The National Insurance Scheme (NIS) is expected to benefit from a US$700,000 loan from the Inter-American Development Bank (IDB) which is intended to strengthen its institutional capacity.
According to the financial institution, NIS was established to achieve several objectives. These include maintaining a system of Social Security through which enough income is secured to take the place of earnings when such are interrupted by sickness or accident; and ensure that monies collected which have to be used for future payments are invested in such a manner that the economy of the country would reap maximum benefit.
In order to effectively execute these goals, the IDB said that NIS needs to improve its efficiency by establishing a solid roadmap and Strategic Plan for the next 10-year term (2020-2030). The IDB believes that this would ensure alignment of all human, financial, technological and other resources to achieve its mandate and to make its vision a reality.
The IDB outlined that the strategic plan will ultimately help to guide and inform future decision making with regard to investment, contribution income collection, benefit payments, training, marketing and public relations in an effort to rebrand the Scheme.
It was further noted that the roadmap will help the National Insurance Scheme to be administered in compliance with the National Insurance and Social Security Act – Chapter 36:01, being cognizant of its responsibility to provide the best service to contributors and pensioners.
The Inter-American Development Bank via technical cooperation is supporting the development of this strategy. In this regard, it is in the process of procuring the services of a reputable consultant capable of developing an appropriate 10 year strategy for the NIS for the next 10 years.
