National Insurance Services Now Holds 500 Million Dollars in Assets

By Ernesto Cooke

The Executive Director of the National Insurance Services Mr Reginald Thomas says nothing gives him greater pleasure than to see the pensioners and contributors covered under the safety net in St Vincent and the Grenadines.

Thomas was speaking at the NIS customers appreciation day on Thursday 5th January, 30 years to the date on which the social protection system was introduced in St Vincent, replacing the National Providence Fund which only provided age benefit and funeral expense.

The Executive Director said the NIS had expanded the framework so that pensioners now have a social security system that offers a degree of safety, which provides protection, camaraderie and continuous sustainability to the quality of life.

Speaking on the topic “Who We Are” Thomas said when the NIS started in 1987 there were 278 beneficiary and benefits expenses of eighty thousand, two hundred and ninety-six dollars.

A mega reserve of fifty-seven million dollars and total assets of fifty-six million, eight hundred thousand, five hundred and four dollars.

Photo showing invited pensioners- Photographer Seymour Hinds News784

At the end of 2016, Thomas said the NIS has beneficiaries totalling thirteen thousand, three hundred and seventy-three, which represents a growth of 4710 percent or 48 times that which the institution had in 1987.

The NIS now has benefit expenses annually of fifty-five million, four hundred and seventy-six thousand dollars, growth 91 times the levels which the institution had in 1987.

Thomas said the NIS now have 478Million dollars in reserves that secure pensions, eight times what we had in 1987.

Today the NIS holds total assets of four hundred and eighty-three million, four hundred and thirteen thousand, three hundred and three dollars a 750 percent growth or 8 times the levels of assets which the NIS had in 1987.

“ we are an institution which will continue to provide a quality of life for you, our pensioners, and I want to take this opportunity to ask you to use the Golden Years centres they were built with you in mind, the one in Cane Grove and the other in Black Point”, Thomas said.

Thomas thanked the Management and board for the direction given to him in his twenty 22 years at the helm and more so the Prime Minister who he said, approved the policies for expansion and adjustments to the system.

Listen to The Executive Director explain “who we Are” News784 AUDIO

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