Full Confidence in National Insurance Board – Minister Kellier

Minister of Labour and Social Security, Hon. Derrick Kellier, has expressed full confidence in the National Insurance Board, which provides advice on investments for the National Insurance Scheme (NIS) funds.

The Board, which began a new two-year term earlier this year, is chaired by Economist, Ralston Hyman.

Mr. Kellier said the work of the Board, past and present, has resulted in the very robust economic position of the National Insurance Fund (NIF), which stands at approximately $70 billion, and has led to growth in the investment portfolio of the Fund.

The Minister was speaking at the official opening of the upgraded parish office of the Ministry in Falmouth, Trelawny, on September 4. A sum of $100 million was spent to refurbish and extend the building.

“Already, we are investing in the areas of construction, manufacturing, tourism, financial services and real estate, and there are some huge investment projects in the pipeline,” Mr. Kellier informed.

“Through the NIF, we have acquired office spaces in most parishes throughout Jamaica, in addition to the acquisition of land in St. Ann’s Bay for the purpose of building a new office and renting space,” he added.

The Minister also noted that the Fund has acquired a property in May Pen for the construction of an office and business complex, with a view to enhancing its rental income.

Mr. Kellier said pensioners are relying on the Board for the continued growth of the Fund, “and from all indications it seems poised to achieve some remarkable results.”