NIS — more contributions, less pension

THE EDITOR: It appears that the National Insurance Board has failed to adhere to the laws governing the Scheme. The National Insurance Act, Chapter 32.01, Section 70, page 37, states that an actuarial review shall be undertaken within three years of first contributions and at five years or shorter intervals as the Board may determine.

Since the inception of the Scheme on April 10, 1972 there were only two major changes. One on August 11, 1980, and the second nineteen years after on May 3, 1999. NIB is at present completing an actuarial review presentation to Parliament within the coming months. Those of you who are recipients of benefits, employers and employees who are the contributors to the Scheme, we are seeking your support in appealing to the Minister of Finance, to have the actuarial review made public.

The time is now, not tomorrow...now! TTARP an association for Responsible Persons need your support. The above facts were taken from an article written by fellow TTARP member Hubert Dolsingh HBM (Gold), NIS Consultant in TTARP’s O50 Quarterly Magazine dated March 2003. By the way, do you know that the more contributions you make the less pension you will receive under the present National Insurance Scheme?

MAYLING YOUNGLAO
Secretary
TTARP...an Association of Responsible Persons