These are the third place winners one of the essay competition. Once again, the Social Security Board thanks all the children who participated, their parents/guardians and the school teachers. We look forward to continuing the relationship with the schools and all our future members.

MY COUNTRY BENEFITS FROM SOCIAL SECURITY IN MANY WAYS

D.C. Matthew Cozier

Social Security in St. Kitts and Nevis is a special savings fund that is created by the contributions of employers and managed by a group of persons known as the St. Kitts and Nevis Social Security Board. Contributions are made to the social security savings fund when employers take out as small percentage of money each week or each month from their employee's wages and salaries. Employers add their own contribution to that of employees' and pay the total to the social security fund at the end of each month. Employees who contribute are called insured persons.

The social security fund gives money to insured persons who have worked for at least thirteen weeks and have lost their income when they become sick, or if they become handicapped, or to their families as a result of an insured person's death.

Social Security Benefits are both short and long term. Short term benefits of social security are: sickness benefits, employment injury benefit, maternity benefit and funeral grant benefit.

Sickness Benefit is payable to insured persons who cannot work because of their illness. When employees get sickness certificates from doctors, they can make claims to the Social Security Fund for money lost while they could not work.

Employment Injury Benefit is payable to insured persons who are not able to work due to an injury related to the circumstances of their employment.

Maternity Benefit is payable to an insured woman who is pregnant and has to stop working to give birth. She can claim her benefit for the time that she was unable to work because she was caring for the infant.

Funeral Grant is payable upon the death of an insured person to their spouse or to children below the age of eighteen who were dependant on the insured deceased person.

Invalidity Benefit is payable to insured persons who have been medically declared invalid and are under the age of sixty two.

Age Benefits is payable to insured persons who have attained the age of sixty two and have made at least five hundred contributions. They become entitled to a monthly age pension for the duration of their life.
Assistance Benefit is payable to persons to a widow, widower, or dependant parent of a deceased insured person.

Survivor's Benefit is payable to persons who are over sixty two years of age and who have not qualified for the regular age pension from social security.

Social Security also lends money to the government to build affordable income homes for citizens of my country. Social Security therefore improves the standards of living of all the people in my country.

Social Security insures workers against sickness, injury, pregnancy, invalidity, age, retirement and the families of workers who die, as well as helping the government build homes for citizens. Therefore Social Security Benefits my country in many ways.

-D.C. Matthew Cozier

Candice Green

The St. Kitts and Nevis Social Security has a stimulating effect on the Federation's economy. It provides a steady source of income and maintains the purchasing power of beneficiaries, invests liquid assets into local banks which uses a portion for credit and buys into high end real estate development.

Based on figures which the scheme has made public, the Social Security pays out on average EC $28 million to approximately 15 thousand beneficiaries yearly. This amounts to approximately EC$1.9 million a month which is automatically injected into the economy as pensioners and other beneficiaries purchase and consume goods and services. For example, they shop at the supermarkets, dine at local restaurants, entertain themselves by going to the cinemas and local clubs, pay their rents and meet other expenses that are a normal part of their daily living. All these various transactions, numbered in the tens of thousands, combine to provide a stimulus to the economy and therefore allow for a constant turn over of economic activity.

A portion of the Social Security investment is also arranged with local banks. This allows the banks to give credit to their customers. The flow of credit has a stimulating effect on the economy because monies loaned to customers can be used to buy cars, purchase consumer items such as refrigerators, stoves, furniture, washing machines and other items. Also, credit can be used to renovate homes, start new construction, expand business and buy new plant and equipment. The government also borrows monies from the banks, and uses such credit to pay wages and buy an array of goods and services within the local economy. These transactions have a multiplier effect and they give rise to a range of economic activities which have a significant stimulating effect on the economy.

Additionally, Social Security does not invest all of its monies in the local banks. The scheme diversifies its investments. It accomplishes this by using a portion of its liquid assets in areas such as real estate developments. By getting into this particular line of investment, there is a direct spin off to the local economy in terms of the construction of residential and commercial properties. Construction creates jobs for labourers, carpenters, heavy equipment operators, masons, electricians, plumbers and painters, to name a few. It also generates business for hardware stores, concrete firms and those who sell sand and stones as well. All these activities help to stimulate the economy as incomes are earned, production is increased across multiple sectors and more monies are circulated throughout the entire economy as incomes are earned, production is increased across multiple sectors and more monies are circulated throughout the entire economy.

In conclusion, the Scheme provides incomes to its beneficiaries that amount to millions of dollars each month. They in turn carry out a range of transactions that helps to stimulate the economy. The Scheme also invests its resources in ways that allow for significant spin offs into the economy through real estate constructions and credit. The effect of the above increases incomes, expands productivity and leads to the stimulation of the economy.

- Candice Green