by Linda Straker
- 13 centenarians received monthly cheques in 2018
- 7,936 pensioners received payments in 2018
- Pensioners are living longer
Data from the National Insurance Scheme (NIS) has revealed that its total disbursement for 2018 was EC$64,429,081.10 to the 7,936 pensioners, among whom are 13 centenarians who received monthly cheques.
The majority, or 3,045 of the pensioners are between the ages of 60 and 64 and they received a total payout of EC$31,157,218.16. The second biggest batch are persons between the ages of 65 to 69. A total of 1,856 persons falls in that bracket and they received payments totalling EC$17,063,510.94.
|No. of Age Pensioners by Age and Total Benefit Payment in 2018|
|Age Groupings||No. of Pensioners||Pension Payments|
|60 – 64||3,045||$ 31,157,218.16|
|65 – 69||1,856||$ 17,063,510.94|
|70 – 74||1,140||$ 8,326,375.84|
|75 – 79||798||$ 4,413,144.10|
|80 – 84||589||$ 2,103,449.24|
|85 – 89||329||$ 962,475.86|
|90 – 94||132||$ 319,409.14|
|95 – 99||34||$ 54,944.91|
|Grand Total||7,936||$ 64,429,081.10|
From March 2018, the NIS embarked on a series on consultations aimed at informing and educating the public about the recommendations in the actuary reports, if not implemented, can affect the sustainability of the scheme beyond the year 2035.
Pensioners are living longer and NIS which is presently the only pension scheme for most employees, are expected to pay out for a longer period. The NIS was established in April 1983.
The main recommendations are increasing the age of retirement and increasing the contribution per worker from 9% to 11%. These reports were first placed into the 2006 actuary report. An actuary report is conducted every 3 years. 2019 is an actuary year for the NIS which is a statutory body of government. All major legislation changes must be approved by government.
To date, the educating outreach team from the NIS has met with several stakeholders including the media, politicians and sections of the business community. The team also held 2 hall meetings in Carriacou and Petite Martinique respectively and will be holding it final stakeholder meeting on 30 April, at the St John’s Anglican School at 5 pm.
The consultations are expected to continue during May and June. The first meeting will be on 7 May at the St Patrick’s Anglican School.