The National Insurance Scheme will get a $800 million “haircut” as a result of Government’s debt restructuring programme.
This loss, which is equivalent to one and three-quarter years of contributions, will lead to a depletion in the scheme’s reserve fund which is there to pay future benefits.
Given this situation a consultant actuary is calling for a national discussion on the NIS’ future to ensure policies are adopted to safeguard its sustainability for the benefit of all Barbadians.
These could include increasing the pensionable age beyond 67 years old, reducing benefits or increasing contributions. (SP)
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