Actuarial report shows NIS will run out of money by 2033, Gov't seeks options to prevent
The Labour and Social Security Minister Shahine Robinson says a reform committee is now exploring ways to prevent the National Insurance Scheme (NIS) from running out of money.
The NIS provides a range of retirement and employment benefits to Jamaicans.
In her contribution to the Sectoral Debate in Parliament yesterday, Robinson said the most recent actuarial report shows that the NIS will run out of money by 2033.
She said the committee, which comprises representatives from the labour and finance ministries, is examining the recommendations of the report.
The labour and social security minister said she expects to receive an assessment from the representatives by the third quarter of this year.
Meanwhile, Robinson said her ministry is working to improve inefficiencies at the NIS.
She disclosed that during the 2015/2016 financial year, more than 109,000 persons received benefits totalling over $15.4 billion.