With more than 20% of National Insurance Scheme (NIS) monies ensnared in the CLICO debacle and not earning income, the Scheme is in trouble and needs an urgent solution, Minister of Finance Winston Jordan says.
“With respect to the NIS, this organization is beset with a number of problems. It has investments amounting to $5.2 billion that are ensnared in the CLICO debacle. That represents more than 20 percent of its assets that is not earning income. The actuaries have projected that the Scheme is in trouble and something has to be done urgently to address the problem,”
