- Members of the Opposition New Democratic Party meet with Executives of the NIS
Leader of the Opposition and President of the New Democratic Party (NDP), Honourable Dr Godwin Friday and other Members of Parliament and the NDP on Tuesday 21st May, 2024 met with senior executives of the National Insurance Services (NIS) at the NIS building in Kingstown. They discussed, among things, the report of the 12th Actuarial Review of the National Insurance Fund, and agreed to have further meetings.
Following introductory remarks by Chairman of the NIS, Mr. Lennox Bowman, who welcomed Dr. Friday and his team, Executive Director, Mr. Stewart Haynes, presented an overview of the 12th Actuarial Review and responded to questions and comments from various members of the team.
Issues raised by the team included: the impact of the increase in the pensionable age to 65 years; innovative programs that the NIS might introduce to promote employment in SVG; broadening the base of contributors; the failure to implement the recommendation of the previous actuarial review to diversify the composition of the investment committee; and investments made by the NIS such as ownership of the former Ju-c Building in Kingstown and of lands in Bequia.
Further, Dr. Friday emphatically restated the NDP’s commitment to the success of the NIS, noting that it must always be affordable and provide adequate benefits to pensioners. He also advocated that the pensionable age should not exceed sixty-five (65) years and that the interests of pensioners should always come first in the management of the service.
