NIS Chairman to pursue commercial banking for pensioners

Oct 02, 2016 News

At the recently held anniversary ceremony on Thursday to mark 47 years of the National Insurance

NIS Chairman,
Dr. Surendra Persaud

Scheme, Chairman of the NIS board, Dr. Surendra Persaud urged employees to ensure that pensioners are reminded that they can uplift their benefits from commercial banks.
Persaud recalled visiting the Brickdam building about two weeks ago only to see a long line leading to the pension department. He informed the employees that having pensioners in such lines isn’t the way customers should be treated.
The Chairman said that upon seeing the line, he ventured into the pensioners’ department to find out how many of them knew they could receive their pensions through the bank. He said, based on his investigation, “less than 50 per cent of pensioners are aware of this.”
He said that having informed a pensioner once or twice that he can receive the benefits from commercial banks is not enough. Persaud said that there is no indication that the pensioner will remember after leaving the door. According to Persaud it is the responsibility of the NIS to keep reminding its customers.
In an interview with this publication yesterday, Dr. Persaud said that using the bank system will provide a safer and more efficient service to Guyanese.
He said that when someone fills up his application with the scheme, that person is required to present three forms. One is completed by the contributor, one by a commercial bank and the other by the NIS.
In describing how the system works, Persaud said that the NIS would send instructions to the bank to deposit a specified amount into the bank account of the pensioner.
The Chairman was then asked if he believes that using the bank system which already exists, would transfer the long lines from post offices to the banks. This would not be so, he said, since pensioners would not be forced to withdraw all their money from their accounts as is the case when they cash vouchers at the post office.
He said that using the bank system, pensioners can better monitor their spending; they can make withdrawals at their own convenience. Additionally, pensioners would not have to stand the risk of having all their benefits on their person, thereby reducing the possibility of robberies.
The Chairman recognised that persons would not adapt to the system with haste, saying that it will be a process like anything else. He said, however, that the system is utilised mostly by overseas-based Guyanese when compared to locals who are now beneficiaries.

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