St Kitts & Nevis sees major advancements in finance, social security since 2022

St Kitts and Nevis: Prime Minister Dr Terrance Drew and his administration has made significant advancements in various sectors since they assumed office in August 2022.

Some of the major changes were made by the Labour Party in finance and social security, offering several benefits to the general public.

According to the information, the advancements in the Finance Ministry includes providing honorarium to COVID-19 frontline workers, small business loan up to $20,000 for businesses impacted by the COVID-19 pandemic and introduction of two-month Duty Free Concessions from November 1 to December 31.

The government also introduced several Independence RESET initiatives, which included a one-time payment of EC$1000 to contributors to the Social Security Fund, an electricity Arrears Reset comprising immediate reconnection for all residential SKELEC customers, immediate reconnection for residential Water Services Department customers, elimination of penalties on arrears from the National Housing Corporation, reduction of interest rates on residential lands, interest waivers and grace periods for outstanding balances.

Also, the Labour administration launched no import duty, no customs service charge, as well as reduced VAT for first-time homeowners and home renovators. There were also duty-free concession building materials for renovation from January to December 2024.

Not only this, but with an aim to benefitting the citizens of St Kitts and Nevis, PM Drew provided two CBI dividend payments of upto $500 to all social security contributors. 

The government also offered one-time payment of EC$1000 to contributors to the Social Security Fund (40th Anniversary of Independence, September 2023). 

In addition to this, social security pension was also increased from $430 to $500 each month for contributory pension and from $250 to 4350 for non-contributory pension effective January 2024. 

The funeral grant benefits was also increased by 40 percent from $2500 to $3500 from January 2024 onwards while the Worker’s bonus of $500 was provided to all non-civil servants in December 2023. 

Notably, all these developments were launched or came into effect within two years of Labour administration coming into power following which the citizens have expressed their satisfaction and looks forward to more significant changes in the Federation.