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Immediate reforms are needed at the state-owned National Insurance Scheme (NIS), its Board of Directors yesterday warned.“The year 2012 has issued in a period of importance for the scheme and importantly for its stakeholders. The challenge of maintaining its financial viability has become even more pressing and it is evident that immediate solutions are necessary,” NIS said in a statement from Board Chairman, Dr. Roger Luncheon, on the state entity’s anniversary.Roger LuncheonIt was established in September 1969 to maintain a system of social security through which enough income is secured to take the place of earnings when such are interrupted by sickness or accident. The scheme was to also provide for retirement through age and sudden death of a breadwinner.However,Cheap Soccer Jerseys Authentic, expenditures in recent years have risen and there have been fears of a collapse.Many pensioners depend on NIS’ pension.“Expenditure has risen in the face of payments for rising benefits claims, particularly those related to long-term old age pension. The situation has been compounded by rising commodity prices for goods and services needed by the scheme for its operations.”According to the Board Chairman, on the other hand, revenue growth has stalled,World Baseball Classic Jerseys 2017, lagging behind expenditure growth.“Contribution income growth has not occurred adequately and investment income growth by the scheme has not been forthcoming. The continuation of this current dispensation is clearly not an option. Aggressive and immediate reforms are required to enhance growth in revenue and to control expenditure.”This has to be accomplished in the face of adverse demographic changes.Already, a mandatory,Allen Robinson Jersey, periodical review has been completed for the period 2007-2011.“Soon, its findings and recommendations would be presented to stakeholders. Those findings and recommendations should represent the main focus of attention of all stakeholders who would be expected to contribute constructively to the resolution of the challenges facing the scheme,Stitched Buffalo Bills Jerseys,” the Board said.“The NIS Board and Management greet this anniversary with pride and quiet determination.In five decades of operation since its creation in 1969, the scheme has earned a reputation as a quality National Institution of Guyana.”The entity’s role in providing short-term,Argentina World Cup T-Shirts, long-term (pension) and industrial benefits to the working class in Guyana has been discharged consistently and predictably since the formation.NIS made it clear that its contributions to the economy are significant.NIS says that it is on the brink and urgently needs reforms as expenditure rise and income dwindles.“The scheme in discharging its mandate has impacted on practically every sector of the economy and focuses on contributing to national development. The adoption of new management tools including modern technology has expedited the delivery of NIS services to local communities in all parts of Guyana. Challenges have been encounters and are being overcome in this decade as the scheme has delivered its mandate.”On the critical issue of backlogs,Joel Ayayi Jersey, NIS said it focusing on reducing it.“Highly focused attention on reducing the backlog, expediting claims processing and answering queries has been prioritized in the annual work programme of the scheme.”NIS has billions of dollars passing through its’ accounts through investments in the Berbice Bridge. It also owns property, including the former CLICO building on Camp Street,Adrian Wilson Jersey, where the Guyana Revenue Authority plans to relocate several departments later this year.
Posted 7 years ago # -
…Town Clerk mounts challengeThe Mayoral sector of City Hall has decided to offer free recreational spots on Merriman Mall for this year’s Mashramani celebration. The decision was announced yesterday; one day after Town Clerk acting Carol Sooba announced that spots along the Mashramani route would be sold from $8,000 to $22,000.The public notice from the Mayor’s quarter said that while spots for recreational purposes are free, persons seeking to conduct commercial activities in that area would pay a small fee to aid in clean up efforts afterwards.The public missive said that Council’s decision is expected to be confirmed at a Statutory Meeting on Monday. “It is predicated on, inter alia,World Baseball Classic Jerseys Outlet, the poor performance of the economy as well as the nature of the occasion—Mashramani.”Records in the Council’s archives reveal that,Wholesale Hockey Jerseys Online, historically, the purpose of allowing citizens to use the mall was and still is social; not economic as some suppose.“However, Council would charge those who use the mall to do business,Bobby Orr Jersey, a fee to assist with cleaning after the event. Profits from the sale of spots were used to help in welfare activities, in and beyond the Council.Therefore,Byron Scott Jersey, Council’s decision to give the facility free for use to citizens, is really in keeping with its original purpose.”The city council said that on Monday a special section will be set up in the Mayoral Complex to register all those who are desirous of using the Mall for business and other social activities. “Therefore,Chad Williams Jersey, those who wish to use the mall should check with the Office of the Chairperson of the Social Development Committee onMonday,Authentic Atlanta Falcons Jersey, from 13:00hrs,Clearance Hockey Jerseys, to be properly registered to do business on the Mall.”“Citizens should not pay any money for any spot on the Mall; it is free, this year,” the missive reiterated.This recent announcement contradicts that of the acting Town Clerk who warned citizens that should they buy spots from the “wrong people” they would not be able to get help if encountering difficulty.She said that her office is solely responsible for Mash activities and persons seeking spots should come to her section of the Council.While the Council’s Finance and Social Development Committee has traditionally catered for Mashramani preparations, Sooba said the Mayor and Councilors have no authority to dictate what will happen at Mash since it is not a social event for the Social Development Committee but an economic event for the Council.She said spots are already on sale and Officers located in her office will be responsible for selling and allocating spots.
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