Basseterre, St. Kitts, February 19, 2021 (SKNIS): Minister with responsibility for Social Security, the Honourable Eugene Hamilton, laid the Financial Statements of St. Christopher and Nevis Social Security Board for the period ending December 31, 2019, before the Federal Parliament on Thursday, February 18, which showed that the institution continues to see positive growth.
“I should Mr. Speaker, point out to the listening public… that the assets of the Social Security Board have grown from one billion, six hundred and thirty-seven million, five hundred and forty-one thousand and fifty-nine dollars ($1,637,541,059) to one billion, six hundred and seventy-four million, one hundred and fifty-seven thousand, eight hundred and thirty-one dollars ($1,674,157,831). In other words, Mr. Speaker, Social Security continues to see positive growth and can boast of assets of 1.674 billion as we speak. That was audited,” said Minister Hamilton, as he encouraged the general public to be “prudent and vigilant”.
According to Minister Hamilton, the financial statements of St. Christopher and Nevis Social Security Board which comprise the statements of financial position as at December 31, 2019, and the income and expenditure account, statements of other comprehensive income, changes in reserve funds, and cash flows for the year, as well as a summary of significant accounting policies were all audited.
“In our [auditors] opinion, the accompanying financial statements present fairly in all material respects, the financial position of the Board as at 31 December 2019 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS),” the minister noted.
He noted that there are “two things that impact upon the growth of Social Security, of the assets which secure the pensions” for every contributor. Minister Hamilton said that in 2018, the contributions by persons and institutions to Social Security were ninety-five million, six hundred and eighty-nine thousand and eighteen dollars ($95, 689, 018) and it has since grown to ninety-nine million, five hundred and ninety-eight thousand, five hundred and fifty-two dollars ($99, 598,552) in 2019.
The Social Security Minister updated the public on the long-term benefits paid out in 2018 including elderly grant refund, survivors’ pensions, invalidity pensions, age pension, and age grants.
“In 2018, we paid seventy-five million, seven hundred and sixty-four thousand, six hundred and seventy-seven dollars ($75, 764, 677) and in 2019 we paid out eighty-four million, five hundred and thirty thousand and fifty-nine dollars ($84, 530,059),” he said. “Overall payout in 2018 was 92.7 million, but in 2019 was 102.9 million.
Important to note is that benefits paid out exceeded the contribution income of the Social Security in 2019. Minister Hamilton said that in light of this, the institution was able to “curb administrative cost” which stood at 13.4 million in 2018. It was reduced to 12.2 million in 2019.