THE Government will be focusing on the reform of the National Insurance Fund (NIF) during the 2023/2024 fiscal year, with the aim of establishing a more robust organisational structure and investment policy.

This was announced by Governor General Sir Patrick Allen, who also indicated that the sustainability of the National Insurance Scheme (NIS) remains of paramount importance, while noting that the actuarial review for 2019 was completed in December 2022.

“The recommendations are being reviewed and will be presented to the Cabinet for tabling in Parliament. The implementation of a series of reform measures that began in 2018 has resulted in a net surplus in the National Insurance Fund’s operations and an overall improvement in its long-term sustainability,” he stated.

As of December 2022, the NIF’s unaudited net asset value totalled approximately $156 billion, representing a year-over-year growth rate of about 16 per cent.

The governor general was delivering the Throne Speech during Tuesday’s ceremonial opening of Parliament for the 2023/2024 Fiscal Year at Gordon House, under the theme ‘A Stronger Jamaica: Consolidating Our Recovery, Reigniting Our Decade of Growth’.

Meanwhile, the governor general said Jamaica is expected to make greater strides towards enabling accessibility for people who are physically challenged, consequent on the Disabilities Act coming into effect on February 14, 2022.

He pointed out that training programmes have, in this regard, been expanded at the Abilities Foundation.

“Further, in 2023/2024, the new Jamaica Council for Persons with Disabilities will be fully staffed and the Disabilities Rights Tribunal will be appointed,” the governor general said.

In relation to the Programme of Advancement Through Health and Education (PATH), he indicated that benefits were increased by 18.3 per cent in June 2022 and in August 2022 students received back-to-school grants of $13,500 each.

Additionally, in September 2022 approximately 12,000 social and 52,303 NIS pensioners received one-off grants of $10,000.

Meanwhile, the governor general advised that a strategic review of the National Council for Senior Citizens will be conducted during the new fiscal year to ensure that the entity is “fit for purpose” and equipped to fulfil its mandate.

This, he added, is in keeping with the Government’s commitment to senior citizens.

— JIS