Minister of Labour and Social Security, Shahine Robinson, says that the cumulative assets of the National Insurance Fund (NIF) at the end of the last financial year, 2015/16, totalled $80.6 billion.

Robinson said that this reflects an increase of approximately $9.1 billion over the previous period.

“The NIF prudently invests and monitors NIS contributions for the benefit of beneficiaries,” she told the House of Representatives as she made her presentation in the current sectoral debate.

The Fund is invested in several sectors of the economy and is playing a major role in the growth agenda and wealth creation.

The Fund is also participating in the foreign equities market – and, as a prudent investment strategy, has already begun to see real returns, said the minister.

“Total investment income, amounted to approximately $11 billion and included dividend inflows of $638 million and property rental inflows of $241 million,” she detailed.

The minister said that the Fund’s latest major local project has been the refurbishment of the Braco property at a cost of US$23 million.

“I am happy to report that the refurbishment is complete and the 232- room hotel located in Trelawny is now in operation,” she told the House.

She said that the NIF will continue work on several programmes, including the upgrading of parish offices across the island, so that pensioners and other stakeholders can be provided with quality service.

“The Fund will also be making changes to the rule governing loan funds that are made available through Preferred Financial Institutions (PFIs) to small- and medium-sized (SME) enterprises. Mr Speaker, if we are to grow the economy, small businesses must have access to capital. We are advancing prosperity for small- and medium-sized (SME) enterprises through the NIF.

“A new National Insurance Board has been appointed and we thank the team, led by Lennox Elvy — who has consented to serve. I use this opportunity to express my deep appreciation to the outgoing Board led by chairman, Ralston Hyman, under whose tenure the Fund attained and maintained reasonable growth,” she said.

“Within the context of the Prosperity Agenda, the new board will be undertaking a review of all existing projects of the fund and, where necessary, will reassess or reposition so that they can contribute in a more meaningful way to economic growth and job creation,” she concluded.