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NIC commences collections for self employed and voluntary contributors

Contact: Julita Peter

Wednesday 27 October 2010 –  The National Insurance Corporation, NIC,  has started the process of extending social security coverage to self employed and voluntary contributors. This is one of the achievements being celebrated by the NIC, as it observes forty years of social security.

Director of the NIC Matthew Mathurin, says the corporation is not confined merely to the social dimension, but remains critical to the development of the economic infrastructure of the country.

“After all we pay five thousand pensions every month. Without social security what would happen to those persons.

“We have paid five hundred and twenty million dollars in benefits since the birth of social security in 1970 and we continue to pay $4.2 million dollars every month in benefits. These monies are paid to persons who would use that money to buy food , clothing medicine books for their children. Companies have to employ people to provide those services, companies have to pay for those services, they take that money and spend it again and the cycle repeats itself.” 

The NIC Director says the corporation has also disbursed more than four million dollars in loans, and has expended more than two hundred and fifty million dollars in procuring financial instruments, such as treasury bills and bonds.

“But our work is not done; we still have to ensure that the system remains relevant to our contributors; that our benefit continue to fit the circumstances of our beneficiaries.  This is why in the coming years we have to continue to monitor and to examine our contribution and benefit structures.”

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