The National Insurance Scheme (NIS) will be operating at a deficit this year of $1.399B, General Manager Doreen Nelson announced on Monday.
The NIS has a projected expenditure of $12.952 billion, against a projected $11.553 billion in contributions, Nelson said at a simple ceremony at the NIS head office at Brickdam to mark its 43rd anniversary.
She also noted that so far, contributions collected from January to August this year totalled $7.736 billion while total expenditure was $8.393 billion.
This year, Nelson also said, NIS has increased old age pension from a minimum of $16,604 to $17,932 a month.
Chairman of the NIS Dr Roger Luncheon, told those in attendance that he feels quite comfortable in judging their performance and while they were not able to dispose of their challenges, they were able to meet them.
He added “our fundamental problem is all over the world and that is how to deal with expectations.” Dr Luncheon also said that it does not take much to send the wrong message to those they serve and that it is important that they discharge their responsibility with professionalism, in order to retain their honour and respect.
At the ceremony, awards were presented to retirees and those who have given 20 and 30 years of service to the NIS. Bursary Awards were also presented to twelve employees’ children who did well at this year’s National Grade Six Assessment examination, while recognition was given to those who were successful at the Annual Promotion Exams, Caribbean Secondary Education Certificate (CSEC) and the Caribbean Advanced Proficiency Examination (CAPE) this year.
