Expert calls for comprehensive reform of St. Kitts and Nevis Social Security Fund on its 45th anniversary

Source: SKNVibes
MEET24

As the St. Christopher and Nevis Social Security Board celebrates its 45th Anniversary, a clarion call has been made for a comprehensive reform of the Social Security Fund with a reserve size of 1.7 billion dollars to prevent the Fund from depleting in the next decade or more as expenses grow, income decreases and pensioners increase.

“We have to act sooner rather than later,” said Derek Osborne, Actuary for the Social Security Board during his presentation at a stakeholder’s breakfast meeting at the St. Kitts Marriott Resort where the 13th Actuarial Review was delivered on Tuesday, February 21, 2023, under the theme “Transform, Reform, Thrive: Social Security 45.”

Preceding Mr. Osborne’s presentation, Donovan Herbert, Resident Statistician and Manager of the Research and Statistics Department with oversight of the Data and Records Department, said that total expenses of the Social Security fund continue to significantly increase year on year and that pensioners represented approximately 70 percent of the total expenses.

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