The danger of ignoring dangers – the NIS debacle
The Luncheonese in the heading is deliberate. Business Page of May 10 2009 wrote that the NIS faced real and disastrous consequences from Cabinet’s failure to act on the recommendations contained in the 2001 and 2006 Actuarial Reviews of the NIS.
In one of the columns in that 2009 series on the annual report on the Scheme, I wrote that the 2006 Actuarial Report had projected that total expenditure would, in 2014, exceed total income for the first time in the scheme’s forty years and unless contribution rates are increased, the scheme’s reserves would be exhausted by 2022. I wrote then that with the likely loss of billions in capital and income in Clico and the inaction of the government and the board, including PPP/C fixtures like trade unionist Komal Chand and Chitraykha Dass, Chartered Accountant Maurice Solomon and business executive Paul Cheong, it was possible that the actuary’s …..To continue reading, login or subscribe now.