The Alliance For Change (AFC) is proposing to reform the National Insurance Scheme (NIS) through the introduction of a new National Pension Fund. It is also seeking to establish a universal social protection framework in an effort to strengthen social security.

In a policy document released today, the AFC said Guyanese workers have a right to retire with dignity and live without fear of destitution during illness, job loss, or disability.

However, it said the reality is the majority of Guyanese workers, particularly those in the private and informal sectors, have no access to pensions, health insurance, unemployment coverage or basic welfare protection.

“The Alliance For Change recognizes that the absence of a modern, inclusive, and responsive social protection system continues to marginalize working-class Guyanese, entrenching inequality and insecurity. We propose a comprehensive strategy to reform the National Insurance Scheme (NIS), introduce a New National Pension Fund, and establish a universal social protection framework – one that covers workers from all sectors and provides safety nets in times of retirement, unemployment, maternity, disability, illness, care-giving and bereavement,” the party explained.

It explained that the National Pension Fund will cater for both public and private sector workers.

Its features include a 10% contribution (5% from the employee, and the other 5% from the employer), portable pension accounts across employers and sectors, safe investments, and disbursement at 60 years old or earlier under disability, death or certified early retirement.

AFC explained too that its plans to reform and revitalize NIS, would see the insurance scheme being audited, digitally transformed and integrated with the New National Pension Fund.

The intention, it said, to ensure financial sustainability within 3 years, increase efficiency and transparency, and reduce leakages and overheads with better oversight.

The party is also guaranteeing a Universal Minimum Pension of $100,000 for all citizens aged 65 and above.

In defending its policy, the AFC said the pension and social protection policy will ensure fairness, security, dignity, especially to those who have long been excluded from economic safety nets.

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