INCREASES TO MINIMUM AGE PENSION, ASSISTANCE PENSION AND FUNERAL GRANT
INCREASES TO MINIMUM AGE PENSION, ASSISTANCE PENSION
AND FUNERAL GRANT
BASSETERRE, ST. KITTS, 29th DECEMBER 2023 — The Social Security Board continues the path to reform the social security system and its operations to ensure the solvency and relevance of the Fund.
These measures speak to the health and ability of the Fund to meet the expected financial commitment to its beneficiaries and members while relevance refers to the ability for the system to provide meaningful levels of support to its insured persons when they make claims.
Aligned with the Board’s 45th Anniversary Theme: “Transform, Reform, Thrive… Social Security 45”, Social Security intends to design and implement reforms that will position the institution and its members to thrive for years to come.
The first changes to our operations will come into effect on 1 January 2024 with increases to pension amounts paid to two (2) of our pension groups, namely the Age (Contributory) Pensioners and the Assistance (Non-Contributory) Pensioners. The Minimum Age Pension will increase from $430 to $500 per month (a 16.3% increase). The Assistance Pension will increase from $255 to $350 per month (a 37.3% increase).
One additional increase is that of the Funeral Grant, which is a lump-sum paid upon the death of an insured member. It has been reviewed to ensure that it remains relevant with respect to the level of support provided. Beginning 1 January 2024, the funeral grant will be increased from $2,500 to $3,500.
Other changes to enhance the social security fund will be put in place as part of the Reform Agenda. A comprehensive public engagement programme will roll out with opportunities to consult with social security administrators and practitioners.
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For more information, please contact:
Corporate Communications Department, St. Christopher & Nevis Social Security Board
Phone: 869 465 2535 ext. 2604 or 2605 – St. Kitts
869 469 5245 ext. 3402, 3400, 3410 – Nevis
869 667 2535
Email: pubinfo@socialsecurity.kn
Like us on Facebook Follow us on Instagram
BASSETERRE, ST. KITTS, 29th DECEMBER 2023 — The Social Security Board continues the path to reform the social security system and its operations to ensure the solvency and relevance of the Fund.
Security 45”, Social Security intends to design and implement reforms that will position the institution and its members to thrive for years to come.
These measures speak to the health and ability of the Fund to meet the expected financial commitment to its beneficiaries and members while relevance refers to the ability for the system to provide meaningful levels of support to its insured persons when they make claims.
Aligned with the Board’s 45th Anniversary Theme: “Transform, Reform, Thrive… Social
The first changes to our operations will come into effect on 1 January 2024 with increases to pension amounts paid to two (2) of our pension groups, namely the Age (Contributory) Pensioners and the Assistance (Non-Contributory) Pensioners. The Minimum Age Pension will increase from $430 to $500 per month (a 16.3% increase). The Assistance Pension will increase from $255 to $350 per month (a 37.3% increase).
One additional increase is that of the Funeral Grant, which is a lump-sum paid upon the death of an insured member. It has been reviewed to ensure that it remains relevant with respect to the level of support provided. Beginning 1 January 2024, the funeral grant will be increased from $2,500 to $3,500.
Other changes to enhance the social security fund will be put in place as part of the Reform Agenda. A comprehensive public engagement programme will roll out with opportunities to consult with social security administrators and practitioners.
###
For more information, please contact:
Corporate Communications Department, St. Christopher & Nevis Social Security Board
Phone: 869 465 2535 ext. 2604 or 2605 – St. Kitts
869 469 5245 ext. 3402, 3400, 3410 – Nevis
869 667 2535
Email: pubinfo@socialsecurity.kn
Like us on Facebook Follow us on Instagram