St Kitts and Nevis: GAE Workers to receive pensions in July

The GAE workers of St Kitts and Nevis are all set to begin receiving pension payments effective July 2024

St Kitts and Nevis: GAE Workers to receive pensions in July
St Kitts and Nevis: GAE Workers to receive pensions in July

St Kitts and Nevis: The GAE workers of St Kitts and Nevis are all set to begin receiving pension payments effective July 2024. Along with that, the Children’s Savings and financial literacy programme is also set to begin in September 2024.

The two initiatives have been announced by Prime Minister Dr Terrance Drew and said that these policies will be implemented by the Labour Administration over the next few months. He said that the policies will benefit the people and students of St Kitts and Nevis with efficient implementation.

Firstly, the pension for the GAE workers will be released by the government in July 2024 as the announcement was made in May 2024 during the sitting of the Assembly. As per the requirement, Government Auxiliary Employees (GAE) must be at least 62 years old and have contributed a minimum of 15 years of service.

While fulfilling these requirements, the GAE workers will be able to become eligible for a pension. In addition to that, a new Contributory Pension Plan has also been introduced in December 2023, aiming to benefit all GAE workers and those who have been employed by the government since May 18, 2012.

The Contributory Pension Plan entails a 3% pension contribution. Prime Minister Dr Terrance Drew criticized the previous administration for the denial of the pension of the workers.

He added,” For too long the GAE workers were denied their pension. Under the Unity government not only did they not receive their pension, but their gratuity was cut by nearly two thirds.”

In addition to that, the Children’s Savings and Financial Literacy Program will commence its operation in September 2024. Under the program, $1000 savings accounts will be opened for all citizens between the age of 5 to 18. In addition to that, the investment in shares of government will be provided by majority-owned companies.

It will also feature the comprehensive financial education topics for the young generation.

PM Drew added,” I am pleased to remind the GAE workers and the country on a whole that thousands will benefit. This is part of the larger effort to end poverty and to help the deserving GAE workers.”