Prime Minister Mottley and NIS Chair Assures Barbados Not in Crisis

Prime Minister Mia Amor Mottley is assuring Barbadians that the country is not in a crisis, but says adjustments to the National Insurance Scheme are a necessity at this stage to ensure its survival.

She gave the assurance during the press briefing yesterday where it was announced that National Insurance Scheme is unsustainable.

At a press conference yesterday, the actuary for the NIS, Derek Osborne, revealed that the fund could be depleted by the next twelve years.

Mr. Osbourne blamed the decline on low fertility rates and a reduction in the number of people paying in their dues.

Ms. Mottley stressed that Barbadians must make every effort to avoid the collapse of the NIS fund.

The Prime Minister believes now is time to take action to stem the tide of a declining population and workforce.

Voice of: Prime Minister Mia Amor Mottley

Meanwhile, Deputy Chairman of the board of the NIS, Rawdon Adams, is urging Barbadians not to panic as there is still time to stop the fund’s decline.

Mr. Adams is giving the assurance that no one will lose their benefits.