Introduction
Last week, we gave a brief historical background of the National Insurance Scheme as a system of social security: (a) through which enough income is secured to take the place of earnings when they are interrupted by sickness or accident; and (b) to provide for retirement through age or sudden death of a breadwinner. The funds of the Scheme are to be invested so as to ensure maximum benefit to the economy of the country.
We looked at the current operations of the scheme and the benefits that are payable, in particular old age benefit. We also outlined the key findings and recommendations of the draft eighth actuarial report on the Scheme. Under the NIS Act, an actuarial review is required every five years.
Today, we continue our discussion of the Scheme by outlining the other main benefits payable as well as the recommendations contained in the
