Social Security Attains Another Significant Landmark: Highest Rate of Pension Paid
Mr. M Morton being congratulated by Executive Director of Social Security Mrs Sephlin Lawrence
ZIZ News…Aug 26 2011 – On Monday 8th August 2011 the Social Security Fund made history by attaining the momentous landmark of 1750 weeks into the life of the Fund. As of that date, Social Security graduated to the position where it could now pay its highest rate of pension to date: sixty percent of a contributor’s average earnings.
The landmark was shared with one of Social Security’s contributors, Mr. Dennis M. Morton whose date of birth as well as his attainment of his sixty-second birthday coincided with Social Security’s attainment of the significant milestone. His birthday fell within that week placing him in the position to be the first pensioner to receive the sixty percent rating in relation to the calculation of his pension.
The level of a person’s pension in relation to earnings is determined by the number of contribution weeks that such a person has on record in the Fund. The attainment of 1750 contribution weeks in the life of our Social Security Fund represents the possibility of a contributor achieving a pension rate of sixty percent of average insurable earnings.
The Executive Director of Social Security Mrs. Sephlin Lawrence was on hand to personally congratulate Mr. Morton and to deliver his first pension cheque to him. This was done at the Benefits Department of the Head Office on St. Kitts. An elated Mr. Morton took the time to thank the Board for its sterling service and growth over the years and to encourage all contributors (particularly self-employed persons) to value the opportunity to contribute to a secure pension in retirement.
The Social Security Board also takes the opportunity to promote the benefits of contributing faithfully to the Fund in order to maximize the level of pension to be received at age 62.