Written by MyVueNews Staff Writer Posted On: Wednesday, 15 February 2017
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Basseterre, St. Kitts, 15th February, 2017 (MyVueNews.com) - Federal Minister of Labour and Social Security, in a town hall meeting in Charlestown on Monday, 13th February, said a change in the investment strategy of the Social Security Board will help to secure the future of the institution.
In the process of strengthening the institution, he said Social Security is required now to be more accountable.
Minister Amory said, "We are making Social Security now to become responsible for making accountable and responsible decisions based on good advice so that when they invest the people's money that they do so knowing that it will be a safe investment, it will be a productive investment so that the fund can continue to grow, not just from contributions but from investment returns.”
Amory made the statement in the context, he said, that several investments made in the past by Social Security resulted in losses.
The minister disclosed that one of the recent investments under the new accountability system is the $60 million loan agreement to support the government's housing solution programme, which calls for the construction of 300 homes over the next two years. Fifty million dollars is being loaned to the National Housing Corporation on St. Kitts and $10 million to the Nevis Housing and Land Development Corporation to fund the housing initiative.
In addition, Amory said continued economic growth in the federation would facilitate the growth of Social Security.
He said, "I want to suggest that with the pattern of development which is happening under the Team Unity government, that the contributions which will come from the employees and the employers will continue to grow.”
Amory made his presentation during the fourth town hall meeting of the "Good Governance and Accountability for Prosperity" series being held to commemorate the second anniversary of Team Unity’s victory at the polls in February 2015.