Minister of Labour and Social Security, Horace Dalley (left), views the blueprint for the National Insurance Scheme (NIS) office that is to be constructed in Port Maria, St Mary. Assisting the minister is Pamiel Scott, acting parish manager of the St. Mary NIS office. The contract signing for the new offices took place at the ministry's North Street offices in Kingston yesterday. Looking on is Easton Douglas, chairman of the National Insurance Fund (NIF). - JIS PHOTO
PENSIONERS ACROSS the island are set to gain from new adjustments to pension benefits come 2006, Minister of Labour and Social Security, Horace Dalley said on Wednesday.
Minister Dalley was speaking at the post-contract signing for the construction of the new St. Mary office of the National Insurance Scheme (NIS), at the Ministry's North Street office.
"It's (the increased benefit) due November but I don't think it's coming into effect until about January. The actual review is taking place ... every other year we intend to make an adjustment," he said.
There have already been two adjustments to pension benefits under the National Insurance Fund (NIF). The minister noted that there was an adjustment in 2001 and 2003. In 2001, former Labour Minister, Donald Buchanan increased benefits by some 40 per cent. Pension benefits are adjusted every other year, the minister said.
"In 2003, it was 50 per cent. All the benefits were adjusted by 50 per cent across the board. I don't know what the level of adjustment will be this time. But the fund (NIF) has a lot of money," Mr. Dalley told The Gleaner.
SOURCE OF BENEFITS
The NIF stands at some J$39 billion. It is funded by contributions to the NIS, and is the source from which pension benefits are paid.
In addition, pensioners in rural Jamaica are expected to benefit from the construction of new offices in rural parishes, following completion of the new office in Port Maria.
Offices are to be constructed in Clarendon, Portland and St. Elizabeth.
"If you make money, you must invest in your infrastructure. That is what we are about. We are investing in the structure of the NIS," Mr. Dalley told journalists.
Construction of the two- storey, 575 square-metre office space in Port Maria is slated to begin in three weeks, at a cost of J$33.7 million.
According to Minister Dalley, the new office is being constructed under the Public Sector Modernisation Programme, and should facilitate more comfort for pensioners and staff in St. Mary.
"We believe once you're serving the public, they must come and come in comfort."
Mr. Dalley also used the opportunity to urge private businesses to invest in projects that will create benefits for the public. He said the NIF has the money to invest in these projects.
"We are looking for bankable projects that can create employment for not only Kingston but the rural areas," he said.
