Home News The Finance Minister is tasked with the new NIS Board with a return to financial viability plan
The Senior Minister at the Office of the President with responsibility for Finance, Dr Ashni Singh attended a pre-wedding meeting of the new National Insurance Scheme (NIS) Board of Directors where he asked the Directors to return the scheme to financial viability.
The first Board meeting was convened on Monday at the NIS Complex, Carifesta Avenue, Georgetown. Singh advised Board members on the level of work required and the challenges ahead in relation to the various problems to be addressed.
“Over the last few years, we have seen the progressive decline of the Scheme. The NIS faces many challenges at the macro level and has come under serious threat. Therefore, it will take a lot of work to return the Plan to long-term financial viability, ”he said.
He expressed the Government’s appreciation to members for accepting the appointments and outlined some of the expectations in terms of the work required to return NIS to financial viability. He also emphasized the level of importance the Government has placed on NIS, reminding the Board that pensioners and retirees look forward to their pension in a timely manner while current contributors expect to receive their benefits promptly.
Minister Singh expressed serious Government concern about the number of complaints received from contributors about delays in receiving their benefits and entitlements, sometimes as a result of incomplete records of their contributions to the Scheme. As such, it tasked the Board with addressing this problem immediately, with a view to ensuring that public satisfaction with the level of service provided by NIS is improved urgently.
Just over a week ago, the Minister announced the appointment of former Private Sector Commission (PSC) Chairman Ramesh Persaud as the new NIS Board Chairman. Persaud is also currently the CEO (CEO) of the Private Enterprise Development Organization (IPED) and is also a Board member of the Guyana Sugar Corporation (GuySuCo). Other Board members are Holly Greaves (ex officio), Faizal Jaffarally, Yvonne Pearson, Maurice Solomon, Satanand Gopie, Kathleen Jason, Seepaul Narine and Jillian Burton-Persaud.