The House of Assembly has approved a $50 million injection of funding to ensure unemployed Barbadians continue to receive benefits from the National Insurance Scheme (NIS).
This is the first part of an overall $143 million recapitalization plan for the NIS’ Unemployment Benefit Fund. The fund needed replenishing after 38 000 individuals filed 52 282 unemployment claims last year when the COVID-19 pandemic crippled the economy.
Minister in the Ministry of Economic Affairs and Investment Marsha Caddle and Minister of Labour and Social Partnership Relations Colin Jordan gave details of the financial support yesterday as the related supplementary resolution was debated in the Lower House.
Caddle said Cabinet “agreed to a recapitalisation over a three-year period . . . so that in the first instance the proposal is for recapitalisation in the amount of $60 million by March of next year and this $50 million goes to that target”. (SC)
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