- NIS Director emphasizes the pressing need for pension reform
Director of the Nation Insurance Services (NIS), Mr. Stewart Haynes, has emphasized the pressing need for pension reform in St Vincent and the Grenadines (SVG), in a recent interview with the Agency for Public Information (API).
The NIS director outlined the three fundamental objectives of Social Security reform: ensuring the adequacy of the pension fund, maintaining the affordability of contributions, and ensuring financial sustainability. He discussed the three levers available for achieving these objectives – program design, administration, and portfolio management.
Haynes said the urgency for pension reform was further illuminated through insights from actuarial valuations conducted every three years.
These valuations, he noted, performed by independent professionals, consistently indicate the need for timely reforms to ensure the sustainability of the pension plan.
Haynes also detailed the historical evolution of pension programs, starting from the establishment of the National Provident Fund (NPF) in 1970 to the subsequent introduction of the National Insurance Services (NIS) in 1987.
Acknowledging the integral role played by the API in disseminating vital information, Mr. Haynes emphasized the importance of the dialogue, considering it a vital avenue for engaging with the public on crucial matters.
