Parliament reviews Social Security Board financial statements ending Dec. 31, 2019

Minister with responsibility for Social Security, the Honourable Eugene Hamilton, describes the Social Security budget.
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BASSETERRE, St. Kitts — The Financial Statements of St. Christopher and Nevis Social Security Board for the period ending December 31, 2019, were presented to the Federal Parliament on February 18. Minister with responsibility for Social Security, the Honourable Eugene Hamilton said the statements showed that the institution continues to see positive growth.

“I should Mr. Speaker, point out to the listening public … that the assets of the Social Security Board have grown from $1,637,541,059 to $1,674,157,831. In other words, Mr. Speaker, Social Security continues to see positive growth and can boast of assets of $1,674 billion as we speak. That was audited,” said Minister Hamilton, as he encouraged the general public to be “prudent and vigilant.”

According to Hon. Hamilton, the financial statements of St. Christopher and Nevis Social Security Board which comprise the statements of financial position as at December 31, 2019, and the income and expenditure account, statements of other comprehensive income, changes in reserve funds, and cash flows for the year, as well as a summary of significant accounting policies were all audited.

“In our [auditors] opinion, the accompanying financial statements present fairly in all material respects, the financial position of the Board as at December 31, 2019 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS),” noted Hamilton.

He noted that there are “two things that impact upon the growth of Social Security, of the assets which secure the pensions” for every contributor. Minister Hamilton said that in 2018, the contributions by persons and institutions to Social Security were $95,689,018. It has since grown to $99,598,552 in 2019.

The Social Security Minister updated the public on the long-term benefits paid out in 2018 including elderly grant refund, survivors’ pensions, invalidity pensions, age pension, and age grants.

“In 2018, we paid $75,764,677 and in 2019 we paid out $84,530,059,” he said. “Overall payout in 2018 was $92.7 million, but in 2019 was $102.9 million.

Important to note is that benefits paid out exceeded the contribution income of the Social Security in 2019. Minister Hamilton said that in light of this, the institution was able to “curb administrative cost” which stood at $13.4 million in 2018. It was reduced to $12.2 million in 2019.

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