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FINANCE Minister Vishnu Dhanpaul says government remained committed to social security for the population.
He made the comment when he addressed a ceremony to formally open the National Insurance Board ‘s (NIB) new corporate office at Lady Hailes Avenue, San Fernando, on April 23.
Dhanpaul recalled since its inception in 1972, the national insurance system (NIS) has been a cornerstone of social stability.
He said the NIB processes 200,000 claims annually through 48 service centres nationwide.
Dhanpaul praises the NIB for improving its technological capabilities which are in sync with government’s national digital transformation agenda.
“The importance of social security in national advancement cannot be overstated.”
He said, “A strong, well-managed, insurance fund to ensure that people can retire with dignity, recover from illness with security and navigate life’s uncertainties with confidence.”
Dhanpaul added government remained committed to strengthening the NIS.
“I wish to reaffirm that sustainability of this fund is one of our top priorities.”
Through ongoing actuarial reviews and policy reforms, he continued, “We are working to secure the fund for the next 50 years and beyond.”
He said at the end of fiscal 2024, NIB’s total assets stood at $28.5 billion.
“This underscores the tremendous importance of the institution to our economy.”
Dhanpaul said the NIB’s benefit payments were approximately $6.5 billion and were distributed to over 226,000 people.
He praised the recent successful merger of the TT Mortage Finance Company Ltd with the Home Mortgage Bank to create the TT Mortgage Bank (TTMB).
Dhanpaul said TTMB was an NIB subsidiary which had the objective of reducing costs and making mortgages available to low- and middle-income earners.
He added social protection was a collective effort, and government could not do it alone.
Dhanpaul said of the ways the progress of a country can be measured is the way that it cares for its most vulnerable people.
NIB executive director Niala Persad-Poliah and chairman Patrick Ferreira highlighted the NIB’s efforts to improve its efficiency.
Persad-Poliah said NIB’s Empower digital platform will give customers the convenience of doing many transactions from their mobile phones or computers, without ever physically coming to an NIB service centre.
“Empower is all about enabling people, simplifying lives and restoring confidence in the NIB.”
She said the first phase of the Empower platform would be rolled out next week.
Ferreira assured the digital initiatives NIB was pursuing “will not completely replace the human touch.
“Digital innovation will walk hand-in-hand with accessibility.”
He later told the media the NIB continues to strengthen its efforts to deal with situations where employers may not report the NIS contributions of its employees.
Ferreira said that already included toll-free telephone numbers at which people could call the NIB to make complaints.
He added the Empower platform would help people see their NIS payments being recorded in real time.
“We are going after those employers who are not paying.”
Ferreira said that was being done to the full extent of the law.
“We have followed the law. We have a number of matters in court.”
Under the law, employers found guilty of not reporting the NIS contributions can face fines of $4,000 and six months imprisonment for failure to pay the fines.
Trinidad and Tobago Newsday
