St. Vincent and the Grenadines’ National Insurance Services (NIS) has demonstrated a financial recovery, transforming a previous year’s loss into a substantial profit of EC$16.5 million during the first half of 2025, Prime Minister Ralph Gonsalves announced recently.
The social security agency’s remarkable turnaround is marked by significant improvements across multiple financial indicators:
• Contribution Income Surge: A dramatic 45% increase in contribution income, rising from EC$38 million to EC$55 million
• Arrears Collection: 51% improvement in arrears collection, with EC$2.7 million recovered
• Investment Performance: Investment income jumped 49%, climbing from EC$11 million to EC$16.2 million
Investment Portfolio Highlights:
- Portfolio expanded from $441 million to $479.7 million
- Yield increased from 4.8% to 7.5%
- Active insured population grew by 3%, reaching 46,318 individuals
Gonsalves attributed the success to several critical factors:
- Increased employment
- Enhanced employer compliance
- Contribution rate adjustment from 12% to 13%
- Expanded insurable wages
“This performance represents more than just numbers,” Gonsalves emphasized. “It reflects the resilience and economic potential of our national social security system.”
Despite the positive results, benefit expenses have marginally increased from EC$47.8 million to EC$49 million, indicating ongoing pressures on the system.
