Saturday, December 16, 2017

NIS fund ‘in trouble’*

Calls to make retirement age 65

Officials of the National Insurance Board (NIB) are advocating the implementation of recommendations listed in the Ninth Actuarial Review of the National Insurance System.
The review, published in 2015, painted a bleak picture of this country’s national insurance system, noting that funds are being depleted faster than contributions to the fund being made.
It warned that that NIS funds would be completely depleted by 2030, if the system is not reformed.
This view was shared by NIB officials who appeared before a Joint Select Committee of Parliament yesterday.

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