During the year 2019, the National Insurance Scheme (NIS) spent significantly more than it earned, ending the year with a deficit of $1.503 billion.
The amount has been absorbed by National Insurance Fund, which stood at $31.731 billion.
According to the Scheme’s 2019 Annual Report, which was laid in the National Assembly on December 23, a total of $24.864 billion in revenue was collected by the Scheme for that year. Though this represented an 11.8% increase over the $22.238 billion earned in 2018, NIS still recorded a deficit as expenses incurred totaled $26.367 billion.
