NIF Grows to $70 Billion

The National Insurance Fund (NIF), from which pensions and other benefits under the National Insurance Scheme (NIS) are paid, is now at $70 billion.

Director of Social Security in the Ministry of Labour and Social Security, Denzil Thorpe, made the revelation at a forum on pension reform held yesterday (April 16) at the Management Institute for National Development’s (MIND) Old Hope Road campus.

The current value of the NIF represents an increase of $3.5 billion over the $66.5 billion reported as at March 31, 2011.

The Ministry is always looking at ways to grow the fund and increase NIF benefits, including raising the insurance wage ceiling, which was last moved in August 2010, from $500,000 per annum, to $1 million per annum.

JIS Social