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SZV explains payment system to beneficiaries on St. Maarten

FRIDAY, 08 FEBRUARY 2013

PHILIPSBURG–Social and Health Insurance (SZV) on Thursday explained its payment system to beneficiaries.
SZV said in a press release that it had paid out all pensioners, widows and orphans a pension amount corresponding to the Curaçao Consumers’ Price Index (CPI) increase in 2011.

The pension administration was managed by Social Insurance Bank SVB in Curaçao on behalf of SZV up to August 2011. SZV only took over the pension administration in the last quarter of 2011. For this reason, it was technically impossible to adjust the pensions according to the CPI of St. Maarten.

Management decided to pay out the Curaçao pension amounts and to pay the difference retroactively to all who were entitled to it after SZV had set up a running pension department.

The St. Maarten CPI increase for 2011 was slightly higher and all beneficiaries should have collected somewhat more for the year of 2011. Due to backlog in pension request processing inherited from the previous administration, it was not possible to process the difference of 2011 in 2012.

The 2011-difference was paid out to all who were entitled to it with the January 2013 payment. This resulted in the January payment being slightly higher than normal. “This explains why your February 2013 payment is less than the previous month,” SZV said.

A table shows how much the actual monthly payment in 2011 was and how much the actual payment should have been. The difference between the two, considering the discount rate and amount of months of entitlement in 2011, was paid with payee’s January payment (which most people collected during the last week of December 2012).
Persons with questions about their payment can contact the Benefits Department at tel. 546-6782 or by e-mail benefits@uszv.org .

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