterns. • Provide for mandatory coverage and the compliance resources to give effect to the legislation.

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