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US$1 million vaccine lottery proposed

US$1 million vaccine lottery proposed
Stephen Joachim, Chief Financial Officer (CFO) for Mustique Company

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A powerful incentive to encourage reluctant persons to get vaccinated against Covid-19 would be for the private sector to hold a US $1,000,000 lottery for vaccinated persons. 

 Stephen Joachim, Chief Financial Officer (CFO) for Mustique Company, made this and other comments while speaking on WE FM’s “Issues at Hand” programme on Sunday, May 23.  

The Chartered Accountant and Certified Public Accountant said he did not think that anything was done wrong in the vaccination drive/campaign, but rather “I think it’s the nature of our people. You know we are cynical people.”

 He pointed out that there were about 13,000 people who have been vaccinated and about 45,000 registered with the National Insurance Services (NIS) who can be used as a proxy.

He reasoned that with roughly 80,000 adults in the country, to reach to 70% , vaccination threshold to attain herd immunity, the figure you’re considering pulling would be roughly 56,000.  

 “So you say okay I’m gonna have a lottery…or everybody who’s been vaccinated.”

 When the number of people vaccinated reaches 35,000, the draw will be for $US400,000, and then “when we get to 50,000 people there’s a second draw for one million US dollars.” 

 “The key is there’s no draw unless you get to the 35,000.” 

 He added that the 35,000 people, get two kicks at the can; they get a shot at the first 400 and they get two entries in the draw for the million dollars because you want people to go quickly.

He feels that the private sector, including entities in the tourism sector, can put up the money for the lottery; not the government.

Joachim shared that similar incentive projects have been launched globally, with reports out of states such as Ohio, and Arkansas in the USA, about a vaccine lottery prize of one million dollars.

 Joachim noted, “…There are ways out there to incentivize people, to persuade people, but guys let’s get the vaccine.

It’s for your own good we are doing this, we are doing it for the good of your own parents and your grandparents…”

The “economy is not going to recover. Mustique selling large houses and helping the Government out with some extra money to help to make sure everybody gets a little top up on their salary, it’s not going to continue indefinitely; it’s not going to,” Joachim stressed.