JIS News

The island’s pensioners could see an adjustment to their benefits in early 2006, Labour and Social Security Minister, Horace Dalley, has said. The Minister, who was speaking at a contract signing ceremony for the construction of a National Insurance Scheme (NIS) office in St. Mary yesterday (August 17), at his North Street Offices in Kingston, informed that directions had been given to look into the matter.
“We have had two adjustments to pensioners benefits in the last three years and already, we have commissioned our actuaries to look at the possibility of another adjustment towards the beginning of 2006,” he said.
Minister Dalley noted that such an adjustment could only be contemplated, due to the “sterling” management of the National Investment Fund (NIF), which is comprised of the money contributed by the NIS beneficiaries. The NIF presently stands at $39 billion and is among the largest public funds in the country. Meanwhile, Mr. Dalley has called on businesspersons to come forward with innovative business ideas and projects, which could generate employment.
“We are looking for feasible, bankable projects that can generate employment in the country.. especially in rural areas,” he said.
He noted that the projects should be big or medium-sized ventures, informing that the Ministry was willing to partner and support the successful projects from the NIF.
“The NIF is prepared to fund any project that is feasible, bankable, that is implementable and that can create employment in a community,” he stated. Mr. Dalley urged all prospective businesspersons with ideas to contact the NIF at the Ministry’s Heroes Circle Office in Kingston.
“We have money that we can invest. The more returns we get, the more we can offer the pensioners of Jamaica,” Minister Dalley said.