Fourth Quarter Performance for 2010
Today we will share with you the Board’s fourth quarter performance for 2010. Before I do so, however, I wish to remind us all that the core function of Social Security, is to collect contributions and to pay benefits for loss of wages caused by sickness, maternity, injury, old age, invalidity and death. Also, I must caution listeners that the figures have yet to be audited, but we are satisfied that they present a fair picture of what transpired.
On the income side, for October to December 2010 an amount of nineteen million, nine hundred and fifteen thousand, nine hundred and one dollars was collected from the working population of the Federation. I repeat, EC$19,915,901. Of this, 1.3 percent or two hundred and sixty thousand, two hundred and twenty dollars came from self employed persons. This year’s collection, compared to the same period for 2009 was less by 2% or three hundred and forty one thousand one hundred and eighty dollars.
On the expenditure side, ten million, six hundred and forty eight thousand, four hundred and sixty five dollars was awarded and paid to insured persons and their beneficiaries. Again, I repeat EC$10,648,465. Among them were:-
Two thousand, two hundred and twelve sickness claims,
One hundred and thirty one claims for maternity allowance,
One hundred and thirty six claims for maternity grant,
Sixty three funeral grants
Two thousand and ninety four old age pensioners, and
One thousand, seven hundred and fifteen of the other nine types of pensioners.
These benefit payments for October to December 2010 was EC$218,060 more than that which was paid for 2009. Of particular interest to Social Security is the fact that benefits payment for the quarter was almost fifty four percent of contribution income of the quarter.
In the interest of full disclosure, I must inform the listeners that there were one hundred and fifty eight claims that were disallowed, mostly sickness claims, because the claimants did not meet the 8 in 13 rule; that is the applicants were not insured for 8 of the previous 13 weeks.
During that period, another 389 persons became insured persons, 51 of whom registered as self-employed persons. Also there was a net gain of 24 business enterprises.
Your Social Security Board remains committed to providing the best possible benefits to all eligible persons, guaranteed by sound financial management and efficient administration of your contributions, Therefore, we wish to thank all those employers and employees who have contributed to the success of the 4th quarter of 2010 in particular and to Social Security in general.