NIS Will Remain Viable – Labour Minister

Minister of Labour and Social Security, Hon. Shahine Robinson, is assuring pensioners that the National Insurance Scheme (NIS) will continue to remain viable.

“In recent times, concerns have been expressed in various quarters about the viability of the Scheme. Let me reassure our pensioners that they have nothing to worry about. The NIS remains strong and vibrant. We have never in the history of the Fund faltered in our payments and contribution to the Jamaican people,” she said.

The Minister was speaking at the NIS’ 50^th anniversary church service, held at the Portmore New Testament Church of God on April 24, under the theme: ‘A Golden Past… A Gleaming Future…The Journey Continues’.

She also underscored the need for persons to properly prepare for retirement through regular contribution to the Scheme, which has a current value of approximately $80 billion.

“We all need to begin saving for retirement. This preparation must begin from the day you start working. Children can no longer be considered pension, so I strongly urge everyone to contribute to the NIS,” she emphasized, while encouraging them to make additional plans for retirement, as the NIS was not designed to be the only source of income for pensioners, but a minimum guarantee.

In the meantime, Mrs. Robinson said the Ministry will continue to improve the service of the Scheme “through the acquisition of new technology, through more frequent actuarial reviews, through the review of its processes and through establishment of service standards and through new methods of paying benefits.”

Activities to celebrate the golden anniversary will continue throughout the year. On Wednesday, April 27, all NIS parish offices will observe customer appreciation day; while on Thursday, April 28, presentations will be made to the oldest pensioner in each parish.

During the month of May there will be an NIS anniversary exhibition at the National Library, which could be taken to other parish libraries.

The NIS along with the National Debating Society will host a debating competition for high schools from August to September.

Over 110,000 persons receive pension from the NIS, which is a compulsory contributory system of social security offering some financial protection to its contributors and their families against loss of income arising from injury on the job, incapacity, retirement and or death.