BASSETERRE, St. Kitts, February 21, 2023 (SKNIS) – As part of the activities in observation of its 45th anniversary, the St. Christopher and Nevis Social Security Board presented its 13th Actuarial Review of the Social Security Fund at a Stakeholders Breakfast Meeting today, Tuesday, February 21, 2023, at the St. Kitts Marriott Resort.
The Board is observing the 45th Anniversary of the Social Security Fund under the theme, “TRANSFORM, REFORM, THRIVE: Social Security 45.”
The Fund’s Actuary, Mr. Derek Osborne, presented the Actuarial Review while the stakeholders benefited from the opportunity to engage directly with Social Security practitioners. Donovan Herbert, Senior Manager of the Research, Statistics and Records Department gave the statistics report which included the number of pensioners and the growth over the 45 years, and the number of contributors to the Fund.
Tuesday’s meeting saw participation from stakeholders representing the financial sector, the business community, non-profit and non-governmental organizations, members of the clergy and other beneficiaries of the Fund.
During the Stakeholders’ Breakfast Meeting, the Social Security Board highlighted its projections of the fund and brought awareness to its “Reform Agenda”.
While delivering brief remarks, the Chairperson of the Social Security Board of Directors, Mrs. Janet Harris stated that the long-term viability of the Social Security Fund remains their top priority, and as such a number of reforms will be introduced to ensure this.
“The Board is capable and committed. We are going to be doing our best to make the necessary reforms so that the Social Security can be a Fund that goes on into perpetuity and our sons and daughters, our grandsons and granddaughters can benefit from it,” Chairperson Harris said.
Prime Minister and Minister responsible for Social Security, the Honourable Dr. Terrance Drew reflected on the 45th anniversary of the Fund and used the opportunity to salute the stalwarts who contributed to the development and growth of the organization.
Prime Minister Dr. Drew then told the stakeholders in attendance that the Government welcomes and values their input as it seeks to strengthen the Social Security Fund going forward.
He added, “Social Security is the largest safety net programme that the Government has. It has been strong up to this point, but we do recognize that for it to remain strong there are critical things that must be done and these things require political will. Not only do they require political will, but they also require the participation and input of all. The change that is required needs your input, and that is why I think this meeting of stakeholders is timely [and] it is critical because, without your input, your buy-in, your participation, the Social Security will not thrive and remain strong.”
The Honourable Prime Minister gave the assurance that his government will do all that is necessary to ensure the long-term viability of the Social Security Fund.