NIS working to ensure compliance

The National Insurance Scheme (NIS) has intensified its efforts to ensure compliance and get employers who have not paid contributions to do so.

Director Kim Tudor says in 2022, 272 unpaid contributions certificates were filed against various employers and over 150 up until July this year.

She says the NIS takes compliance seriously.

Ms. Tudor was speaking during a discussion on the Provisions of the NIS Revitalisation Plan, organised by the Barbados Association of Retired Persons (BARP).

During the session Barbadians, particularly the elderly and members of BARP, were given further insight into the Revitalisation Plan for the NIS and why it is necessary at this time.

Director Tudor, NIS Deputy Chair Rawdon Adams and Consultant Actuary Deryck Osbourne were among a team of officials invited by BARP for the discussion.

Several recommendations were also put forward by participants who joined the meeting on the Zoom platform.

Mr. Adams told the session a recent actuarial report suggests the NIS would be fully depleted by the year 2036 if it does not tackle the current deficit.

He insists the goal of the reform process is to protect the Fund.

About The Author