Minister of Finance and the Public Service, Dr Nigel Clarke, has announced that it is no longer necessary for the Government of Jamaica (GOJ) to provide support for the salaries of SSL staff members.
This was made possible due to an insurance claim made by the temporary manager of SSL in April of this year, to SSL’s insurers in England, which has now been settled.
SSL received the insurance payout of US$1 million on Thursday, September 7, enabling SSL to settle the remainder of their August staff salary bill last week Monday, September 11.
“As such, with this new development, no taxpayer money, no Government of Jamaica resources, no public funds have, or will be, used to support SSL in the payment of any of its employees or any other of its expenses,” stated Clarke.
SSL’s receipt of insurance proceeds occurred prior to the Financial Services Commission’s finalization of the steps required for the Commission to provide short term support to SSL.
With SSL’s receipt of the insurance proceeds, SSL no longer needs the Commission’s support. As such, approximately two-thirds of SSL’s net salary bill for August was paid last Monday, without any financial support from the Government. The other one-third had been paid earlier by SSL.
The temporary manager had filed the claim on SSL’s overseas insurers, through its insurance brokerage, in April 2023.
However, payment from the overseas insurers in respect of the insurance claim was made to SSL five months later in an amount that represents the maximum limit claimable under SSL’s insurance policies.
