The National Insurance Scheme (NIS) is sitting comfortably on $4.4 billion of reserves in its employees’ contribution fund, but the protracted economic downturn is still a worry.
Director of the NIS Ian Carrington said the NIS tried to maintain a reasonable reserves level, so that if there was no income from contributions or investments, then the reserves could pay benefits for at least five years. The NIS, he said, would have sufficient money to pay beneficiaries when their benefits fall through, down to that period of time.
Carrington said that the contributions fund was comfortable and solvent with reserves up to the year 2035 and was not under threat.
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