SOCIAL SECURITY TO BENEFIT FROM LATEST INVESTMENT
Basseterre, St. Kitts, December 20, 2016 (SKNIS): The Social Security Board is investing $60 million in the “Unity Housing Solutions” programme as a way to increase its revenue base while stimulating the economy.
The housing plan calls for the construction of homes for more than 300 families over the next two to three years. It is expected to begin in the first half of 2017. An official at Social Security said the agency has previously invested in housing programmes in both islands, by providing loans to the respective governments.
Premier of Nevis and Senior Minister in the Federal Cabinet, Honourable Vance Amory, said that the lending of money to the National Housing Corporation (NHC) totaling $50 million and the Nevis Housing and Land Development Corporation of $10 million, will create many spinoffs.
“Employing people, wages, money going back to Social Security as contributions, money going through the business places in terms of buying equipment, building materials, and the expenditure from their income,” were all listed by Minister Amory as benefits for the economy.
Honourable Amory said the housing programme is among those designed by the government to stimulate the economy. The government will also spend $145 million in the fiscal year 2017 on capital expenditure projects. Using a standard formula, Senior Minister Amory estimated that 30 percent of the $145 million will go directly to the pockets of labourers through construction. That is expected to be around the $43.5 million of which 8.5 percent is due as contributions to Social Security and the Social Levy.