Rising expenditure, declining employment levels and an aging population are among the concerns that the National Insurance Scheme (NIS) will seek to address in 2008, as it moves into a year described as “most challenging”.
NIS celebrated its 38th anniversary yesterday at its Brickdam headquarters and General Manager Patrick Martinborough, who for the last 19 years stood at the helm, painted the picture of the times ahead for the nation’s insurer.
“I think [2008] would be one of the most challenging years in our history,” he said in an address to employees, the media and other invitees.
Martinborough pointed out that the actual income received between January and August this year was $5.6 billion, while the expenditure so far for the year was $5.3 billion.
He stressed that systems would have to be put in place urgently to prevent the NIS from reaching equilibrium – where expenditure and income are the same – and to unbalance the equation. As to the systems that will be put in place, Martinborough said, “I don’t know what they will be