Social Security support for islanders reaches £356 mil in 2015

On October 23, 2016, in General, Population, Society, The Economy, by Lyndon-Farnham

Society simply would not operate without the essential support provided by the Social Security department.

Their overarching aims are to help people achieve and maintain financial independence and to provide benefits to those islanders who are unable to support themselves. In 2015 £355.8 million was paid out to islanders in delivering that function.

At the end of the year, the total assets of the four Social Security funds stood at £1.46 billion. During 2015, a total of £200.8 million was collected in contributions, funding £166.7 million paid out in Old Age Pensions, to over 30,100 pensioners.

The single biggest taxpayer-funded benefit spend was £74.8 million provided to low income households through the Income Support weekly benefit.

Every person who lives or works in Jersey will at some point be a customer of the Social Security department as demonstrated by the wide range of benefits as set out in the table (below).

The full report can be found @ Social Security Report 2015