The National Insurance Scheme (NIS) has admitted to collecting over 1.1 million contributions from working Guyanese across the country but is unsure of who the beneficiaries are.
This revelation was made by the NIS Chairman and Secretary to the Cabinet, Dr. Roger Luncheon who also announced that 100% of all paper records of contributions have been entered into the new electronic system.
Dr. Luncheon, who is a pensioner himself, said it was discouraging to learn in the final report of the data entry and verification project that there was this large number of unverified contributions which means that beneficiaries are not likely to receive their benefits.
“So NIS has the money but no one to pay it out to,” Luncheon said.
In fact, the data entry and verification project was undertaken between June – December 2014 to deal with criticisms leveled against the Scheme by contributors regarding deficient contribution records and delays in the payout of benefits.
Luncheon said the situation, then and now, is untenable and advised that while there is little that NIS can do, incisive action will be taken to identify contributors with deficiencies to see if they can be mapped with the unverified contributions received.
He was in high praise of the recently concluded project; saying it helped to correct misplaced contributions to a large extent.
Commenting on the overall well being of the Scheme, Luncheon said NIS was financially sound. He cautioned that his assessment must not be regarded as biased even as he pointed out that the Scheme’s biggest challenge would be to ensure it remains the way it is.
The Scheme’s Chairman rejected commentary by “naysayers” and said he reposed full confidence in NIS’ viability.
He said much more needed to be done in relation to the collection of outstanding debts.
Filed: 11th February, 2015
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