Ministry seeking to register more NIS contributors
The National Insurance Scheme (NIS) is looking to increase the number of persons registered by 15 per cent for this fiscal year.
This would see an additional 57,384 persons registered with the Scheme.
This information is included in the 2018/2019 projections in the Annual Performance Report recently published by the Ministry of Labour and Social Security.
A total of 49,899 new persons were registered to the Scheme in the last financial year, which represented a decrease of 6.68 per cent when compared to the previous year.
According to the Report, the NIS is projected to disburse $25 billion in benefits and $562.73 million in the NIS Health Plan for Pensioners (NIGOLD) benefits. Contributions collected are also projected to be increased by 20 per cent, totalling $19.59 billion. This would represent an increase on the $16.2 billion that was collected in revenue for the 2017/18 financial year.
A sum of $849.9 million in outstanding contributions is to be collected from delinquent employers. In the last financial year, the NIS achieved 93.4 per cent of its target, collecting $1.3 billion from delinquent employers.
Other projections for the Scheme include increasing public awareness, through conducting 696 public education sessions; as well as strengthening and modernising the National Insurance Act and Regulations by continuing its review to amend specified provisions.
The NIS is also expected to improve its operational efficiency in the processing of benefits, by conducting operations and staff reviews, changing the payment method for overseas-based pensioners, rolling out additional modules for the NIS Management Information System and con-cluding a general assessment of its operations to make way for the implementation of planned automation initiatives.
Meanwhile, an actuarial review of the NIS, which was commissioned during the 2016/17 financial year, has been completed and a final report has been received by the Ministry. This Report provides insight into the financial performance of the NIS over the last three years, as well as projections. The report will be included in a submission to Cabinet for implementation of the reform measures.