NIF Projects Net Surplus of $41 Billion as of March

 The National Insurance Fund (NIF) remains viable with projected net surplus of $41 billion as of March 2025, says Minister of Labour and Social Security, Hon. Pearnel Charles Jr.  

“This is an increase in net asset value from approximately $191 billion in March 2024 to $231 billion in March 2025. The NIF… is growing, we are diversifying, we are strengthening,” he noted. 

“For the upcoming year, we remain committed to optimising the financial performance and reinforcing sustainability through a number of reforms that we have planned for the NIF,” he added. 

The Minister was addressing the meeting of the Standing Finance Committee of the House of Representatives at Gordon House on March 7. 

The NIF receives and invests contributions paid to the National Insurance Scheme (NIS).

Pensions and other benefits eligible under the NIS are paid from this Fund. 

The proposed Recurrent budgetary allocation for the Ministry for financial year 2025/26 is $21.33 billion, representing an increase of 6.6 per cent or $1.32 billion over the original estimates for financial year 2024/25.  

Minister Charles Jr. informed that there have been several areas of budgetary increases including the Programme of Advancement Through Health and Education (PATH), which has seen a 5.1 per cent increase. 

“The social intervention programme to target our youth, also [received] an increase of 2.78 per cent,” he noted. 

In addition, there has been a 68.61 per cent increase to the Industrial Disputes Tribunal and a 20.6 per cent increase to the liaison services, which is connected to the Overseas Employment Programme. 

The Jamaica Council for Persons with Disabilities (JCPD) will be receiving an additional $12.56 million, while the Jamaica Productivity Centre (JPC) will see a 90.72 per cent increase. 

Meanwhile, the Ministry’s proposed Capital budget has moved to $135 billion from $62.29 billion in 2024/25. 

“That, importantly, represents this year being the first full year of implementation of the Social Protection for Increased Resilience and Opportunity (SPIRO) Project,” Minister Charles Jr. pointed out. 

“It will see us focusing on the SPIRO as the strategic approach to strengthening social security in Jamaica. Included in this massive increase is a social protection information system… and critically, unemployment insurance,” he advised.