JIS News

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  • Minister of Labour and Social Security, Hon. Derrick Kellier, has appealed to all working persons, including the self-employed, to make their contributions to the National Insurance Scheme (NIS).
  • The Minister pointed out that under the law, all working persons are required to contribute to the NIS.
  • The Minister noted that of an estimated 1.2 million employed persons, only a little over 400,000 are contributors to the NIS.

Minister of Labour and Social Security, Hon. Derrick Kellier, has appealed to all working persons, including the self-employed, to make their contributions to the National Insurance Scheme (NIS).

“In the final analysis, the benefits to be derived under the scheme, when compared to contributions, are indeed very generous,” he said.

The Minister pointed out that under the law, all working persons are required to contribute to the NIS, and noted that of an estimated 1.2 million employed persons, only a little over 400,000 are contributors to the NIS.

Mr. Kellier was delivering the keynote address at the official opening of the upgraded parish office of the Ministry in Falmouth, Trelawny, on September 4.      He said the Ministry will be going on an aggressive public relations campaign over the next few months, to encourage all working persons, irrespective of their mode of work, to contribute to the NIS, and to inform them about the benefits of the scheme.

“Given the nature of the explosion in the population over the last two decades, accompanied by the rising rate of longevity among Jamaicans of all classes, we have to be paying out from the NIS huge amounts, which currently stand at $14 billion as against $11 billion in contributions,” the Minister informed.

“We want to get that number (of working persons who are contributing) up. It means that we could fill the shortfall of $3 billion per year, without having to go into the National Insurance Fund to build up the shortfall, and that in itself would create more investments,” he added.

The Minister said that the shortfall between benefits and contributions is funded by income derived from the varied investments of the National Insurance Fund (NIF),  and praised the work of the investment advisory National Insurance Board for making the NIF so robust.

He reported that the NIF now stands at almost $70 billion and “growing from strength to strength.”