The private sector is calling on government to consider its list of proposals for the revival of the National Insurance Scheme (NIS) in the wake of its Chairman’s dire summation of the state of affairs in the social security organisation.
The Private Sector Commis-sion (PSC) in a position paper last year said that to bring the NIS back from the brink, there must be “a thorough review of all operational procedures and practices with a goal of making each more efficient by using all available tools and technologies; immediate steps to upgrade or source a new Information Technology system; enforcement of penalties for late or non-payment of contributions and introduction of legal measures such as levying on the income and assets of non-compliant employers; the crafting of an appropriate investment framework to replace the current one; priority given to how funds are invested, liquidity and preservation of capital rather than the rate of return; the publishing of annual audited financial statements and periodic actuarial reviews; the setting up of good governance practices in line with those of the International Social Security Association; and the taking of potent measures to lower administrative costs.”
President of the Georgetown Chamber of Commerce and Industry (GCCI) Clinton Urling has
