CHARLESTOWN, Nevis — The St. Christopher and Nevis Social Security Board is celebrating its 43rd anniversary as one of the strongest organisations that has united the people of the two islands, but with time is facing challenges which call for a new vision.
Hon Eugene Hamilton, Federal Minister with responsibility for Social Security, said the institution has helped provide incomes for retired persons over the age of 62 and without income is paying out more than it is receiving in collections. To remedy the situation the minister has strengthened the institution’s board by appointing persons with strong financial skills who will ensure that its income is greater than its expenditure.
“Social Security has its challenges, and it calls for a new vision,” said Hon. Hamilton on February 7. “When this institution started in 1978, the first year it operated, there were $3.3 million dollars in collections. Only $174,000 was paid in benefits.”
In contrast, the Social Security Board received $99.6 million as collections in 2019, but the benefits paid were $101.4 million.
“What does that say to us?” said Hamilton. “That says to us that we have to take a closer look at the way the institution is heading and cut a path that brings this institution to the point where income is greater than expenditure. That basically is what it calls for us to do if we are to ensure that some of you young ones who are paying social security now get a benefit when you get to age 62.”
The Hon. Hamilton, who is also the Federal Minister of Human Settlement, National Health Insurance, Ecclesiastical Affairs, Social Development and Gender Affairs, made the remarks at a thanksgiving service held at the Shiloh Baptist Church in Charlestown, Nevis, in celebration of Social Security’s 43rd anniversary.
The service was also attended by Prime Minister Dr. the Hon Timothy Harris, who is also the Federal Minister of Finance.
“It is why I have strengthened the organization’s board with people with important financial skills to help us to get on that road, so that again, we can see the organisation lengthening its life,” explained Hamilton. “That is the mission.”
The Social Security Board was represented at the service by Chairman Ernest Pistana, with members, Frank Farrell, Faron Lawrence, Dorita Rowland, Jennifer Williams, Candice Dickenson-Caines, and Mr Carl Claxton.
Management and staff were represented by Director of Social Security, Antonio Maynard, and Deputy Director of Social Security Nevis Branch Vernel Powell, and Management and Staff in the Nevis branch office. The sermon was delivered by Pastor Wayne Maynard who dwelt on the building of a secure future based on teaching from Psalm 78. Deputy Director Powell presented a monetary donation, on behalf of the Social Security Board, to Pastor Maynard.
“This is a period when we have to pay attention to what COVID has done to us,” advised Hamilton. “In January, 2020 total wages in the Federation were about $85.7 million, by October when it went down to $58.1 million.
“One shock from COVID reduced the revenue base in the entire country from $85 million to $58 million, so we have to be thrifty in our approach,” he said. “This is why I have charged the board with the responsibility to pay attention, and to make sure that this institution remains as strong as we go through the 2020s, providing benefits to those who need benefits.”
In spite of the challenges, Hamilton assured that the St. Christopher and Nevis Social Security Board remained the most prolific contributor during the period of COVID, as it paid out over $8,500 to people from a stimulus package during that period. It paid $22,739,441.94 in stimulus packages in April, May, June, and September.
“Today as we celebrate 43 years, we celebrate an institution that despite all of the challenges is the strongest in the region, $1.6 billion in assets,” said Hamilton. “There is no other Social Security institution in the region that can compare with the one that we have in St. Kitts and Nevis. I applaud all those, over the many years from the first board to today that have contributed to the strength and to the development of Social Security.”
He also thanked members of the staff who have worked hard to put the Social Security Board in a position in which it is stronger than the rest in the region.
“We are not taking it lightly because my first principle is thrift, even when the going is good, because there are some days when it is going to get bad,” concluded Hamilton. “So I am asking, those who administer Social Security to recognise that and exercise thrift. I am asking you in your homes to also exercise thrift.”
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