The National Insurance Services of St. Vincent and the Grenadines (NIS) held a media briefing on Monday August 21, to clarify some of the issues regarding Pension Reform and the 11th Actuarial Report.
The briefing took place at the UWI conference room and comes as part of the organization’s continued efforts to keep the public informed on new developments within the social security sector.
Director of the NIS, Stewart Haynes presented a number of current data that detailed the projections and recommendations of an Independent Actuary, a review of the investment structure of the organization as well as corporate strategy for tackling some of the current issues surrounding the NIS.
Among the more prominent matters discussed were the recommended increase in contribution to 15% from the current 10% and moving the pensionable age to 65.
Haynes also presented data representing regional social security systems, in which St. Vincent and the Grenadines either matched or in some cases was less than CARICOM counterparts in terms of contributions and pensionable age.
The NIS will continue public consultations ahead of the 12th Actuarial Report, which is expected to be presented at the end of 2023.
At present, there have been no decisions made upon the recommendations and the public is encouraged to attend public dialogue with the NIS to keep abreast of new development regarding proposed pension reform.
