Finance Minister tasks new NIS Board with returning scheme to financial viability

Senior Minister within the Office of the President with responsibility for Finance, Dr Ashni Singh attended the maiden meeting of the new Board of Directors for the National Insurance Scheme (NIS) where he tasked the Directors with returning the scheme to financial viability.
The first meeting of the Board was convened on Monday at the NIS Complex, Carifesta Avenue, Georgetown. Singh advised the Board members of the level of work needed and the challenges ahead in relation to the various problems to be addressed.
“Over the last several years, we have seen the progressive decline of the Scheme. The NIS faces a number of challenges at the macro level and has come under severe threat. It is therefore going to take a lot of work to return the Scheme to long-term financial viability,” he said.
He expressed the Government’s appreciation to the members for accepting the appointments and outlined some of the expectations in terms of the work necessary to return NIS to financial viability. He also emphasised the level of importance Government has placed on NIS, reminding the Board that pensioners and retirees look forward to their pension in a timely manner while current contributors expect to receive their benefits promptly.
Minister Singh related the Government’s grave concern at the number of complaints received from contributors about delays in receiving their benefits and entitlements, sometimes as a result of incomplete records of their contributions to the Scheme. As such, he tasked the Board with addressing this problem immediately, with a view to ensuring that public satisfaction with the level of service provided by the NIS improves urgently.
Just over a week ago, the Minister announced the appointment of former Private Sector Commission (PSC) Chairman, Ramesh Persaud as new Chairman of the NIS Board. Persaud is also currently the Chief Executive Officer (CEO) of the Institute of Private Enterprise Development (IPED) and also serves as a member of the Guyana Sugar Corporation (GuySuCo) Board. The other members of the Board are Holly Greaves (ex officio), Faizal Jaffarally, Yvonne Pearson, Maurice Solomon, Satanand Gopie, Kathleen Jason, Seepaul Narine and Jillian Burton-Persaud.