The National Insurance Scheme (NIS) has reserves of BDS$5 billion.
That’s 45 per cent of Barbados’ GDP and enough funds to pay pensions for at least the next eight years if there was no income from contributions or investment, according to NIS director Ian Carrington.
Even though that may seem like a lot of money, Carrington has warned that NIS reforms could be coming within 15 years as the scheme was under strain due to a quickly falling workforce to pensioner ratio and a declining birth rate.
He gave a detailed presentation on the NIS yesterday at the Barbados Workers’ Union annual delegates conference at Solidarity House. (AD)
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