The Government will continue to ensure the viability of the National Insurance Fund (NIF), by focusing on development projects, which are consistent with its growth strategy.
Some of these investments include: Development of several National Insurance Scheme (NIS) properties across the island; a US$15 million development of Braco Resorts, as part of the continued thrust in the tourism sector; and increasing funding towards small and medium sized enterprises (SMEs), to total $1.5 billion.
Minister of Labour and Social Security, Hon. Derrick Kellier, who made the announcement in his contribution to the 2013/14 Sectoral Debate in the House of Representatives, on Tuesday, June 4, noted that other initiatives are to be announced as soon as the details are finalised.
Minister Kellier pointed out that there have been periodic reviews of the NIS to provide meaningful benefits for an increasing pension population, and to ensure the long term viability and sustainability of the NIF, in the face of declining contributor numbers.
Highlighting that NIS benefits under the scheme were increased in January, he said it is projected that benefit payments for this fiscal year will total some $13.3 billion.
“Contribution rates have also been adjusted to ensure that the increased benefits can be maintained. All Jamaicans can rest assured that the NIF will continue to meet its obligations to our pensioners and contributors,” he stated.
The value of the Fund is now approximately $65 billion.
Contact: Alphea Saunders