National Insurance Scheme Celebrating 50 Years of Coverage

JUNE 18, 2017

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THE SOCIAL SECURITY of Barbadians has been nestled in the arms of the National Insurance Scheme (NIS) for the past 50 years. Commencing on June 5, 1967, just six months after Barbados’ Independence, the NIS has made a significant impact on the socio-economic development of Barbados.

Initially, the NIS lent social assistance through pension cheques, but over the years, their range of benefits has evolved to suit the needs of its customers. Now the NIS’ benefit package offers coverage for or in the

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form of, for example, sickness, maternity, injury, disablement, invalidity, funeral, death, non-contributory old age pension, contributory old age pension, and survivors’ grant/pension. The NIS is also the first scheme in the region to offer unemployment benefits.

Nobody counts on unfortunate events to occur, but nevertheless they do.

Amidst these vulnerable moments, Barbadians need

FIFTY YEARS is but a short time in the life of an institution such as the National Insurance Scheme (NIS). Along the journey, which began June 5th, 1967, this institution has had the opportunity to positively influence social and economic development, both on an individual and macro level.

We are proud to have had the opportunity to serve the country and be a safety net, which provides the population with resources in time of need. This is a time of reflection and celebration and we look forward to where we want to go next.

When the NIS was established in 1967, the institution was serving a small population of pensioners. Since then, more benefits have been added such as contributory pension, survivor’s pension, funeral grants and sickness. Our customer base has grown significantly as well. So whereas the average

a social security scheme they can depend on. That’s why the NIS continues to explore new ways to serve the public better, as you will see in this feature. The NIS’ 50th anniversary presents the prime opportunity for Barbadians to reflect on the institution’s achievements while moving forward to a brighter future.

organisation has a small group of customers, our customer base is the entire country- consisting of employers, self-employed persons and employees.

At one point or another, these persons may become beneficiaries either, for example, for a shortterm claim like sickness, unemployment, maternity benefit or for the long term benefits, which would be contributory or noncontributory pension or one of the other benefits such as disablement or invalidity pension.

The NIS is a financial institution delivering social security benefits. It is an institution that is always at the cutting edge of change.

But we do not change for the sake of changing; we change to be able to deliver consistently high quality of service to the population that we have to serve. In 2017, one can’t deliver high quality service to an expanding population base with the same tools and methodologies that would

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that should make the timeframe even shorter.

NIS prioritises excellent service, despite challenges

have been utilised ten or fifteen years ago.

NIS services evolving to better serve Barbadians In 2000, the Department operated a manual system, but recognising that this institution was going to be placed under a heavy demand for service, particularly with regard to pensions, where the demographic shift was occurring, we recognised that we would have to leverage technology to be able to keep up with the pace of demand for service. So today, one can

One of the challenges this institution faces is that as the demand for service increases, we are also having a situation where the experience of the staff is decreasing as a result of those same very persons retiring. This can be very problematic because persons don’t want to hear about that, persons only want to hear about ‘getting their benefit’.

Staff turnover also presents a challenge in doctor, submit that claim pay contributions online, terms of training. It can online. This would mean submit your earnings and take between three to six check your benefits online. that part of the processing months to train an officer would be removed here at From those things, the on the Benefit floor to the Department is now getting NIS. level where they can work The current process ready for the next wave. unassisted. Along with a is one in which when On an annual basis, there large body of personnel one goes to the doctor are approximately 55 000 retiring at the same time and the sickness form is sickness claims, which that the demand for service completed and submitted, is a significant number. is increasing, means that Barbadians want to receive it is scanned, verified, validated, then electronically we are constantly under their money quickly and heavy pressure for service distributed across the accurately, so in order to Benefit floor for processing. delivery. make the benefit period Over the years, the NIS even shorter, the next wave A clerk completes the has established a very calculation and it is would encompass claims high level of customer subsequently checked. being submitted directly service. As a matter of fact, However, we would be online so that when one sometimes it comes back to able to eliminate the steps attends the doctor he or haunt us. For example, we she would be able to, with in terms of scanning and post our pension cheques verifying submissions and the collaboration of the

at least a week early.

So if the postman does not pass, for example, the Monday before those cheques are due, invariably we get an avalanche of calls here. Even the slightest delay can result in an explosive response from members of the public.

While lodging complaints, some persons, particularly those of the younger generation, use robust language. I believe that our staff should be treated with respect and courtesy because they have feelings too.

Heath care needs to be addressed

I began by speaking about our benefit package.

The NIS’ benefit package is incomplete. A significant part of the incompleteness is addressing, in a very comprehensive and structured way, how as a country we address the issue of health care and health care financing. As a matter of fact, if you refer to the literature, you will note that social security came out of the desire Proud of dedicated staff by craftspeople back in the 18th century to take We have had some care of their health. So the wonderful, highlydedicated, very committed first component of social security was, in fact, health staff who are always seeking to serve the public care.

We have an ageing in terms of making sure they population, with high get their benefits, and get them on time. Without being chronic non-communicable asked, employees from the diseases and an expanding requirement for financing, Benefit and other sections but as a country we have come in on Saturdays not really addressed it. That to ensure persons are is the one part in the social paid. That speaks to their character, commitment and security package that I empathy for the public that would like to see addressed as quickly as possible. they serve.

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THE NATIONAL INSURANCE SCHEME (NIS) of Barbados is fifty years old! “Pay As You Go” Social Security Schemes, such as the one in Barbados, represent an amazing act of social cooperation. In such schemes, the current generation of employees pay contributions which are used to pay retirement benefits for current retirees (among other benefits), on the understanding that when it is their turn to retire, future generations of workers will be paying contributions to fund their benefits. This intergenerational contract represents an amazing

act of trust and social cooperation, which has lasted for fifty years and counting.

At its core, a Social Security Scheme provides replacement income for income lost due to a variety of events. At present, the NIS in Barbados provides benefits or replacement income for income lost as a result of retirement

Hutson Williams was the first Chairman of the National Insurance Board.

He was appointed in 1966 and served for ten years.

Dr Trevor Talma was Chairman of the National Insurance Board from 1976 to 1985.

Sir Frank Alleyne was appointed to the Board in 1987 and served until 1994.

Sir Henry Forde was the longest serving Chairman having spent 11 years as Chairman following his appointment in 1994.

Sir Richard Cheltenham, Queen’s Counsel, assumed the position of Chairman in 2005 until 2008.

Sandra Forde was appointed Chairman from 2009 to 2010.

Jepter Ince was appointed as Chairman in 2008 and served until 2009.

Keith “Tony’ Marshall served as Chairman from 2010 to 2011.

from work, maternity, sickness, employment injury, severance and unemployment. At present, the assets of the fund are equal to approximately eight years of projected benefit payments, well in excess of recommended benchmark of five years. As such, we have every reason to be confident that the fund will continue to meet its commitments well into the future.

As the scheme goes into its second fifty years, the challenge is to build

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on the tremendous success to date and address emerging challenges. Successive “Actuarial Reviews” by independent actuaries have concluded that “National Insurance policy and design indicators suggest that current contribution and benefit provisions generally provide a very good level of benefit adequacy and income protection to most workers and pensioners.”

“The automatic annual adjustments of the earnings limit and pensions have

been effective in replacing most of the price inflation felt by pensioners and maintaining adequate insurance coverage for higher paid workers”.

The NIS is committed to maintaining this level of benefits.

However, the level of coverage, and by extension income protection for self-employed individuals, remains woefully inadequate. At the NIS,

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we are often moved by the plight of popular entertainers, mechanics, shop keepers and others who have not utilised the coverage provided by the scheme and therefore, have no replacement income when events such as retirement from work, maternity, sickness, employment injury arise.

The NIS is about to expand its efforts to encourage the self-employed to utilise the coverage provided by the scheme.

There are also concerns about the heavy concentration of investments in Barbados Government and other public sector securities. Management

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is pursuing a policy of reducing this exposure as opportunities arise. As the retirement population grows and becomes more sophisticated, the customer service demands on the scheme are also increasing. The NIS has invested heavily in modern information technology and is focused on enhancing its customer service capabilities.

On behalf of the board, management and employees of the NIS, I want to state that it has been an honour to provide replacement income to the people of Barbados over the last fifty years and the NIS looks forward to doing so in the future.

E. Humphrey Walcott was the first Director of the National Insurance Scheme. He was appointed to the position on February 1, 1967. He retired in June 1979.

Clifford Gittens was appointed to the position of Director of the National Insurance Department. In 1987, he was seconded to the post of Special Assignments Officer at the Cabinet office before retiring in 1990.

Grantley Smith was appointed to the post of Director of the National Insurance Department in 1990. He retired in 1996.

In 1987, William Layne was appointed to act as the Director of National Insurance where he served until 2000.

Ian Carrington is the current Director of the National Insurance Department.

He joined the Department in 2000.

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MANAGING ONE of the largest investment pools in Barbados is not intimidating when you have an intelligent, reliable staff and strong will to stay on top of tasks. That’s why the Manager of Investments at the National Insurance Scheme (NIS), Luther Jones, is confident in the contributions of the Unit to the institution.

Jones joined the NIS in 2003 as an Investment Officer, and already had a sound background in the financial field.

At the time, his duties involved the review, preparation and recommendation of various investment proposals, which were then reviewed by the Manager, Investments and the Director of NIS. After demonstrating the competencies associated with such, Jones was appointed Manager, Investments in 2005 after the position became vacant. He is proud to manage the talented team, which includes three investment officers and one clerical officer.

With a competent team, all proposals are thoroughly analysed. Previously, the purchase of equities was limited and not rigorously analysed, which was a risk factor. As a result of this, NIS’ Board Members recognised the need for a functional Investment Unit adequately staffed to thoroughly review, analyse, seek investments, and manage the NIS’s investment portfolio. This was done to maximise the returns on the total investments in the Funds under management- National Insurance Fund, Unemployment Fund, Severance Fund, Catastrophe Fund and the Retraining Account.

The National Insurance Scheme through Pension Reform and prudent investment, has made several outstanding strides, such as increasing the Assets Under Management (AUM), Jones said: “Before the creation of the Investment Unit in 2002, the total investment Assets

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world of investments, Jones said the NIS would not have been able to achieve its goals.

Looking towards NIS’ future Jones said that the goal was to ensure that all the NIS’ financial obligations to its customers, that is, the insured population and staff were met, as all operating expenditures were paid from the income generated by the NIS Fund. He noted that NIS expenses were not paid from the Consolidated Fund.

“The immediate challenges I foresee include the collection of the contributions due, and from an investment point of view, the availability of investment opportunities.

The diversification of the fund will be Under Management (AUM) were $1.5 challenging, as there is a concentration billion. As at May 2017, the investment AUM was $4.9 billion of the just over $5.0 risk where an inordinate amount is invested not only in one entity, but in billion in total assets. Indeed, this is one Barbados. Geographical diversification is of the largest pools of investments in also an issue. Access to foreign exchange Barbados and a significant responsibility remains a problem and that constraint for the Investment Unit to manage. The hinders diversification. funds are invested across the investment “The Investment Unit will continue spectrum.

“Prior to 2002, investments were mainly to play its part in generating income as in Government of Barbados Treasury Bills, this income stream will be required to supplement the future cash flows that are Treasury Notes and Debentures. Today, the investments are spread over the asset required to meet the financial obligations, because pensions and benefits are paid in classes such as various types of Bonds cash,” he added.

(Government and Corporate), Equities, Functions of the Investment Unit: Loans, Real Estate and Fixed Deposits, a significant change over the past fifteen The Primary Function of the years. The Equity portfolio includes in our Investment Unit opinion, the best of the local and regional equities and International Equities.”

The primary function of the Investment Knowledgeable, professional staff Understandably, the feat of the Investments Unit would not be possible without its keen staff. Without his team’s intelligence, skill, vast knowledge of investments and their passion for the

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Unit was to manage all excess contributions available in a professional manner to ensure that the returns gained on the portfolio are adequate to supplement the net annual contributions over the long run.

This involved the continuous management of the portfolio including monitoring the capital market conditions and positioning the portfolio, to take advantage of those conditions so that the risk-adjusted return gained will be more than adequate to satisfy the long-term objective of the Funds. The goal was to always maintain the invested principal while maximising the risk-adjusted returns.

Primary Objective of the Investments Unit The main objective of the Investment Unit is to manage the NIS’s investment portfolio to earn a rate of return approximately 3.0% greater than the inflation rate on a risk-adjusted basis.

Market conditions are dynamic and the performance of the portfolio will be dictated by those capital market conditions, hence there is no guarantee in relation to the rate of return of the portfolio.

Basic Investment Management Principles In managing the Investment Unit, the basic investment management principles are based on the Prudent Investor Rule to which the members of the Investment team as professionals adhere. These include: 1. Diversification is fundamental to risk minimisation and is therefore ordinarily required of trustees.

2. Risk and return are so directly related

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that trustees have a duty to analyse and make conscious decisions concerning the levels of risk appropriate to the purposes of the trust.

3. Trustees have a duty to avoid fees, transaction costs, and other expenses that are not justified by the objectives of the investment programme.

4. The fiduciary’s duty of impartiality requires a conscious balancing of current income and growth.

5. Trustees have a duty, as well as the authority, to delegate as prudent investors would.

As trustees of the Funds, the Investment team is under a duty to the beneficiaries to invest and manage the Funds as a prudent investor would, in light of the purposes, terms, distribution requirements, and other circumstances of the trust.

The team is required to exercise reasonable care, skill, and caution in the delivery of its services, and this reasonable care is to be applied to investments, not in isolation, but in the context of the trust portfolio and as part of an overall investment strategy, which should incorporate risk and return objectives reasonably suitable to the trust.

In making and implementing decisions as trustees, the Unit has a duty to diversify the investments of the trust unless, under the circumstances, it is not prudent to do so.

Strategic Objectives of the Fund The strategic objectives of the Fund include: • Ensuri ng that the Fund is solvent at all times and this is achieved through timely actuarial reviews.

• T he primary focus of the investment activities is to adopt a total

return approach in the management of the portfolio, i.e. achieve both growth and income.

• The minimum rate of return must be geared to at least the actuarial required rate of return. Capital market conditions and prudent investment management will dictate the Funds’ rate of return.

• To satisfy obligations as they become due without principal diminution.

In pursuit of the overall strategic objectives, the Investment Unit will and continues to seek to maintain a portfolio that is diversified across Asset Classes, Issuers/Institutions, Financial Instruments, Maturities, and Investment Style.

Risk Management The Investment Unit in carrying out its duties must seek to minimise the risks in the management of the investment portfolio. These risks include Liquidity, Market, Political/Sovereign, Credit, Default, Counterparty, Currency, Interest rate and Catastrophe.

Academic Background To effectively manage an investment portfolio such as this requires a skillful and qualified staff.

The academic qualifications required to be employed in the Investment Unit include a professional Accounting designation or a Master’s degree, or a BSc. degree in Economics, Accounting or Finance with at least five years’ experience in the investment field. The staff of the Unit met all the qualifications with the majority having MBAs and professional Accounting designations.

There is also a CFA holder in the team.

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PRIDE AND EXCITEMENT rippled through the National Insurance Scheme (NIS) as it commemorated its 50th anniversary. Recently, the staff had the opportunity to partake in a host of activities, starting with a church service at the Cathedral Church of St Michael and All Angels on Sunday June 4.

On Monday June 5, the NIS grounds came alive with fun

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and frolic during the Family Fun Day, which was held from 10 a.m. to 3 p.m. This was followed

by Customer Appreciation Day on Tuesday, June 6, and a Staff Appreciation Day on Wednesday, June 7.

Of course, the public also got a taste of the celebration when the NIS hosted its community outreach event at Carlton Supermarket on Thursday, June 8, from 9:30 a.m. to 3 p.m., and

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on Friday, June 9 its Concert on the Terrace at NIS Frank Walcott Building, and Karaoke and lime at 3:30 p.m., which featured the Band Of The Royal Barbados Police Force.

The week of activities suitably ended with a night of elegance on Saturday June 10, when the Anniversary Gala and GEM Awards Ceremony took place at Lloyd Erskine Sandiford Centre from 7 p.m.

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PRIDE AND EXCITEMENT rippled through the National Insurance Scheme (NIS) as it commemorated its 50th anniversary. Recently, the staff had the opportunity to partake in a host of activities, starting with a church service at the Cathedral Church of St Michael and All Angels on Sunday June 4.

On Monday June 5, the NIS grounds came alive with fun

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and frolic during the Family Fun Day, which was held from 10 a.m. to 3 p.m. This was followed

by Customer Appreciation Day on Tuesday, June 6, and a Staff Appreciation Day on Wednesday, June 7.

Of course, the public also got a taste of the celebration when the NIS hosted its community outreach event at Carlton Supermarket on Thursday, June 8, from 9:30 a.m. to 3 p.m., and

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on Friday, June 9 its Concert on the Terrace at NIS Frank Walcott Building, and Karaoke and lime at 3:30 p.m., which featured the Band Of The Royal Barbados Police Force.

The week of activities suitably ended with a night of elegance on Saturday June 10, when the Anniversary Gala and GEM Awards Ceremony took place at Lloyd Erskine Sandiford Centre from 7 p.m.

tropichem@caribsurf.com

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BEHIND ANY MODERNISED organisation is a dedicated team working tirelessly to ensure its computer systems function optimally. At the National Insurance Scheme (NIS), Nicholas Rock, the Chief Information Technology Officer (CITO), is one such person. No matter how complex the challenge, Rock is charged with the task of finding prompt solutions and simply “getting it done”.

Rock’s week is often hectic and riddled with various challenges.

As he puts it, once an issue interfaces with a computer, it becomes his responsibility. But, not surprisingly, Rock addresses all technological hiccups that come his way with a positive mind-set.

“I think what I love most about my job is the challenge of finding ways to improve service. So if I improve for my internal customers (colleagues), I expect to get the same improvement for the external customers…,” he said.

A lot has changed since Rock joined the NIS staff almost 19 years ago.

He anticipates that more exciting changes lie ahead as the institution continues to leverage technology to satisfy an increasing demand for service.

“When I came to NIS, we had just finished using the manual system and were moving over to computer-based processing of benefits. So now, for example, we have a lot more integration.

“Before we had eleven different computer systems that were not

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designed to talk to each other; there was a lot of manual intervention to move information from one system to the next. This, of course, entails delays and increases the likelihood of mistakes and all the inherent issues,” he said.

This “integration” amongst NIS computers systems was facilitated by a redesign of business processes. Information now flows more quickly and accurately from point of receipt to point of delivery, which results in increased efficiency and quality of service. For example, employers and selfemployed persons can now report earnings and pay to the NIS online. Because the information is recorded as reported, it reduces the time it takes to process claims significantly.

“Those earnings then become important for two reasons- one is to ensure that we collect the contributions that are owed. So it’s part of our compliance and accounting process. But then we also use those earnings for calculating benefits. So it allows us to make the earnings available to the Benefit section in a timelier manner.

“When I first came here, all the earnings came in on paper form and had to be keyed. With that process, we were sometimes three to six months behind, which caused delays in getting benefits calculated and paid. Now, an employee can log in using our Portal from home and see their reported earnings, the status of a benefit, details of the payment and so on.

Going forward, the NIS aims to connect with the public, especially the younger demographic, through electronic means.

No longer will persons be limited in the way they receive and communicate information to the NIS, Rock explained: “Younger persons are not into the “face to face” or “call on a telephone” type of interaction. So we’re introducing the ability for them to send us an email and we can track that and ensure that our Customer Service team gets back to them with a response to their query in a reasonable time.

“We want to be able to demonstrate, for example, how to fill out a claims

form via a YouTube video because a lot of people don’t understand how to fill out claim forms.

Unfortunately, even though we put out information in the Guide to Benefits and so on, unless it is immediately relevant to persons, they don’t pay attention. So what we’re

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trying to do is use more modern communication methods with which persons are more comfortable.”

Rock predicted that the National ID card, which is still being redeveloped, can also be used to accommodate the evolving needs of the public.

This card will provide a debit card facility for customers, which is great news for persons who no longer want to receive cheques in the mail. It is all about providing alternatives for customers to do business how and when they want.

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AFTER ALMOST 45 years of employment at the National Insurance Scheme (NIS), Beverley Marshall still approaches her job with vitality and enthusiasm. That’s because Marshall, the institution’s longest serving staff member, has the power to make a difference in people’s lives every day.

As an assistant director in the Benefits Section, Marshall has a host of responsibilities such as ensuring NIS’ legislative policies and guidelines are followed, mentoring staff and delivering management reports. She has also served as project analyst during the last upgrade to the Benefits system in 2012.

Marshall is keen about her role at the NIS, and even has an “open door policy”. This means that colleagues are encouraged to seek her assistance at any given time. In fact, maintaining a friendly, professional relationship with staff and customers has made her time with the social security scheme fulfilling from inception.

After graduating from St Michael’s Girls School, Marshall got her first job at the NIS, which was a three month contract. Marshall recalled having her contract extended after then director Clifford Gittens asked if she’d had other job prospects at the time. And as the saying goes, the rest is history. She said she has been so pleased with her work experience she did not notice decades were passing by.

“The time went by very quickly. You know when you’re having fun, the time flies,” she said, with a chuckle. “The truth is I just love my work. I enjoy working in the Benefits Section, and extending great customer service. That’s what motivates me to come in here; I know I will be helping someone. There is always some issue to thrash out but in the end you’re helping with something.”

Throughout the years, the mother of one has moved up the ranks, from clerical officer in 1974 (when she officially joined the staff), to senior clerk, insurance officer (one) and finally assistant director in 2004. She now has a firm grasp of how the institution operates, having worked in every department except accounts and severance.

While working, Marshall has had to balance responsibilities of motherhood and academic pursuits, which was not an easy task. Nevertheless, she graduated

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from the University of the West Indies Cave Hill Campus with a first degree in management in 2000 and a master’s degree in project management and evaluation in 2007. Evidently, her determination has paid off, both in her personal and professional life. Now Marshall looks back at her years of employment and progress made by the social security scheme with pride.

“It was my very first job. At that point in time [in 1972], National Insurance used to use cards and stamps. Every December, they used to take on staff for three months to do the card exchange... I stayed on and went to voucher writing.

“We used to hand-write all the vouchers such as sickness, and even the pension cheques were handwritten. And we didn’t have our own desk either; six people shared two desks put together. And we wrote on

The NIS made a solid investment.

As the National Insurance Scheme (NIS) celebrates 50 years, they can reflect with pride on the solid investment made in the Culloden Road property.

We congratulate them on their 50th Anniversary and for choosing the finest and strongest concrete and blocks supplied by us to last a lifetime.

Lears, St. Michael Telephone: (246) 436-3952 www.readymixbarbados.com

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a clipboard. So we’ve come a long way.

Everything is computerised now but in those days, everything was handwritten.”

As a proud NIS employee, Marshall is fond of the goings-on of the institution, and as such participates in out-of-office activities like picnics and Christmas parties. She also noted that daily interactions with customers make clocking in especially gratifying.

“Dealing with people [brings me joy].

I love to help people and at National Insurance, it is really a requirement that you do so.

“You help them in the short-term and

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long-term. We have a whole set of shortterm benefits, [for example] you can get the sickness benefit if you’re unable to work for a short period of time, there’s maternity benefit and if the mother does not qualify for that benefit, then there’s the maternity grant, which would be based on the spouse’s contributions,” she said, adding that their plethora of benefits also include unemployment, invalidity and employment injury.

Marshall has witnessed so many changes over the years, such as the NIS’ relocation from Jemmotts Lane to Culloden Road, St Michael and the

tenure of all directors. So, it is only natural that she has developed a special appreciation for the scheme’s history.

She said being able to experience the 50th anniversary of the NIS was very heart-warming.

“It feels great. We’ve come a long way. We started with stamps and a card.

Then we moved to a direct method of

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payment. Now we’re at schedules and you can make payments on the Portal (online).

“I think we really improved over time.

For instance, everything is computerised now. There’s no manual labour whatsoever. You know there are some snags along the way but the progress is great.”

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LIST of challenges the NIS faces: • Staff turn-over, particularly as it impacts specialised areas • Extension of coverage to the selfemployed • The expanding demand for service • Diversification of the investment portfolio • Leveraging technology to keep up with the demand for service • June 5, 1967 - Social security scheme set up in Barbados, Contributions paid by sticking stamps to contribution cards of insured persons • 1978 - Stamp method replaced by direct payment, Contributions paid in cash to the National Insurance Office • Ja nuary 1987 - Contribution card system replaced with Contribution Certificates and Earnings Schedules

No time is better spent than that spent helping others.

• 1971 - Employment injury benefit introduced • 1971 - Self-employed became insurable for long-term benefits – invalidity, survivors’ and old age contributory and funeral grants • 1974 - Coverage for the self-employed extended to include sickness and maternity benefits • 1975 - Minimum pension introduced - $15 a week • 1975 - Spouses of insured persons receive funeral grants • 1977 - Age at which surviving spouse could qualify for survivors’ pension for life was reduced from 55 to 50 • 1981 - Rate of Sickness Benefit increased from 60 per cent to 66 2/3 per cent of insurable earnings • Jul y 1981 - Unemployment scheme introduced • Jul y 1982 - Eligible persons begin to receive unemployment benefit • 1982 - National Insurance Department becomes responsible for Non-contributory Old Age pension instead of Welfare Department • 1985 - Age at which surviving children could receive survivors’ pension was increased from 16 to 21 once they were students • 1985 - Maternity Grant introduced • 1990 - Minimum pension increased over the years to $76 a week • 1991 - Rate of unemployment benefit was changed to 60 per cent for first 10 weeks and 40 per cent for remaining 16 weeks • 2003 - The pension system was reformed providing a flexible retirement age, annual increases (indexation), and an increase in the pensionable age.

Part of the scheme Once you are employed or self-employed, or between 16 and pensionable age, you are part of the National Insurance Scheme.

There are some exceptions though – non-citizens who are: • he ads or members of diplomatic missions (or consular officers or employees) • e mployed by an international organisation of which Barbados is a member (unless you’re a domestic worker)

Happy 50th Anniversary Sagicor extends congratulations to the National Insurance Scheme on 50 years of serving and protecting Barbadians.