NIF will remain viable, says minister
MINISTER of Finance and Planning Peter Phillips says the National Insurance Fund (NIF) will remain viable, despite concerns being raised about its sustainability.
The minister was closing the 2015/16 budget debate in the House of Representatives on Wednesday.
Dr Phillips told the Lower House that an actuarial review had already been undertaken to assess the sustainability of the pension fund in the medium-to long-term period.
“That report will be tabled in the House in April. In fact, a road map for the National Insurance Scheme (NIS) in Jamaica was completed and a presentation made at the Labour Market Forum staged in December 2014. The Government is currently reviewing the study to determine how to phase the implementation of the recommendations,” he said.
Benefits from the NIS are funded by the NIF. The NIS is a compulsory social security scheme for workers, which provide financial protection to its contributors and their families against loss of income arising from injury on the job, incapacity, retirement or death.
It also has maternity allowance for domestic workers, a health plan for all contributors, grant for funeral, widow and widower’s pensions, and orphan’s allowance.
