The National Insurance Services (NIS) reserves as ratio to total expenses is declining.
So says Minister of Finance Camillo Gonsalves during last Thursday’s sitting of the House of Assembly.
The Finance Minister was at the time explaining the findings of the 11th Actuarial Review of the NIS and the World Bank’s Reserve Advisory and Management Partnership (RAMP) Analysis.
Minister Gonsalves outlined some of the main findings of the review.
The Finance Minister added that depletion of the fund does not mean the NIS would no longer exist but rather they would have to find additional funds as there would be no savings.
Furthermore Minister Gonsalves added that the changing demographics of St.Vincent, that adds urgency to the need for reform.
In light of the projected depletion of reserves of the National Insurance Service (NIS) by 2034 the 11th actuarial review of the NIS has proposed 11 recommendations to the government of St Vincent and the Grenadines to ensure that the National Insurance Services (NIS) is financially sound and able to continue to provide its services to its members.
Speaking during the Ministerial Statements during last Thursdays sitting of the House of Assembly, Minister of Finance Camillo Gonsalves explained that among the high priority recommendations one is an increase in the contribution rate.