The NIS question

Dear Editor,
The National Insurance Scheme’s operations have been in the spotlight for some time now and for all the wrong reasons, reasons being, it is an institution that is involved in the receipt and disbursement of monies. Whenever and wherever monies are to be collected and/or disbursed there is bound to be some degree of friction, doubts and failings from contributor and collector. I do hope my article would give some clarity to the misconceptions that exist.
Now, The NIS is a statutory body that operates under the Law; in this case bound by the constitution as any other insurance agency. The simple fact is, you make contributions and at your retirement you are entitled to a monthly refund on your contributions.
Now, there are some pertinent facts that must be taken into consideration when discussing the NIS, and I have listed them below:
1. Persons must make at least 15 years of contributions before you are entitled to a full NIS Pension.
2. Contributors must get a yearly print-out of their contributions; it is a safe way in which you can keep accurate record of your contributions. Do not wait at retirement to check up on these because by that time it would be too late. The reason for this is that some institutions are defunct, for example some security companies and The Guyana National Service, where records of one’s contributions cannot be verified.
3. Again, I highlight the point, please ensure that your arm yourself with an annual print out of your contributions from the NIS, stamped and certified by the scheme. Without this the insurance company would not be able ascertain, far less to honour your claim with a payout.
4. Self-employed persons must pay into the NIS; it is mandatory! If you do not contribute to the scheme you cannot claim; The NIS is not a charitable organization that you run to for a handout if you have not been contributing, or one haven’t been up to date in your contributions! Self-employed persons contributions are done on a scale worked out by NIS and the self-employed person.
5. On a survival benefit, this is earned if one of the spouses died and the other, whether husband or wife receives a survivor’s benefit. Now, if both spouses were receiving an NIS and the other died then a pyout is worked out in favour of the survivor on a scale of the higher contributor. What I’ve seen in the media are persons claiming benefit on both counts; that is their own and on their spouse. It is not a windfall and certainly not legal.
I must highlight the point that the age limit for retirement in Guyana is very limited, that is, it should be extended to age 60 or 65 years. The years cited is progressive and forward thinking, while being a conservation of experience in the workplace.

Respectfully,
Neil Adams