The National Assembly hears the 2018 Social Security financial report
BASSETERRE, Saint-Kitts – Two copies of the Report on Audited Social Security Financial Statements for 2018 were tabled on the desk of the National Assembly of Saint Kitts and Nevis on Thursday, October 15.
The Minister of Social Security, the Honorable Eugene Hamilton, presented the reports to Parliament pursuant to section 41 of the Social Security Act. He read the report and presented some key facts to the nation, describing them as important facts every Social Security Fund contributor should know.
“As of December 31, 2018, the Social Security Fund totaled $ 1.64 billion compared to $ 1.52 billion in 2017,” said the Hon. Hamilton.
Property, plant and equipment totaled $ 15 million while intangible assets were approximately $ 168,000. Investment properties have been listed for over $ 163 million. This covers properties across the Federation, including Butlers, Saddle Hill, Winterforest Estate, Pinney’s Estate and Chapel Street in Nevis, as well as Franklands, Fountain Estates, Douglas Estate, Pelican Resort, Scotch Bonnet, Brighton Estate and Church Street in St. Kitts.
Other investments totaling some $ 1.374 billion are mainly made up of deposits held in various financial institutions.
Minister Hamilton further indicated that the total income for 2018 was $ 139.4 million, which is lower than the $ 144 million recorded in 2017. The decrease was mainly attributed to lower interest rates in 2018.
Contributions to the Social Security Fund increased from $ 94.7 million in 2017 to $ 95.6 million in 2018. Investment income increased from $ 49 million to $ 42 million. As mentioned, this was attributed to an interest rate request.