NIS paid out roughly $135M from Unemployment Fund

The National Insurance Scheme (NIS) has paid out roughly $135 million for unemployment claims triggered by COVID-19.

Speaking during a press conference at the Lloyd Erskine Sandiford Centre on Saturday, chairman of the fund, Leslie Haynes said that though the cost on the NIS has been high, the fund is more than capable of handling the load, at least for the next two years.

“I don’t think we have to worry about the current financial standing of the National Insurance,” Haynes said. 

“Yes you have heard the Prime Minister [saying] say that we have the Government’s assurance that the unemployment fund would be recapitalized, but when one looks at the assets of the National Insurance, with the NIS I am always proud to say that we are the richest institution in Barbados. 

“We control at this moment, assets in excess of $4 billion. In the restructuring we took a hit of approximately $1.2 billion, but there are sufficient funds there that we can see this through at least for the next two years. So there is no cause for concern,” Haynes stressed. (SB)