by Kevon Browne
St. Kitts and Nevis (WINN): The St. Christopher and Nevis Social Security Board celebrated their 44th anniversary on February 1.
The Board is a statutory body created by the Social Security Act No. 13 of 1977 and opened its doors on February 1, 1978.
On the occasion of the anniversary, the Minister with responsibility for the Board, the Hon Eugene Hamilton, addressed the nation.
Hamilton said that while the statutory body is responsible for its growth, continued efforts to improve the Board is necessary.
“As responsible administrators of the fund, it is equally important to improve upon the current financial infrastructure; implement transformational reforms aimed at increasing the longevity of the Fund, and continue to be a reliable corporate partner through the next 44 years and beyond,” said Hamilton.
The minister provided a summary of the Board’s 2021 performance.
“In 2021, the following figures serve as key indicators of some of the work done:
– 659 New Age Pensioners were guaranteed monthly benefits
– 88 New Invalidity Claimants are guaranteed monthly support
-145 New Survivors Pensioners have been approved for monthly benefits, including spouses, dependent parents, and children
– Total benefit expenditure for 2021 amounts to $120,816,494.68 (unaudited).”
According to Hamilton, the performance emphasises the importance of the fund, especially in times of need, and stresses the need for employers and the self-employed to remain compliant to meet the obligations of the fund.