Senior Minister within the Office of the President with the Responsibility for Finance Dr Ashni Singh said that the National Insurance Scheme (NIS) faces serious challenges regarding its long-term viability and work has commenced looking at recommendations to implement lasting reforms to the institution.
He said that the last actuarial valuation of the Scheme done in 2016 revealed serious deficiencies with the find and that the government is now analyzing the recommendations with the view of reforming the system to ensure long-term viability.
“The National Insurance Scheme is an extremely important national institution which has served Guyana well, but which is in need of serious reform, both from the administrative and policy standpoints. Administratively, the Scheme has a longstanding reputation for administrative inefficiency and is a major source of frustration to its contributors and pensioners alike,” he said during Wednesday’s budget speech.
