Minister Hamilton Lays 2018 Financial Statement Report On Social Security In National Assembly
Basseterre, St. Kitts, October 17, 2020 (SKNIS): Two copies of the Report on the Audited Financial Statements of Social Security for 2018 were laid on the table of the National Assembly on Thursday, October 15, 2020.
Minister of Social Security, the Honourable Eugene Hamilton, presented the reports to the Parliament in keeping with Section 41 of the Social Security Act. He read from the report and presented some key facts to the nation describing them as important facts that every contributor to the Social Security Fund should know.
“As of December 31, 2018, the Social Security Fund totalled $1.64 billion compared to $1.52 billion in 2017,” he stated.
Property, plant and equipment totalled $15 million while intangible assets were approximately $168,000. Investment properties were listed at 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 at Franklands, Fountain Estates, Douglas Estate, Pelican Resort, Scotch Bonnet, Brighton Estate, and Church Street in St. Kitts.
The other investments totalling some $1.374 billion comprised mostly of deposits held in various financial institutions.
Minister Hamilton further reported that the total income for 2018 was $139.4 million which was lower than the $144 recorded in 2017. The decline was mainly attributed to a fall in interest rates in 2018.
Contributions to the Social Security Fund were up from $94.7 million in 2017 to $95.6 million in 2018. Investment income went from $49 million to $42 million. As mentioned, this was attributed to a request in interest rates.