Social Security Assets stands over $890 Million
~~Adz:Left~~ Basseterre, St. Kitts (February 06, 2008): The Social Security Fund of St. Kitts and Nevis has played an important role in transforming the social and economic landscape of the twin island Federation.
This was stressed by Deputy Prime Minister Hon. Sam Condor during an address to mark the 30th anniversary of the fund. Minister Condor highlighted the growth of Social Security over the years and cited recent performance figures to demonstrate the high level of assistance it provides to the populace.
“For the period January to October 2007, the Fund disbursed $6.4 million in short-term benefits, $17.6 million in pensions and $0.87 million in employment injury benefits,” he reported. “Worthy of note, is the data that shows that 8,427 and 1,066 claimants were paid sickness benefits and maternity benefits.”
Minister Condor, who holds the portfolio for Social Security explained that he is extremely proud of the evolution of the Fund, which started on February 1, 1978. He said that it has delivered robust performances over the years and has earned a reputation of being one of the best run Social Security systems in the Caribbean Community (CARICOM) region.
“At the end of October 2007, the investment stood at $842.6 million consisting of diverse investment instruments” said the Deputy Prime Minister, adding that the public and private sectors benefited from the accumulative savings of the Fund.
He stressed that in 1978, the social benefit programme inherited assets totaling $15 million from its predecessor agency the National Provident Fund. The total assets at the end of October 2007 now stand at more than $890 million.
Activities commemorating the 30th anniversary of the Social Security Fund are being held under the theme “Building on Yesterday’s Foundation, Consolidating Today’s Success; Fashioning Tomorrow’s Vision.” Activities began on February 1 with the launching of a commemorative magazine. A grand parade through the streets of Basseterre is scheduled for Thursday (tomorrow). Additional celebratory events will be held up to April 28.
