Chairman of the National Investment Fund (NIF), Easton Douglas, has said that this year was a good one for the NIF, with investments increasing by approximately $1.2 billion.
Mr. Douglas made the disclosure at a NIF luncheon for board members held this week at the Terra Nova Hotel in St. Andrew. He said that as a result of this increase, the fund now stands at approximately $41.3 billion.
The NIF, which is responsible for paying out monthly benefits to retired former contributors, has as its primary funding source, statutory deductions from employees both in the private and public sector.
But the NIF chairman said that for the coming year, the fund will have to look at alternative investments, as the traditional areas of investments were not as lucrative as before.
These traditional areas, he said, included stock and money market instruments which have seen a downward turn during the year.
"We will have to invest in other areas where the investments are sound because we have to be conscious of the protection and accountability of the NIF," he told The Gleaner in an interview.
