JIS News

Prime Minister Bruce Golding has requested a report on viable options that will ensure the longevity of the National Insurance Fund.
The call was made today, May 22 during a meeting at Jamaica House with Opposition Leader, Portia Simpson Miller; senior member of the House of Representatives, Robert Pickersgill; technical staff from the Ministry of Labour and Social Security and consultant actuaries.
A recent audit of the Fund revealed that it is now paying out more benefits than it is collecting in contributions; and that even with prudent management and investments, it is in danger of being decapitalized in less than thirteen years.
The Prime Minister asked the actuaries to use international standards to get adequate inflows that will support a decent, respectable level of pension payout. With a claim rate of between 95%-97%, the NIF is an important source of income for many pensioners.

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