SS Fund holds a reserve of $1.6 billion, in preparation of contingencies – VON Radio

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SS Fund holds a reserve of $1.6 billion, in preparation of contingencies

Post author:sisterisles
Post published:February 11, 2021
Post category:Local

Minister with responsibility for Social Security – the Hon. Eugene Hamilton.

He made those remarks in a statement to mark the 43^rd anniversary of the St. Christopher & Nevis Social Security Board, which was celebrated on Monday, February 1^st, 2021.

According to socialsecurity.kn, the Social Security program began in 1978 when the Social Security Act, No. 13 of 1977 came into effect.

From February 1^st 1978, a new system of Social Insurance was brought into being replacing the National Provident Fund which had been in operation for ten years.

Social Security was designed to offer a wide range of cash benefits providing Income Insurance in a number of contingency situations.

It was designed to include short-term benefits and long-term benefits. Importantly, it also provided for the inclusion of all workers.

Tags: in preparation of contingencies, Minister with responsibility for Social Security - the Hon. Eugene Hamilton, SS Fund holds a reserve of $1.6 billion, the 43rd anniversary of the St. Christopher & Nevis Social Security Board