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

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

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

 

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