Monday 16 September, 2019

Finance Ministry to address NIS issues

The Finance Ministry is in the process of addressing issues with the National Insurance Board, following reports that funds will be completely depleted by 2030 if changes are not made to T&T’s national insurance system.

Responding to an urgent question from Opposition MP Dr Fazal Karim in the Parliament on Friday, Finance Minister Colm Imbert said he had only been informed of the question a “few minutes” before he had to provide an answer, and therefore could not give specific details on measures to be taken to address the situation.

“This question was only made known to me a few minutes ago, and therefore, I am not in a position to give precise details, but I can speak generally and indicate that I am aware that there are issues with respect to a projected deficit between contributions, earnings and payments to beneficiaries and it is a matter that is addressing the Ministry of Finance,” Imbert said.  

A June 2015 review of the National Insurance System revealed that changes needed to be made to the current system of contributions or benefits because from 2019-2020, assets will rapidly decrease and the NIS funds will be completely depleted in 2029-2030.

Executive Director of the National Insurance Board Niala Persad-Poliah, however, has assured that there is no need to panic, but admitted that reforms to the system are needed in an effort to preserve the fund for generations to come.

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