THE National Insurance Scheme (NIS) in 2013 recorded a 5.6% increase in income, according to its just released 2013 Annual Report. According to the report, the total income received during that period amounted to $14.156B, with contributions accounting for $13.195B. Not only did the scheme secure a 5.6% increase when compared to 2012, its contribution showed significant growth in 2013, jumping from $11.823B in 2012 to $13.195B. In 2012, the total income was recorded at $13.403B.
Additionally, NIS in 2013 managed to secure an increase in profit with its expenditure amounting to approximately $14.133B when compared to its income of $14.155B in the same financial year. Of the expended amount, approximately $12.609B was expended on Benefit Payments and approximately $1.524B on Administrative Expenses. In 2013, NIS also underwent six major changes, and according to the report with effect from January 1, 2013 the amount that was paid to Funeral Benefit increased from $25,080 to $27,590.
Additionally, it was pointed out that all pensions were increased by 5% from January 1, 2013 while the minimum rate for Old Age and Invalidity Pensions was increased from $17,932 to $18,829. By March 1, 2013, the Insurable Earnings Ceiling was increased from $143,455 to $150,628 per month and from $33,105 to $34,760 per week. Similarly, the minimum Insurable Earnings Ceiling for Self-Employed persons had also increased from $44,793 per month to $47,032. Financially, in the financial area, the scheme with effect from June 1, 2013 increased the rate of contributions in the case of Employed from 13% to 14% and for Self-Employed from 11.5% to 12.5%.
In addition to the financial report on the scheme, it was also indicated in the 2013 Annual Report that scheme attracted 338 new employers. “Of this amount, 319 or approximately 94% were small-scale employers, that is, each employed no more than 10 persons. Sixteen or approximately 5% employed between 11 and 50 persons, while three of 1% employed between 51 and 100 persons. No employer employed over 100 persons,” the report explained.
The 338 new employers, who registered with the scheme in 2013, signalled a 7% increase when compared to 2012, during which 315 employers registered.
As 2013 ended, 28,055 employers were registered with the Scheme but at the time only 6,507 were active. Meanwhile, a total of 10,622 employed persons were registered during that year with 5,288 being males and 5,334 being females. “An analysis by age shows that 47 of the registrants were under 16 years, 10,545 were between the ages of 16 years and 59 years, and 30 were 60 years and over,” the report pointed out. Additionally, during the year under review, 486 self-employed persons were registered with 56% accounting for males and 44% females.