2010 was indeed a challenging year; and we survived. Let me express our thanks to all those who made their payments and so entrusted us with EC$73million. We have done our planning for 2011, based on the history of the past years and our expectations for the future. Here is what we expect and our resolutions for this year, going into our 34th year of existence.
Our expectation of you is that you will deposit EC$72.4million into your Social Security this year. Our expectation is that at least 23% will come from Nevis and the remaining 77% will come from St Kitts. We further expect that the self employed persons will also do their part – only about 1% of our annual collections have come through this medium. This year’s target is only $100,000 more than that which was targeted and achieved for 2010, so please don’t let us have to go to the Magistrates over this!
Our resolution is to manage your money to the best of our ability, as stated in our mission statement. We pledge to work that money along with that which was collected and invested before to bring in EC$63.8million in investment income.
Our registry shows that 920 persons are registered who will turn 62 in 2011; we expect that they would have thereby qualified for an age benefit. I say would have because, unfortunately, approximately 4% of these persons are already deceased, and another 40% have disqualified themselves through non-payment of contributions (some migrated without working; some claimed their benefits under NPF and never paid into SSB). The remaining persons will join those existing age beneficiaries -188 will qualify for age grant, 107 for elderly entrant refund and 214 for age pensions). Our resolution is to pay these beneficiaries - whether an age grant or age pension – when it becomes due and for as long as they remain eligible. Our preparation is to budget EC$34.5million for this, which is $3.4million (10%) more than was budgeted in 2010. If you know anyone who will be 62 this year, please remind them to claim!
Our expectation is that, along with a growth in the actual numbers of pensioners, the average pension payment will also increase due mainly to the improved pensions that these new pensioners will qualify for. It will now be possible to qualify for a maximum 58% wage replacement rate (subject to the $6,500.00 ceiling) instead of last years 57%. In other words, maximum pension payable by year end will be $3,770.00 instead of last year’s EC$3,705.00. This is that ‘pension push’ that we spoke about during reform discussions. We forever resolve never to say no to our eligible pensioners.
We are preparing for short term claims, more than the 13,350 or so of 2010, and so we budgeted for it. But our expectation – and our prayers - is that less insured persons will become sick. That is why we presented over EC$120,000 worth of diagnostic equipment to the JNF in December that will enhance the ability of the Ministry of Health to provide state-of-the-art bedside care using the portable blood gas analyzer and the mobile x-ray machine. Earlier, Nevis was assisted with an Ultra-sound machine. We have also assisted National Security to become more proactive in their fight against crime and violence. Our 2011 resolution is to work with healthcare providers to promote Health and wellness and ‘rationalise’ short term benefits; as well as with the Security Forces to lessen the incidences of crime related injuries.
We will issue contribution statements to insured persons once again. If you do not get one within the next 6 months, come and ask for it!
It is our great expectation that we will occupy our annex in 2011. We resolve to keep you posted.
It is also our expectation, now that the infrastructural development is complete, that houses will be built at Beacon Heights, our flagship investment, starting in 2011. We resolve to keep you posted on developments as they happen.
It is my expectation that you will continue to read my column. My resolution therefore is to keep writing. Watch out too for our television programme in St Kitts.
Many thanks to all who have encouraged me during 2010. May we all be successful in AD 2011!
