2009-09-22 18:01:05 | (3 Comments)
Labour and Social Security Minister Pearnel Charles has hit back at the Peoples National Party (PNP) following questions it raised regarding the use by the government of the National Insurance Fund (NIF).
During the final day of the PNP’s annual conference on Sunday, PNP President Portia Simpson-Miller charged that the party left approximately $54 billion in the Fund when it demitted office in 2007.
However speaking in Parliament this afternoon, the labour and social security minister said the PNP did not take into consideration all the factors involved with the administration of the Fund.
He says as of August 31 this year the total amount in the NIF stood at $56.7 billion representing a 5 per cent increase over 2007.
Mr. Charles says during the last financial year, $8.5 billion was paid out in benefits while only $5.5 billion was collected in contributions.
He says the $3 billion deficit was filled by earnings from investments.
He added that Parliament is to be advised of a restructuring of the National Insurance
Scheme (NIS).
http://go-jamaica.com/news/read_article.php?id=12780
Comment