Contributors who have been submitting monthly returns but have not been paying over deductions and their portion of contributions owe the National Insurance Scheme over $2.5 billion.
This is according to the report on the Forensic Audit into the operations of the entity which was released by the Ministry of Finance on Wednesday.
The audit which was tasked with among other things carrying out “a comprehensive financial systems review” noted that the Guyana Sugar Corporation (GUYSUCO) is the largest defaulter with an indebtedness of over $1.5 billion.
The report by auditor, Ramesh Seebaran, explains that though a 2011 actuarial review reported that 40% of the informal sector workforce is not contributing to the Scheme,
