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NIS targets 57,000 new contributors this year

Wednesday, July 18, 2018

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THE National Insurance Scheme (NIS) is looking to increase the number of individuals registered with the scheme by 15 per cent for this fiscal year.

This would see an additional 57,384 people registered with the scheme.

This information is included in the 2018/2019 projections in the Annual Performance Report recently published by the Ministry of Labour and Social Security.

A total of 49,899 new people were registered to the scheme in the last financial year, which represented a decrease of 6.68 per cent when compared to the previous year.

According to the report, the NIS is projected to disburse $25 billion in benefits and $562.73 million in the NIS Health Plan for Pensioners benefits. Contributions collected are also projected to be increased by 20 per cent, totalling $19.59 billion. This would represent an increase on the $16.2 billion that was collected in revenue for the 2017/18 financial year.

A sum of $849.9 million in outstanding contributions is to be collected from delinquent employers. In the last financial year, the NIS achieved 93.4 per cent of its target, collecting $1.3 billion from delinquent employers.

Other projections for the scheme include increasing public awareness through conducting 696 public education sessions; as well as strengthening and modernising the National Insurance Act and Regulations by continuing its review to amend specified provisions.

The NIS is also expected to improve its operational efficiency in the processing of benefits by conducting operations and staff reviews, changing the payment method for overseas-based pensioners, rolling out additional modules for the NIS Management Information System, and concluding a general assessment of its operations to make way for the implementation of planned automation initiatives.

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