The National Insurance and Social Security Service (NISSS) is likely to shell out nearly $1 billion in benefits to Barbadians this year.
Chief executive officer (CEO), Kim Tudor, said a significant portion will be in pension payments.
“This year, we will actually pay out close to a billion dollars in benefits, so that is what passes through the [NISSS]. This is how the [Service] is providing that income support for Barbadians,” she told the DAILY NATION yesterday, while attending the annual International Social Security Association Technical Seminar at Hilton Barbados, Needham’s Point, St Michael.
Tudor also said they were aiming to be more transparent with annual reports and making information more accessible to the public.
“It is our intention to have annual presentation to the public each year on the fund, how it is doing, how much we are paying out and so forth . . . . So that people can have that comfort and that assurance that the fund is there, we are actively investing the fund, we’re getting returns on the fund and giving people a sense of how much we’re paying out,” she explained.
The CEO said a full report will be available soon and they are striving to make more reports open to the public via town halls and public forums.
Annual reports
“That is something that we are actively working on to make sure that our annual reports are updated. Once they are updated, you have our assurance that we will come to the public at least annually, where it’s a kind of town hall format, where we will present our reports.
“How many we paid, what we anticipate that we will pay this year, how many persons apply for the various benefits and so forth,” she said, adding that the information will be shared as a way to rebuild trust between the organisation and the public.
“We recognise the importance and the important role that social security plays in income security, so we take it very seriously. We want you to be able to know that we are working and working towards making sure that happens for you.”
Yesterday’s seminar focused on communication approaches and strategies in social security institutions in the Caribbean.
Tudor highlighted the advantages of digital technology in reaching the public with information on the NISSS’ services and operations.
One of their upcoming workshops will focus on self-employed workers and how they can manage their national insurance payments in order to access benefits.
The NISSS is also looking to facilitate CARICOM nationals working across member states with easier access to their contributions. This initiative aligns with the CARICOM Reciprocal Social Security Agreement, which allows CARICOM nationals to receive social security benefits from one or more member states where they worked.
“Barbados requires you to have ten years in order to be eligible for pension. But if you work nine in Barbados and five in Trinidad or five in Grenada, we can add that to the number in Barbados and you can get a pension in Barbados,” Tudor noted.
She said the agreement also applies to other countries with benefits being paid to other workers in Canada, Australia and the United Kingdom.
“It’s important that we as social security and national insurance institutions in the region, that we meet annually to look at these things, to update the legislation and so forth.
“We’re also looking at a common unique identifier so that any of the CARICOM social security [agencies] can pull up your data or can access it from another institution,” she said. (JRN)
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