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New measures to addition National Insurance Fund
CABINET has accustomed several measures to enhance the National Insurance Fund’s (NIF) sustainability and addition the capability of the accompanying benefits.
Minister of Accounts and the Public Service Dr Nigel Clarke fabricated the advertisement during a account to the House of Representatives on Tuesday.
Dr Clarke said some of the measures accommodate accretion the addition amount from bristles per cent to 5.5 per cent, able April 1, 2019, which the employer and agent will allotment appropriately at 0.25 per cent each.
Cabinet additionally accustomed a added 0.5 per cent access in the addition amount from 5.5 per cent to six per cent, able April 1, 2020, which administration and advisers will additionally allotment appropriately at 0.25 per cent each.
Additionally, the National Insurance Scheme (NIS) insurable allowance beam will be added for purposes of artful the addition amounts from $1.5 actor to $3 actor in January 2021;,while the NIS insurable allowance beam will be added for purposes of artful addition sums from $3 actor to $5 actor in January 2022.
Dr Clarke abreast that the insurable allowance beam confused from $250,000 in 1996 to $500,000 in 2003, $1 actor in 2010, and $1.5 actor in 2013.
The abbot acclaimed that the measures are all-important due to the allegation of a 2016 actuarial analysis of the NIS, which was undertaken by Eckler Consultants and Actuaries.
The actuarial report, as at March 31, 2016, adumbrated that after an access in the addition amount and/or added accompanying parameters, the NIF would accept abrogating banknote breeze by 2029.
This would see the sum of anniversary pensions and added NIF-funded allowances and authoritative costs paid beyond the anniversary addition and advance income.
“The actuarial address added affected that by 2037, the NIF would be absolutely depleted. Indeed, in 2016, the NIS had about 100,000 pensioners and the absolute address for alimony payments in that year was $14.78 billion, which exceeded contributions [totalling] $12.8 billion. In fact, for the accomplished 10 years, allowances paid by the NIS accept exceeded addition rates,” the accounts abbot said.
Dr Clarke said the address added adumbrated that the anniversary advance crop of the NIF over the three years to March 2016 averaged 14.2 per cent.
This, he acicular out, was able-bodied in balance of the boilerplate aggrandizement amount of 5.1 per cent per annum over the aforementioned period, admitting there was abrogating crop in 2013.
“Currently the asset mix of the NIF consists of: 64 per cent anchored income, primarily Jamaican; 15 per cent equities, primarily Jamaican; 19 per cent Jamaica absolute estate; and two per cent Jamaican mortgages and loans. It is arguable whether this is the adapted asset allocation for the NIF at this time,” Dr Clarke said.
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