NIS boss: Money not the issue

The director of the National Insurance Scheme (NIS) Ian Carrington today insisted that it was not a cash flow problem that has prevented pensioners and other Barbadians expecting benefits from getting their usual cheques.

In a statement issued by the Government Information Service late this evening, he addressed rumours of money problems at the NIS, saying that the latest actuary review showed there were no such challenges.

“That review essentially indicates that at our current level of reserves, the funds will be depleted somewhere between 2045 and 2056, and as of August 2014, the National Insurance Fund has reserves of $4.2 billion,” Carrington said.

“As it stands today, the contributions we are receiving are sufficient to meet the benefit payments.”

(DP/BGIS)

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