The Actuarial Reports for 2019 and 2022 of the National Insurance Scheme (NIS) are slated to be completed by next year, says Labour and Social Security Minister, Hon. Karl Samuda.
He said that the 2019 Actuarial Review has started and both reports will be finished by early next year.
“It is very important to note that all recommendations concerning an increase in the rates of benefits paid are based on the recommendations of the Actuarial Review, which is a requirement of the National Insurance Act,” he said.
Making his contribution to the 2022/23 Sectoral Debate in the House of Representatives on Tuesday (April 26), the Minister said amendments to the National Insurance Act that addressed increases in the contribution rates and insurable wage ceiling were passed last year.
Mr. Samuda said these increases represent one aspect of the reform of the NIS.
“This bold move signaled that the financial sustainability of the NIS and the income security of the workers in this country continue to be a priority. The reform measures recommended by the Actuary and implemented since 2019 continue to yield increases in net contributions,” he said.
Minister Samuda also noted that the review will take into consideration the pension programme.
The NIS expended $20 billion to provide close to 120,000 pensions at the end of March 2021. More than 133,000 pensions are now being paid.