Jamaica News: Minister of Labour and Social Security, Hon. Shahine Robinson, says the net asset value of the National Insurance Fund (NIF) stood at $120.7 billion as at March 31, 2019, which is an increase of 13.67 per cent over financial year 2018.
She said that the growth was driven primarily by the performance of the equity portfolio, which grew by 31.3 per cent.
Mrs. Robinson was making her contribution to the 2019/20 Sectoral debate in the House of Representatives on July 9.
She said that focus is being placed on ensuring the viability of the National Insurance Scheme (NIS), which provides a significant inflow of funds to the NIF.
She noted that the NIS disbursed $19.4 billion in benefits, while receiving $17.9 billion in contributions. Currently, there is a pension population of around 121,000.
“There remains a gap of $1.5 billion. As our eyes remain fixed on the scheme’s viability, the procurement process has commenced to undertake an updated Actuarial Review during this financial year,” Mrs. Robinson said.
“We are mindful also that the NIS, is to date, the surest form of social protection for our Jamaican citizens. Less than 50 per cent of the workforce contributes to the NIS. This is unacceptable, especially when we look at the statistics with respect to the aging population and the demands that will be made in order to provide for their well-being and welfare,” she said.
She pointed out that under the law every Jamaican over the age of 18 must register with the NIS, noting that it is incumbent on the Ministry to engage these persons wherever they are so that they can start contributing to the scheme.
“This will be in their best interest. I encourage employers to register those persons in their employ and to remind them that the NIS is contributory and it is the responsibility of the employer to ensure that all workers, contract or otherwise, contribute to the NIS in keeping with the provisions of the law,” Mrs. Robinson said.
Source: JIS News
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