| By Zena Henry As members of the public were given an opportunity to cast their opinions and suggestions on issues plaguing the “cash-strapped” National Insurance Scheme (NIS), recommendations made by the independent body consulted to improve the state agency’s financial position were met with harsh objections.Of the 28 recommendations made by Dominican national,NFL Jerseys From China, Derek Osborne,Cheap Shoes Wholesale China Free Shipping, issues relating to Old Age pension and increased contribution rates were the most discussed and intensely rejected.The public consultancy forum which was held at the NIS Head Office, Brickdam,Authentic NBA Jerseys Cheap, was aimed at highlighting the recommendations suggested by the foreign assessor. These recommendations have not been put in place,Air Force One Scontate, but according to NIS General Manager Terry Thomas, great scrutiny would be given to the pointers.It was recommended to the state agency that contribution rates should be increased from 13% to 15% no later than 2013. It was also suggested that to remedy the financial status of NIS, the agency should make future provisions for the contribution rate to be increased.For pensioners, the assessor recommended that for two years, they should receive no increase in what they are paid until the contribution rate is increased. The pension age – which caused the gathering to make the most noise – was instructed to be raised from 60 years to 65 years on a phased basis. The age of sixty was advised to be recognized as the early age pension with reduced pension of 6% lower per year.It was also recommended that pension rates be revised so that the maximum 60 percent benefit would be reached after 40 years of making contributions instead of 35 years. The number of years for which insurable wages are averaged for old age pensioners, were also suggested to be increased from 3 to 5 years.In rejection of these recommendations, the crowd had discrepancies about the assessor’s failure to take into consideration the current state of financial affairs in Guyana. They argued extensively on the highly taxed state of the country and questioned how persons could cope; especially with the 15 percent increase in contributions.They related that the financial collapse of the insurance agency was one that did not occur overnight and the working class should not have to bear the strain for the agency to regain financial grounding. The crowd lashed out at the suggestion to increase the retirement age. They said the five-year gap that was suggested for the retirement age may be difficult for low income earners, while pointing out that most public servants retire at 60.Apart from that,China Jerseys Wholesale, participants at yesterday’s forum suggested that there were many internal woes at NIS which caused the financial fallout of the state agency. Some cited bad governance, poor management and corruption as some of the key elements hindering the institute’s smooth flow.The task of the inspectors and the compliance agents who ensure that businesses adhere to NIS regulations had also been compromised, it was suggested.According to some present at yesterday’s forum,Billy Hamilton Jersey, notably Attorney-at-law and Chartered Accountant Christopher Ram, who proposed pro-bono legal consultations for the state agency, political interference had left an imprint on issues facing the NIS.With support from the audience, Ram noted that high-powered businessmen and women were using political affiliations to evade the NIS regulators. Another participant suggested that more be done for the NIS inspectors and those tasked with ensuring businesses comply with NIS rules, so as to lessen the opportunity of corruption or bribes.The gathering however expressed that they did not expect much to change following yesterday’s discussions since actions to rescue NIS had been taken in the past and nothing fruitful had come out of it.Earl John, who identified himself as a pensioner and human resource manager, said that he had been intensely involved with the NIS since 2007. He said that in 2006 there was a countrywide consultation that resulted in an NIS Referral Committee,Aaron Ness Jersey, of which he and 20 others were members. John said that the report was never implemented by the NIS and he was not convinced that the current forum would be helpful.The participants also recommended that the NIS stop wasting valuable resources and hire local assessors for the actuarial review. |
