Latest update December 3rd, 2024 1:00 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

NIS looks to clampdown in outlying areas -$24M collected from oil & gas employees for year

Oct 07, 2018 News

As Guyana moves nearer to a 2020 start in oil, the 49-year-old National Insurance Scheme (NIS) said it has started to collect contributions from the sector,
General Manager, Holly Greaves, during the recent observances of the 49th anniversary, told staffers and other invitees, including Finance Minister, Winston Jordan, that the scheme has also been engaging companies in the emerging oil and gas sector.
“As at August 2018 the scheme has received a total of $24,732,593 for one hundred and fifty five (155) employees. We are currently in the process of registering other companies.”
Although with billions of dollars in its kitty jar, the scheme is facing a long term viability issue with payouts and other expenses outstripping its collections from employers.
NIS badly wants to find better returns from its investments after more than US$30M was lost prior to 2009 via an investment in the now bankrupt CLICO.
Government has signed a debenture agreement that will see the monies being replaced at NIS.
However, other investments have not been forthcoming from the billions of dollars.
Its investment in the Berbice River Bridge has not been seeing returns.
NIS recently participated in a five-year syndicated bond to help finance capital projects for the Guyana Sugar Corporation (GuySuCo). The returns from that is over four percent.
According to the GM, the number of claims to the scheme continues to increase. NIS is simultaneously faced with demographic, financial and economic challenges.
“These challenges facing the scheme are not significantly different from those confronting similar social security arrangements worldwide. Notwithstanding this, the scheme continues to make every effort to fulfill its mandate to have all employers meet their obligation to the fund.
“This requires a change in strategy, as well as, a change in attitude and commitment of all staff to the organization.”
The official noted that in a world where change is inevitable, NIS must refuse to be complacent as individuals and as workers within the organization.
The scheme has now started to crackdown on new and untouched areas targeting new, dormant and evasive contributors.
“A number of exercises have been and are currently being undertaken to survey and determine the viability in areas such as Regions One- Port Kiatuma, Matthews Ridge, Arakaka; Region Five– Mahaica and Mahaicony Creeks, Region Six – Canje Creek, Orealla and Supuruta; Region Seven – Puruni/Itaballi and Region Nine – Lethem and its environs.”
According to the GM, the results of these exercises will lend to structured compliance exercises in 2019 to ensure that the new and/or reactivated contributors remains compliant; resulting in population growth and increased contribution collection.
“Special exercises have been planned for the other regions, especially the main populated areas since this will require the engagement of the total compliance team.”
The scheme has also implemented the Debt Management Unit in January 2018 to recover debts owed to the NIS by employers and self-employed contributors, as well as to monitor and report on the debt recovery process.
“This involves visiting and interacting with defaulters, serving demand notices and filing court cases.”
Meanwhile, NIS said it is making more strides to improve its services for Compliance Certificates.
The certificates are required especially by contractors who are bidding for state projects.
“With the implementation of the Compliance Certificate, the Scheme was able to generate $12,475,000. The scheme is now able to capture details relating to applicants for compliance certificates. The new system also allows for proper audits of compliance activities.”

Similar Articles

The Glenn Lall Show | December, 2nd, 2024

Follow on Tik Tok @Glennlall

 

THE BLUNT OF THE DAY

Sports

Rana five-for and enterprising batting put Bangladesh in the driver’s seat

Rana five-for and enterprising batting put Bangladesh in the...

Dec 03, 2024

ESPNcricinfo – Bangladesh’s counter-attacking batting and accurate fast bowling gave them their best day on this West Indies tour so far. At stumps on the third day of the Jamaica Test,...
Read More
ANSA McAL on board with inaugural National Futsal C/ship

ANSA McAL on board with inaugural National Futsal...

Dec 03, 2024

GBF unveils squad for 2024 FIBA 3×3 AmeriCup in Puerto Rico

GBF unveils squad for 2024 FIBA 3×3 AmeriCup...

Dec 03, 2024

Someash Boyer benefits from Project “Cricket Gear for young and promising cricketers in Guyana”

Someash Boyer benefits from Project “Cricket...

Dec 03, 2024

Several athletes and coaches aiming to benefit from India’s JAIN University scholarships

Several athletes and coaches aiming to benefit...

Dec 03, 2024

GAPLF congratulates Dominic Tyrell for taking Sportsman of the Year runner-up  

GAPLF congratulates Dominic Tyrell for taking...

Dec 03, 2024

Features/Columnists

  • Morally Right. Legally wrong

    …Peeping Tom Morally Right. Legally wrong Kaieteur News- The situation concerning the disputed parliamentary seat held... more

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]