President Dr. Mohamed Irfaan Ali has unveiled a $10 billion one-time financial injection into the National Insurance Scheme (NIS), aimed at addressing the difficulties faced by individuals in accessing their entitled benefits.
Speaking at a special parliamentary session at the Arthur Chung Conference Centre, President Ali emphasized the government’s commitment to enhancing support for those who rely on the NIS.
Earlier this year, the minimum pension for NIS beneficiaries was increased from $35,000 to $43,000 monthly. Despite this adjustment, the president noted that during interactions with communities, particularly the elderly, it became evident that more support was necessary.
“We thought it necessary that we must and should do more,” President Ali stated, highlighting the government’s dedication to improving the quality of life for citizens.
While the complete details of the funding will be presented in next year’s budget, President Ali indicated that this financial boost aims to assist contributors who have not yet met the required threshold to receive benefits. The initiative will enable these individuals to receive support that reflects their contributions to the scheme.
Additionally, the government previously announced a plan to offer a one-time cash settlement to individuals aged 60 and over who have made between 700 and 749 contributions to the NIS. This initiative is expected to benefit over 3,800 individuals who fall short of the 750 contributions required to receive pension benefits.
