$4.9 billion in assets

The National Insurance Scheme (NIS) has always ensured that it takes care of the economic needs of the citizens of Barbados, and has accumulated assets totalling Bds$4.9 billion.

So states Prime Minister, the Right Honourable Freundel Stuart, who delivered the Keynote Address at the 50th Anniversary Gala and GEM Awards Ceremony on Saturday night at the Lloyd Erskine Sandiford Centre (LESC).

“The overall economic impact too has been significant, providing replacement of income for an insured population; providing funding for governments’ capital works programmes; and assisting with the development of various sectors. At the end of last year, the NIS held various assets including public sector assets, local equity foreign investments and real estate. The value was Bds$4.9 billion.”

However, opportunities for investment continue to pose an obstacle.

“While the surpluses gained from its investments may be interpreted as impressive for the NIS, investment opportunities remain a challenge. In 2001, the Department established an Investment Unit which has increased its portfolio from $1.5 billion dollars to its present state, in which an external portfolio managed by the Investment Unit has assets totalling US$18 million.”

With respect to sickness benefits, the PM noted that the NIS has catered to the needs of around 22 000 persons, who received in total approximately $22 million.

The Prime Minister stated that the number of insured workers has also increased tremendously from the time of its inception to date. “At the end of 1967, just under 73,000 workers were insured. Today, there are approximately 123,000 insured workers.”

In addition, the staff complement has also grown from 58 staff members when the NIS first opened their doors in the old hospital compound in 1967 to 270 persons in 2017, he said.