The Social Security Fund including total investments stands at EC$746 million at the end of December 2005.
The disclosure has come from Deputy Prime Minister and Minister responsible for Social Security, Hon. Sam Condor as he laid the Financial Statements for the year ending December 31st 2005 in the St. Kitts and Nevis National assembly.
Describing 2005 as an historic year for the Fund, Minister Condor said total revenue for the first time topped the EC$100 million mark. "This was made up of a Contribution Income of $58,056,000 and Investment Income of $42,742,000, a total of EC$101,365,000," he told Parliamentarians.
Deputy Prime Minister Condor said although it has been one year since the closure of the sugar industry and the retrenchment of about one thousand workers, he was confident that by the end of December 2006, revenue targets will be exceeded as a result of the robust performance of the economy and the growth of the main sectors.
He noted that in 2003, the total Income of the Fund was $84,056,000 and in 2004, $94.5 million.
"The Fund has grown tremendously over the period with total Investments including accrued interest at the end of December 2005 being $746,412,501, nearly ¾ of a billion dollars. This is very heartening as at the end of December 1995 the total value of Investments in the Social Security Fund was $239,985,117," said Deputy Prime Minister Condor, who noted that during the stewardship of the governing St. Kitts-Nevis Labour Party, which took office in July 1995, the Social Security Fund has nearly trebled in size moving from under $250 million to about $750 million.
Minister Condor said that the Social Security Fund grew by 10 percent in 2005 moving from EC$688 million at December 2004 to $757.6 million at the end of December, 2005. "The 9.9% growth in 2004 was therefore sustained during 2005," he noted.
Deputy Prime Minister Condor pointed out that within the one year of the closure of the sugar industry in July 2005, the Social Security Fund has continued its sustained growth path and he was confident that by the end of December 2006, "our revenue targets will be exceeded."
"In other words, Madam Speaker, we expect to have continuing a hundred million dollar revenue-earning Fund in spite of the adverse effect of the closure of the sugar industry and the retrenchment of about one thousand workers. This is an indication of the robust performance of the economy and the growth of the main sectors of the economy," said Mr. Condor, who commended the hard work of the Board of Directors of the Social Security Fund and in particular its Investment Committee.
