Over 12,000 new NIS contributors recorded for 2011

For 2011, when it recorded a deficit of $371 million, the National Insurance Scheme (NIS) has also reported 653 new registered employers and 12,600 new registered employed persons in its system.

According to the Scheme’s annual report, which was recently tabled in the National Assembly, although its income of $11.856 billion represented an increase of 5.3 percent over 2010, it was outstripped by its total income expenditure of $12.227 billion. Total benefits paid amounted to $10.730 billion, 14 percent more than what was paid in 2010.

Contributions to the Scheme amounted to $10.8 billion, while investment income was