Tuesday, January 29, 2013

NIS changes coming; self employed to pay contributions

Market vendors are among the tens of thousands of self employed in T&T. It's estimated that more than 20 per cent of the national workforce comprises self employed people who have no protection. The NIS changes will offer the full range of NIS services to everyone, including a retirement pension
The government of Trinidad and Tobago is amending the National Insurance Scheme (NIS) to make it compulsory for self employed people to contribute and enjoy benefits. The new measure is expected to take effect in March.

Since the NIS took effect in 1972 successive governments have avoided this measure. Labour Minister Errol McLeod assured legislators on Monday that the proposed changes have been introduced to help, not to "punish or penalise people".

The Minister noted that NIS provides more than just a retirement pension. It includes other benefits such as medical care, health, survivor's benefits and injury benefits, he explained.

McLeod said including the tens of thousands of self employed into the system would decrease the financial burden to pay retirement pensions.

"So we are trying to put an end to that and bring as many of our people as possible, if not all, in one fell swoop, under protection of this thing," he said.

McLeod said the registration of self-employed people would ensure necessary contributions are made and secured for use at retirement or for health reasons and allow the Labour Ministry to better plan its programmes.

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai