NIF remains viable, says minister

22 Apr 2013

LABOUR Minister Derrick Kellier says the National Insurance Fund (NIF) remains viable, despite its participation in the National Debt Exchange (NDX), and is assuring pensioners that their benefits are not in jeopardy.

The minister, who was speaking at a church service yesterday in Montego Bay to mark the 47th anniversary of the National Insurance Scheme (NIS), stated that participation of the fund in the NDX involved reduction in the interest rate, but allowed “access to longer-term maturing securities, which helps to maintain the long-term viability and sustainability of the fund”.
Said Kellier: “Let me assure all of our pensioners that you can set your minds at ease, as you have absolutely nothing to worry about. The NIF remains strong and vibrant at its current value of approximately $63 billion. Additionally, we continue to maintain sufficient cash flows to satisfy our obligations to our beneficiaries.”

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.