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FINANCE MINISTER Colm Imbert said despite challenges posed by the covid19 pandemic and other economic factors, the National Insurance Board (NIB) was able to meet its objectives for the fiscal 2020.
Imbert made this observation in the House of Representatives on Friday as he made a statement on the NIB's annual report for the year ended June 30, 2020.
A subsequent statement issued by the Finance Ministry said that report as well as the NIB's annual report for 2019 were also laid in the House on Friday.
Imbert said Trinidad and Tobago's economic challenges in fiscal 2020 included the impact of depressed output and low commodity prices internationally on the energy sector and the covid19 pandemic. Despite these challenges, Imbert said the NIB "has been able to meet its overall contribution income target for fiscal year 2020 on the strength of arrears collected."
He said the report showed the number of contributors in the National Insurance System (NIS) during 2020 was 404,197, declining by four per cent from 420,638 in 2019; the number of beneficiaries increased by 0.9 per cent to 204,613 from 202,800 last year; contribution income collected for the 2020 financial year was approximately $4.69 billion, decreasing by 0.44 per cent from the $4.71 billion earned in 2019; the administrative cost for the 2020 period was $251.2 million, increasing by 14.3 per cent from $219.7 million in 2019 and the net yield of the investment portfolio for the 2020 period was 4.4 per cent, compared to 8.1 per cent in 2019. Imbert said the report observed a decline on the level of regular contribution income as a result of depressed economic conditions due to the covid19 pandemic.
Imbert reiterated, "The ageing population continues to be a concern of the NIBTT."
He said this dynamic is represented by a decrease in the number of births, resulting in a decline in the working population and a sharp increase in the number of NIS pensioners. Based on this trend, NIS data and data from the Central Statistical Office (CSO), Imbert said TT's population is an ageing society, with 13.4 per cent of the population 60 and over.
"Furthermore, since 2010, the number of pensioners has increased by over 50 per cent, with the number of pensioners projected to increase again by as much as 40 per cent in the next ten years."
Imbert said, "This huge increase will put a strain on the system, as a shrinking contributory base is required to support a growing number of beneficiaries."
Against a background of a widening gap between benefits paid out under the NIS and contributions made to the NIS, Imbert reiterated that recommendations made in the 10th Actuarial Review of the NIS (laid in Parliament in March 2019), need to be considered regarding their feasibility, efficacy, and social and economic impact. He said those recommendations were increasing the retirement age to 65, increasing NIS contributions and including the self-employed and migrants in the NIS.
After he reiterated that no decision has been taken with respect to any of these recommendations, Imbert said, "Government will not shirk from its responsibilities with respect to this very serious matter and we will not be distracted by the tirades, threats and irresponsible statements made by agent provocateurs, whose only intent is to create confusion, fear and doubt about the sustainability of NIS pensions."
He said contrary to rumour, "under this Government, NIS pensions will continue to be paid as and when required, in accordance with established procedures and in accordance with the law."
His ministry, he said, will soon hold a series of national public consultations, as well as consultation with all stakeholders, including trade unions and employers’ representatives, before any decisions are made "with respect to the appropriate way forward to preserve and protect the long-term viability of the NIS."
In the area of payments, Imbert said, "Beneficiaries received a total of approximately $5.4 billion, which represented an increase in expenditure of 4.1 per cent over the $5.1 billion recorded in the previous period."
He said the number of long-term beneficiaries increased by 2.7 per cent to 177,410 people in 2020, from 172,703 in 2019.
"Payments to this group totalled roughly $5.1billion and accounted for 94.7 per cent of total benefit expenditure, an increase from the 94.0 per cent relative share in total benefit expenditure in fiscal year 2019. The payments to short-term beneficiaries totalled $204 million or 4 4 per cent of total expenditure."
This represented a decrease of about 11 per cent from around $230 million in fiscal year 2019, he said.
Barataria/San Juan MP Saddam Hosein raised Standing Order 24 (4) to object to Imbert's statement.
"Is it because of the leave granted by the High Court of Justice yesterday (Thursday) to sue the Minister of Finance to lay these reports, he had found himself in Parliament today?"
Speaker Bridgid Annisette-George told Hosein, "That question is out of order. It does not apply to this Standing Order."
Hosein obeyed Annisette-George's ruling and raised no further objection to Imbert's statement. Standing Order 24 (4) allows an opposition MP to ask a government minister a question, no longer than 15 seconds in length, without argument or opinion and on only one matter of government policy. Hosein is a member of the legal team led by former attorney general Anand Ramlogan, SC, representing Chan Rampersad, who was seeking an application from the High Court to have the 2019 and 2020 NIB reports laid in Parliament.
The court granted Rampersad leave to pursue his judicial review claim.
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