This week, we feature the 2nd place winners of the essay competition. At a later date, the 3rd place essays will be published. Topic: My country benefits from Social Security in Many Ways The federation of St. Kitts and Nevis has an institution that provides quality service to its citizens. This institution, the St. Christopher and Nevis Social Security Board started on February first nineteen seventy eight. Once citizens become contributors to Social Security, they are entitled to the benefits offered By it. The Social Security Fund is a compulsory insurance system where all employees and employers must register. The fund makes services available that are valuable to the citizens of the federation. My country benefits from Social Security in many ways. One of the benefits that Social Security offers is the Sickness Benefit. Sickness Benefit is given to an insured person who cannot work because of illness. A percentage of their wages is paid By the Social Security. This institution also provides Maternity Benefits to the females of our country. A pregnant woman who has contributed is given a percentage from her wages during the time she is unable to work. They receive Maternity Benefit. Another benefit that Social Security offers is the Survivors Pension. Payments are made to the survivors of the deceased person who paid their contributions to Social Security. The widow or widower, the child, orphan or invalid child benefits from this pension. Age Benefits are also obtainable. When an insured individual has reached the age of sixty two and has paid at least fifty contributions into the Social Security fund they can claim age benefits. Social Security also provides Disablement Benefit. A person qualifies for this benefit when they suffer the loss of a partial or total physical part of the body or becomes mentally ill as a result of the job they were doing. They will receive seventy five percent of what they were working for weekly. Social Security also provides Injury Benefits. This can be collected By an individual who is incapable of working as a result of an accident on the job. Invalidity Benefit is another benefit offered to a person who has been medically declared invalid. This person can receive the full benefits once they have paid up to one hundred and fifty contributions. Through bilateral and multilateral agreements the St. Christopher and Nevis Social Security Board is looking out for its citizens. This institution has signed agreements with Canada, CARICOM and OECS so that if one of the citizens of this country goes abroad to work and contributes to the Social Security in that territory, the contribution records of the individual will be joined to ensure the person qualifies for the benefits offered By the Social Security. Social Security also invests the money that is paid to them either in local companies or companies abroad. They purchase shares and invest to build a profit on the money. The Social Security also lends money to the government to assist with the country’s needs, whether it is education, health or housing. The Social Security Fund is a tower of strength for the federation financially. The fund takes care of the people. My country truly reaps benefits from Social Security in many ways. K-Jel Smithen, Grade 5, St Thomas’ Primary School, Nevis Topic: Social Security’s Role in Stimulating the Economy The St. Christopher and Nevis Social Security Board was established in 1978 in place of the National Provident Fund. Since its conception, Social Security has grown into an organization that is respected and appreciated By all. The Social Security office is located on the Bay Road in the R. L Bradshaw Building. Currently plans are underway in the construction of its new building to the north of the existing structure. Social Security is a regular form of insurance, except it insures income. Contributions made to Social Security are reinvested into the economy, stimulating growth in a number of ways. The Social Security Scheme has sponsored many educational, social, health and economic programs and there are many benefits that social security provided to the general public. A few include sickness, employment injury, maternity, age benefits and a funeral grant. Social Security provides sickness benefits when you are unable to work, allowing you to provide for yourself and your family. Compensation is available when injury occurs in relation to employment. Social Security compensates the worker, bearing in mind that expenses are even more present when you are unable to work. Mothers of newborn babies can be assured of their income while on maternity leave. Social Security gives a maternity allowance and pays approximately 65% of the individuals ‘earned income while the employer pays the remaining 35%.Social Security’s pension benefits surpass almost all known pension plans with increases awarded regularly. Social Security is a multi payer system which benefits both its contributors and non contributors. It can also been classified as a saving scheme which helps to keep inflation down. Social Security invests heavily in Government and Government assisted programs. The Social Security Board prides itself in educating the population, especially young people and as such started a scholarship program in 1983. The scholarship program targets those who have difficulty paying for secondary education, so children have to show their worthiness during the first and second years of high school. The scholarship is then awarded in the third year and lasts for three years. The deserving recipients are one student attending each of the public high schools in the Federation. Social Security recently signed a multi-million dollar deal with Construction Technologies to develop a housing community called Beacon Heights situated on the western side of the island. This, of course is another way that Social Security helps to stimulate the economy. This major project will provide hundreds of jobs and homes for the middle and upper class income families. All these help to stimulate the economy By protecting our citizens against poverty and ensuring that young people like me have a secure future. It provided a base of economic security through all of its helpful packages. Its supports a productive workforce, and has even provided pensioners, who were formerly employed under the SSMC, with relief. The more persons save, the lower interest rates are. If the economy is growing, people have jobs, incomes go up, businesses earn more profits and there is less pressure in society. Social Security is a tool for economic stimulus. Providing more benefits to those who spend every dollar they receive to meet monthly expenses, increases the flow of cash into the economy, stimulating both production and the jobs that go with it. Guevelle Pemberton, 2nd Form, Basseterre High School
