Tied up in debt
DIRECTOR OF THE National Insurance Scheme, Ian Carrington, is concerned about the level of National Insurance funds tied up in Government debt.
Carrington told the WEEKEND NATION this week that while he was not bothered about the availability of funds to meet current NIS obligations, “the major concern that I have is the extent to which a significant portion of our financial reserves are tied up in terms of holding Government paper”.
“My concern is that too much of those funds are essentially with one player, and from an investment point of view, it is about putting all your funds in one basket, because if something happens, you are going to have a difficulty,” he said.
In an interview on the sidelines of a meeting of the CARICOM heads of social security organisations at the Crane Resort, Carrington disclosed that there were currently 43 600 pensioners on the NIS register and he projected this number would increase to about 54 000 over the next five years. (GC)
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