SKN Social Security Fund in “a strong financial position”

Basseterre, St. Kitts, December 03, 2019 (SKNIS): The Social Security Fund is in “a strong financial position” according to excerpts from a Report of the 12th Actuarial Review of the St. Christopher and Nevis Social Security Fund as of December 31, 2017.

Senior Minister and Minister responsible for Social Security, the Honourable Vance Amory, shared information from the report before laying the document on the table of the National Assembly on Thursday, November 28, 2019.

The process Laid on the Table of the National Assembly /House” essentially means that a document is formally recognized as having been made available for legislators to read.

“With over $1.5 billion in reserves, approximately 15 times [the] annual expenditure, the St. Christopher and Nevis Social Security Fund is currently in a strong financial position,” Senior Minister Amory said, quoting from the executive summary of the actuarial report. “And even though, contribution income is no longer sufficient to meet total expenditure, investment income is expected to meet the shortfall for several more years.”

The actuarial review was done in accordance with Section 39 of the St. Christopher and Nevis Social Security Act, 1977. It was prepared three years after the 11th Actuarial Review and was produced for the St. Christopher and Nevis Social Security Board.

Senior Minister Amory also laid on the table Audited Financial Statements for the year ending 31st December 2017 for the Social Security Fund.

The minister added that the reports are in keeping with the government’s good governance agenda, which promotes accountability and transparency.

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