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New Contribution rates in 2008
Effective January 1 st , 2008 the NIS contributions rate will be 8% of insurable earnings. Employers will pay 4.5% and employees pay 3.5%
Remember: the higher your contributions, the higher your benefits!!!
“The NIS…Securing your future today”
NIS INJECTS EC$6 MILLION INTO FISHING SECTOR
On September 6 th, 2007, The National Insurance Services signed two (2) memoranda of Understanding (MOU) with the Ministry of Agriculture and Fisheries, the National Commercial Bank (NCB) and the First St. Vincent Bank at a ceremony held at Cabinet room.
The NIS advanced EC$6 million to the NCB and the First St. Vincent Bank, which will be used to provide loans to fisher folks in St. Vincent and the Grenadines to develop their fishing businesses, improve their fishing methods and to purchase bigger and better equipped vessels
The funds will be placed into a special account, which will be accessed by the clients from the bank of his/her choice. The maximum limit on the loan is EC$400,000. Under the programme the borrower will be charged interest on the loan at a rate of 8% per annum, of which 5% will be paid to the NIS, and the financial institutions will receive 3%.
The Executive Director of the NIS, Mr. Reginald Thomas, speaking at the ceremony apprised persons that this agreement is one of the many ways in which the Institution is fulfilling its mandate to assist with the social and economic development of the Country. Other similar programmes include the 100% Mortgage Programme at NCB, the National Student Loan Programme, the two golden years activity centres for senior citizens, the Non-contributory Assistance Age Pension (NAAP) and the airport development.
He further explained that the loan will be given under the condition that the employers (fisher folks) register themselves, their businesses and their employees with the National Insurance Services.
Also addressing the ceremony was the Prime Minister Dr. Ralph Gonsalves. He stated that this programme is part of his Government’s initiative to build a modern post colonial economy. He further added that the fishing industry contributes approximately 2% of this Country’s GDP and employs over 2000 persons.
Other addresses were made by the Minister of Agriculture and Fisheries, Honourable Montgomery Daniel and Permanent Secretary Allan Allexander; Chairman of the First St. Vincent Bank, Mr. Randolph Russell and Deputy CEO of the NCB, Mr. Derry Williams.
NIS PRESENTED CARNIVAL T-SHIRT BAND
In addition to providing general sponsorship of 2007 Carnival, the NIS had partnered with GECCU in presenting a Carnival Monday T-shirt Band, which was dubbed “Magic Monday…Off Da Chain Jam.” This year was the first time that the Institution has embarked on such a venture.
The Carnival Band formed part of the overall Institution’s mission to assist in the social and economic development of St. Vincent and the Grenadines. Additionally, it was used as one of the marketing strategies to improve the Institution’s image and relations with our stakeholders.
The event was a resounding success as the preceding objectives were realized. It has helped to revive the Carnival activities here in St. Vincent and the Grenadines. Besides, it was quite timely in that this year is our 30 th anniversary of Vincy Mas.
The Mas Band was one of the biggest bands on Carnival Monday. It attracted persons from various age groups, as well as our different customer groups (employees, employers, self-employed, voluntary contributors, pensioners and overseas nationals). Hence, it was a good way of connecting with our valued customers, and celebrating Vincy Mas, our premier and national festival. As result, we were able to change the perceived notion that the institution is one that only pays out Age and Death Benefits.
The Institution’s image was not compromised in any way, as peace and order were maintained throughout. No form of vulgarity was displayed by the revelers. They were extremely happy with our presentation, and recommendations were made for the Institution to add this event to its annual calendar of activities.
Given the response, this event is expected to positively impact the NIS registration, contributions, as well as our customer relations.
NIS HOSTS THE 18 TH CARICOM HEADS OF SOCIAL SECURITY MEETING
The National Insurance Services continued its activities to commemorate its 20 th Anniversary by hosting the 18 th CARICOM Heads of Social Security Meeting which spanned from the 10 th to the 15 th June, 2007. It was held under the theme “Collaborating forOrganizational and Health Improvement.” This meeting was historic, in that, it was the first time that St. Vincent and the Grenadines hosted this important event and it was also the first time that Secretary General of the International Social Security Association (ISSA), Mr. Hans Horst Konkolewsky, visited the Caribbean Region.
The conference was threefold – meeting with the Secretary General, dialogue among the Social Security Heads on the challenges and issues confronting the Social Security Institutions, and a workshop for Public Relations Managers of Social Security Institutions.
There were participants from Anguilla, Antigua & Barbuda, Bahamas, Barbados, Dominica, Grenada, Jamaica, St. lucia, St. Kitts, St. Vincent & Grenadines, Trinidad, Turks & Caicos. In attendance also were delegates from ILO, CARICOM, CISS and UBS Financial Services.
Much of the discussion among the Social Security Practitioners was centered on the following:
- The impact of HIV/AIDS pandemic on social security institutions
- The necessity for a robust Health and Safety Programme to improve organizational effectiveness
- CARICOM Reciprocal Agreement on Social Security
- Contingent rights under the CSME
Additionally, suggestions were provided on how Social Security Institutions can collaborate to maximize investment returns, develop their research and actuarial capabilities and articulate a vision for the development fund with the framework of a single economy.
Speaking at the opening ceremony at the Methodist Church Hall on the 10 th June 2007, Mr. Konkolewsky congratulated the NIS (SVG) on its significant achievements over the past 20 years. He informed the delegates that this Institution officially became a member of ISSA in 1997, the year of the 10 th Anniversary celebration of the Institution. He further reaffirmed his organization’s commitment in working with CARICOM to further develop regional cooperation among the Social Security Institutions, and to assist in addressing the burning issues which Social Security Institutions confront today. Part of his visit included a courtesy call on the Prime Minister of SVG, Doctor Ralph Gonsalves. 
Mr. Hans Horst Konkolewsky
Also addressing the delegates was the St. Vincent and the Grenadines’ Prime Minister and Minister responsible for social security, the Honourable Dr. Ralph Gonsalves. He expressed his confidence in the Region’s capability in dealing with the social and economic issues that are affecting the regional social security institutions. Additionally, he noted that by 2025 civil servants would be earning more in retirement from the NIS (SVG) pension and the Government’s consolidated funds than when they were employed. This situation he stated would become unsustainable and must be dealt with constitutionally and urgently.
Honourable Dr. Ralph Gonsalves
The NIS (SVG) Chairman, Lennox Bowman, in his remarks at the opening ceremony highlighted the multi-faceted challenges facing the regional social security institutions. Among these are the demographic changes, unemployment, the HIV/AIDS pandemic, fiscal and debt imbalances, natural disasters.
Mr. Lennox Bowman
In response to these issues, Mr. Bowman recommended the enhancement of knowledge sharing and pooling of resources for health education, training of health care professionals and fund managers. Additionally, he stressed the need for strategic investments alliances, economically target and social investments, and the creation of a safety culture in the social security organizations. The Chairman also appealed to these organizations to actively strive to extend coverage in the informal Sector and to self-employed persons.
Mr. Reginald Thomas, Executive Director of NIS (SVG), in welcoming the delegates and his colleagues to the meeting recalled the fact that the CARICOM Heads of Social Security meeting has gained in acceptance and importance in much the same way as the importance of social security itself.
He noted that the work that is required now by social security institutions in response to the varying challenges call for social security practitioners to be more resulted oriented and proactive in advancing solutions to benefit the stakeholder.
He told heads that many persons are today reaping benefit from the work undertaken to implement the CARICOM Social Security Reciprocal Agreement. The Social Security Diploma programme conducted by the Cave Hill School of Business continues to add capability to social security institutions and the work done on investment and research would be further enhanced.
He stressed that dedication to duty is a key imperative and heads should do all in their powers to drive productivity thereby providing quality service to its stakeholders.
Addresses were also made by Mr. Gabriel Martinez, Secretary General of CISS and Mr. Steven Mac Andrew, Secretary General of CARICOM.
The St. Vincent and the Grenadines National Insurance turns 20 on January 5, 2007
January 5, 2007 marks twenty (20) years since the National Insurance Services (formerly the National Insurance Scheme), NIS opened its doors in St. Vincent and the Grenadines.
The National Insurance Services, which succeeded the National Provident Fund has grown from a fledging institution, striving for recognition in 1987 to a firmly entrenched national institution in the landscape of St. Vincent and the Grenadines.
To date, the National Insurance has expanded its services to include Voluntary Contributors, Self-employed coverage, benefits for persons injured on the job (Employment Injury) and its new E-Submit programme to facilitate electronic submission of data to employers with more than twenty (20) employees.
These new services complement the initial offerings that were initiated at the inception of the NIS. The principal benefits offered then were Sickness, Maternity, Survivors, Age Pension, Invalidity and Funeral Grants and primarily the institution collected contributions, registered employees and employers and paid benefits.
Currently, the NIS boasts an asset base of approximately $325 million, a more diversified Investment Portfolio, a highly trained cadre of staff, an aggressive marketing strategy and offers a quality of service that is second to none.
Socially, the NIS has made significant contributions in the field of education by funding the Student Loan Programme. We have contributed to the Mortgage Finance Programme, constructed two centres for the elderly, instituted a Non-Contributory Assistance Age Pension (NAAP) and made significant contributions in the field of health.
The major highlights of our twentieth anniversary celebrations will be the opening of our new headquarters building, a social donation of $100,000.00 to the physically challenged, hosting of the CARICOM heads of Social Security meeting, a symposium on the “future of Social Security in the English Speaking Caribbean,” a documentary and panel discussion on “NIS through the years” and a Pensioners Fun Walk.
Currently the NIS pays pensions to Age Pensioners - 2145, Survivors’ Pensioners - 556, Invalidity Pensioners - 65.
The theme “ 1987 – 2007 – Present Reality – Future Security” is a fitting tribute to the NIS’ contributions to SVG in the past, its commitment to satisfying the needs of its current clientele and its vision for the future stakeholders. Truly the NIS has come of age. Let’s celebrate together with the NIS.
The NIS held its 10th annual Awards and Dinner on January 13th, 2007 at the Sugar Mill Inn. This event “brought the curtains down” on the 20th Anniversary celebrations which began on January 5 th.
Several employees were recognized for their outstanding performance in 2006. Nicole Joseph captured the coveted title of most outstanding employee of the year. She also walked away with the award for being the most outstanding employee in the Accounts division and shared the award for exceptional attendance and punctuality on the Middle Management level with Alfredo Ollivierre, Stewart Haynes and Peter Samuel. The Awards for exceptional attendance and punctuality on the Senior Management level went to Sharon Ashton and Richard Lewis.
Most outstanding Junior Officers were Loisha Norton, Kamal Thomas and Dezmin Pitt. Donnette Arrindell received the award for most outstanding Assistant Supervisor. Stewart Haynes and Jeremy Jackson copped the most outstanding Middle Manager Award and most outstanding Senior Manager’s Award, respectively.
The Administration Division was named the outstanding division for 2006. The other divisional awards were as follows:
Compliance Division – Dezmin Pitt
Data Processing Division - Kamal Thomas
Benefit Division - Winston Edwards
Accounts division - Nicole Joseph
Administration - Donnette Arrindell
Information Services - Dayne Nichols
Marketing Division - Ann Marie Daniel
Special Awards were given to Dawn Small, for exceptional performance in the area of marketing; and Judell Simmons and Dornelle Fitzpatrick for performing duties above their current status.
The NIS also presented the Sonny Boyce Award to the top five (5) employers who, during the year 2006, met their statutory obligations to the NIS in relation to registration requirements, timely and accurate payment of contributions, prompt submission of contribution and benefit records, and for their co-operation with the NIS in ensuring the delivery of quality service. The top Employers were: St.Vincent Distillers Ltd, Barbados Mutual Life Assurance, Ginger Bread, Mustique Airways and Caribbean Sheet & Tubular Industries.
The Sonny Boyce Award is named after the late Sonny Arthur Boyce in recognition of the noteworthy contribution he made during his tenure as the longest serving member of the National Insurance Board.
Miss Theresa Nash was adjudged the most compliant self-employed person in 2006.
Pensioners Carmen Sutherland, Leroy Wilson, Bassy Alexander and Noami Bennett were recognized for their support throughout the years in promoting the services of the NIS to the younger generation.
The Dinner Award ceremony ended with a dynamic performance of vintage calypsos by the NIS Heritage Groovers and a dance by Kamal Thomas.
“Future of Social Security in the English Speaking Caribbean”
The National Insurance Services hosted a panel discussion on January 9, 2007 at the Kingstown Methodist Church Conference Centre under the theme “The Future of Social Security in the English Speaking Caribbean. The discussion was chaired by Mr. Lennox Timm, NIS Financial Comptroller and moderated by Miss Mineva Glasgow, the Deputy Executive Director. The other panelists included Dr. Frank Alleyne of U.W.I Cave Hill Campus, Professor Karl Theodore of the Health Economics Unit at U.W.I. St. Augustine Campus, and Mr. Reginald Thomas, Executive Director of the National Insurance Services.
Both Dr. Alleyne and Professor Theodore in their presentations affirmed that HIV/AIDS is one of the most dangerous diseases to hit the Caribbean and that the pandemic is one of the key destroyers of the Social Security Systems in the Region. Hence, it is crucial that the Caribbean and the Social Security Institutions address the impact of HIV/AIDS.
Professor Karl Theodore
However, Dr. Jerrol Thompson commenting during the interactive session of the discussion opined that the pandemic’s impact can be controlled and that with the advancement of medical treatment, infected persons can now look forward to longer, productive lives.
Other issues and challenges for social security in the region, as highlighted by the two renowned Caribbean Economists include: an ageing population, the impact of global economic policies, the growth of the informal sector, high poverty and unemployment levels coupled with economic downturns in the region and the impact of natural disasters.
In response to the preceding challenges, the following recommendations were made by Dr. Alleyne for the way forward:
- The introduction of a National Health Insurance programme
- Social security reform
- Prudent investment management
- Revision of the legislation governing social security investment
- Investment in youth programmes (development of entrepreneurial and technological skills)
- Development of a plan for dealing with natural disasters
- Transformation of private sector thinking
The Executive Director in his discussion addressed the impact of CSME on the Social Security programmes and hence, called for more appropriate skills set, the development of a migration plan, and a regional investment plan among the Social Security Institutions.
Mr. Lennox Bowman, Chairman of the NIB, impressed upon the audience that the NIS is committed to continued excellence and quality service. He further informed persons of the areas of priority for the NIS’s strategic focus in 2007. These include:
- Investment Management
- Coverage expansion
- Enhancement of regional and international relationships
- Corporate governance
- Human Resources Management
- Technological advancement.
- Compliance
Additionally, he stressed the importance of a more proactive approach to social security operating policies because of the various challenges that our economies in the region could face as they become more globalized.
In attendance were government officials, NIS present and past board members, business personnel, employers, employees and other stakeholders. Following the discussion, there was an interactive session in which the audience participated.
The panel discussion was one of the series of activities to mark the 20th anniversary of the National Insurance Services.
The National Insurance Services held its first Customers Appreciation Day at its headquarters on January5th 2007, as part of the activities to commemorate its 20 th anniversary, under the theme “Present Reality…Future Security”.
The objectives:
- To show our appreciation to all our different customers (employees, employers, pensioners, self-employed and voluntary contributors).
- To ascertain the quality of the service rendered and the level of satisfaction.
- To give persons the opportunity to provide ideas on how the service can be further improved.
The customers praised the NIS for delivering such a high quality service and for being one of the most efficient service organizations in St. Vincent and the Grenadines.
Customers at appreciation day
The event was an all day affair and customers turned up in their numbers to be entertained with live music from the Rythymix Steel Orchestra and NIS Heritage Groovers. Customers were also treated to an exhibition which displayed items made by staff members, documentaries of past and present Chairmen and Directors, equipment and materials used by the NIS over the years.
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