NIA CHARLESTOWN NEVIS (July 26, 2024)- The St. Christopher and Nevis Social Security Board is proposing to implement reforms to the Social Security Fund, changes that Premier of Nevis the Honourable Mark Brantley says will likely result in adjustments at Nevis Island Administration (NIA) level.

“The proposals from Social Security, as I understand them, are under consultation. Raising the age [qualification for age pension] I believe is going to be inevitable.

“Why? The obvious reason is that people are living longer, and the longer we live the more pressure will be placed on Social Security. So as our people live longer more productive lives I think it is inevitable that Social Security will try to increase the age at which persons will get the benefit, and that too will mean that the government and the private sector will have to respond,” the Premier stated at his monthly press conference on July 23.

He pointed out that if the age at which persons qualify to receive Social Security age pension is raised to 67, but the retirement age remains at 62, it could lead to a significant income gap for most retirees.

“It means that they have a five-year gap in terms of income. So that will have to be looked at because you don’t want in an effort to save Social Security from going bankrupt you create hardship in the community. So the government may also have to adjust. We have just adjusted because for many decades the retirement age was 55. We have the reality that the society is changing, people are living longer and as a consequence government, private sector, Social Security would have to change.

“I don’t think people should be afraid of the changes. People should just understand that these are unnecessary changes as our society and as the island evolves. I look forward to the consultations because if employers are asked to pay a bit more, if employees are asked to pay a bit more, how does that impact your cost of living? How does that impact your cost of doing business? All of these are going to be relevant considerations which I think need to be ventilated in the consultation process.”

Director and CEO of the Social Security Board Mr. Christopher Louard has been leading the stakeholder and public consultations on both St. Kitts and Nevis.

On July 08, Mr. Louard and his team engaged public and private sector employers on Nevis in a stakeholder meeting to discuss the proposed reforms. The Board also held its first Reform Town Hall Meeting in Nevis on Wednesday, July 24 at the Red Cross Building in Charlestown.