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NIB Executive Director: Urgent Reform Needed
February 9, 2022
Kimberly De Souza
The National Insurance Board (NIB) has revealed that its contribution income is no longer sufficient to support its benefit payments, which has resulted in a deficit for the company.
Executive Director of the NIB, Niala Persad-Poliah, said the benefit expenditure has been growing because of the ageing population and people leading healthier lifestyles.
She said between the period 2017 to 2020, benefit expenditure grew from $4.7 billion to $5.3 billion. But, during the same period, contribution income hovered between $4.7 and $4.6 billion.
Mrs. Persad-Poliah said the trend is expected to continue into the future. While the fund is sustainable, she said urgent reform is needed.
Mrs. Persad-Poliah said another suggestion is to freeze the minimum pension until it becomes relevant. She revealed that NIB met with the Ministry of Finance on the matter.
Paid influencer question for you do you find it fair someone who only worked a year and had 9 children (service man) that the nib has to pay for those children up to the age of 19. I understand where you coming from you want to get some benefit of the money you putting in but the point I trying to make is this is the Government’s ponzi scheme. How many ppl die at 59 and never claimed in their lives?paid_influencer wrote:for a variety of reasons, I will probably not live to 65. I would like a way to get out of NIB, since I will not live long enough to collect. All the NIB fees from my earnings going to pay retirement for people that lived in the boom times when money was flowing and incomes phat. They had opportunities that me and my children can't dream of having now. And none of the "contributions" from my limited income will be left when I need it. It farking sucks and feels like like being defecated upon.
I could be wrong but isn't retirement in the states 67, how many ppl living to see that? Also remember we have an aging population, more retirees mean more money nib needs to find to add to it's recurring expenditurepaid_influencer wrote:nah, I just saying this generation and the next living in hellworld. Having to bear the cost of NIB payments for the last generation who had the money and the capacity to save more in their time, well that is just the cherry on the poop pile.
retirement at 65 might as well not exist for vast swaths of the population in hellworld
paid_influencer wrote:nah, I just saying this generation and the next living in hellworld. Having to bear the cost of NIB payments for the last generation who had the money and the capacity to save more in their time, well that is just the cherry on the poop pile.
retirement at 65 might as well not exist for vast swaths of the population in hellworld
Agreed it have ppl collecting their pension and going back to work so I guess they don't need to "retire". When they do that they not really contributing, the employer pays something next to nothing under something called the Z CLASSRedman wrote:People retiring later is a trend since the 90s
People living longer is a trend since forever.
Things costing more is a trend since forever.
Political patronage through nib 8s a trend since forever.
This situation has been on their books for more than a decade.
Steups
Well just to be clear retirement age in NIB definition is really 65, however, due to public servants and others like the private sector they accommodate applications from age 60. There has to be shift , make It 61 or 62 then work it's way fully to 65.infinite_RPM wrote:How will this move affect persons in the private sector, who are approaching 60?
infinite_RPM wrote:How will this move affect persons in the private sector, who are approaching 60?
The level of service u get in US & UK is far greater than dis 5hithole.hover11 wrote:I could be wrong but isn't retirement in the states 67, how many ppl living to see that? Also remember we have an aging population, more retirees mean more money nib needs to find to add to it's recurring expenditurepaid_influencer wrote:nah, I just saying this generation and the next living in hellworld. Having to bear the cost of NIB payments for the last generation who had the money and the capacity to save more in their time, well that is just the cherry on the poop pile.
retirement at 65 might as well not exist for vast swaths of the population in hellworld
1% took the moneyGladiator wrote:....the PNM siphon out all of the money from NIB and into the NIF bonds to do what exactly who knows?...pay million dollar rents??? Now NIB broke.... do the balisier dance right foot/Left foot PNM
https://www.guardian.co.tt/news/nib-def ... 645c304948
Concerns and questions are being raised about the National Insurance Board’s (NIB) billion-dollar investment in the National Investment Fund (NIF).
The main concern seems to stem from the NIB’s admission during a Joint Select Committee (JSC) hearing last year that the NIB fund could go bankrupt in 12 years if significant changes are not implemented.
Despite that dim outlook, the NIB was able to invest $1 billion dollars in the NIF, becoming the single largest investor in the fund.
Well said, when politicians on both sides were jumping up every election time. Vote for me I will increase your NIS pension, ppl wasn't thinking where that increase was actually coming from. Well now we facing the consequences of such.88sins wrote:We have
An aging population, that living longer, high unemployment rates for the last few years, illegal immigrants who don't pay contributions flooding in job market, ever rising cost of living, and rounds of retrenchment of thousands of people. This was bound to happen eventually.
Welcome to the NIS pension system, our legal ponzi scheme.
Redman,Redman wrote:It's a little more complicated than that.
These types of funds all over the world are having similar issues...or had similar issues.
We might be unique or uncommon in the amount of nothing being done.
The nature of the fund, requires a high degree of liquidity, cash equivalents and various fixed income instruments.However since the WTC the US Fed Reserve has kept interest rates low.
Low rates means a large part of the portfolio isn't generating any income, and forces the fund manager to go into more risky investments to hunt for yield.
Low rates also change equity valuation models, and given the stock mkts a different personality.
NIB I believe is also.limited in their ability to invest internationally, and this is a very big fish in a small pond.
hover11 wrote:
They recommended to raise that retirement age as to limit the number of pensioners being added to the system thus giving more young persons time to come on the system and help maintain it. It is frightening to say the least that you may be paying for a retiree to get his pension every month but no one is paying for you to get yours when you should reach the age.
Sins,88sins wrote:hover11 wrote:
They recommended to raise that retirement age as to limit the number of pensioners being added to the system thus giving more young persons time to come on the system and help maintain it. It is frightening to say the least that you may be paying for a retiree to get his pension every month but no one is paying for you to get yours when you should reach the age.
see that increasing pension age? the idea in part behind that is so hopefully less ppl reach the age to qualify (ie pay NIS yuh whole life & drop dead before you can get it & they keep yuh money) , & when yuh dead before you can start to collect, well those contributions you made remain in the pot.
allyuh feel that the NIB is a hustle/ponzi scheme in joke
Yea but then their "friends" in high places didn't like that so it was stopped. It is written in the act but they don't use that method anymore , business reputation would tank.mero wrote:NIB also need to publish names of them nasty unscrupulous businesses who robbing the system and robbing their employees year after year
You thought Clico was bad you ain see nothing yet and when it finally restructure, half them benefits will cutThe_Honourable wrote:So with the kicking the can down the road culture we have, NIB at some point will become insolvent and the government of the day will bail them out. A much higher contribution income percentage would be imposed and we will like it so.
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