Basseterre, St. Kitts, December 13, 2023 (SKNIS): The Government of St. Kitts and Nevis announced the upcoming implementation of a landmark Contributory Pension Plan, set to be operational from January 2024. This pivotal announcement was made by the Honourable Prime Minister and Minister of Finance, Dr. Terrance Drew, during his 2024 Budget Address in Parliament on Wednesday, December 13, 2023.
Prime Minister Dr. Drew said that the new Contributory Pension Plan represents a significant advancement in the government’s ongoing commitment to enhancing the welfare and financial security of its public sector employees. The plan is designed to benefit all Government Auxiliary Employees, as well as those who have been employed by the Government since May 18th, 2012. This initiative is a strategic measure to guarantee a secure and sustainable pension system for government employees, contributing significantly to their financial stability after retirement.
In his address, Prime Minister Drew reflected on the historical context of this development, highlighting the role of the St. Kitts-Nevis Labour Party Administration in passing the Pensions (Amendment) Act in 2012.
“Madam Speaker, I am proud that it was a St. Kitts-Nevis Labour Party Administration which successfully passed the Pensions (Amendment) Act in 2012 for the establishment of the legal framework for a Contributory Pension Plan,” said the prime minister. “This action was well intended for the benefit of Government Auxiliary Employees and other categories of workers employed by the Government …”
Prime Minister Dr. Drew said that the Government of St. Kitts and Nevis remains steadfast in its commitment to improving the lives of its citizens and is confident that this Contributory Pension Plan will play a crucial role in ensuring a secure and prosperous future for its public sector employees.