By Naomi Parris

THE National Insurance Scheme (NIS) celebrated its 50th anniversary with the launch of a commemorative stamp at the Umana Yana, Kingston, Georgetown on Tuesday.
NIS was established three years after Guyana gained independence from Britain, in May, 1966.

Finance Minister Winston Jordan, who spoke at the launch, said NIS, over the years, has evolved in spite of challenges.
“[It] is a living testimony of the foresight and wisdom of the PNC and the ability of the government that it led to make wise policy decisions that are beneficial to Guyanese citizens,” he told the gathering.

Government, he said, will continue to make every effort to keep NIS relevant and viable so that Guyanese can continue to enjoy bigger and better benefits.
“As the minister of finance, with responsibility for general oversight and policy guidance to the National Insurance Scheme, I am aware of some of the challenges that the organisation faces, in its efforts to maintain financial sustainability. Some of these challenges are similar to those faced by other National Insurance Schemes in the region,” he noted.
The 50th anniversary of NIS came at an historic period in Guyana, the arrival of the Floating Production Storage and Offloading Facility (FPSO), which Minister Jordan and the First Lady, Sandra Granger visited.

“We are all anxiously awaiting the arrival of first oil. The developments in the oil sector have made Guyana prominent on the world map and the recent discoveries of Exxon+14 and Tullow+2, just a few days ago, have catapulted our country among the world’s top oil producing nations per capita,” Jordan said.

Oil production will propel significant economic growth in Guyana, creating employment opportunities at all levels of the supply chain.

The minster noted that it was up to the board of directors, management and staff of NIS to seize the moment and expand the scheme’s revenue base and enhance its financial position.

He added that NIS should continue to build capacity and put the necessary institutional measures in place to ensure all employers, employees and self-employed individuals are registered with the scheme and their contributions remitted in a timely manner.
John Seeram, the chairman of NIS who also spoke at the celebration, praised the management of NIS for the production of the stamp.

“This commemorative stamp will go a long way in terms of recognition and sustenance of this most cherished institution. As we launch this commemorative stamp, let’s reflect and ponder on the major role NIS continues to play in Guyana’s national development and well-being,” he said