Mission Statement
To provide social security and to promote social and economic development in St.Vincent and the Grenadines through prudent financial and people- centered management.
Vision Statement
To be an institution that recognizes and assesses changing environmental trends and provides Social Security that adequately reflects our value system and satisfies our customers’ needs.
General Information
The National Insurance Services (formerly called the National Insurance Scheme) became operational on January 5th, 1987. It is a statutory corporation established by Act No. 33 of 1986 and its functions are executed in accordance with a number of legislations. The institution falls under the portfolio of the Minister of Finance and is governed by a nine-member board of Directors.
The aim of the National Insurance Services is to provide social security protection to all nationals of St. Vincent and the Grenadines and in the Diaspora. This is demonstrated through the provision of benefits to contributors such as sickness, maternity, invalidity, employment injury, funeral and Survivors’. These benefits are financed by contributions paid by members and investment returns.
The Institution provides coverage to the following groups of persons within the age group 16 to 60 years:
- Employees
- Self-employed Contributors
- Voluntary Contributors (local and abroad)
Under the NIS Act, all workers in St. Vincent and the Grenadines are mandated to make contributions to the National Insurance Services. Currently, the total rate of contribution is 8% of insurable earnings. Of this total rate, the employee is required to pay 3.5% and this is matched by 4.5% by the employer. The contribution rate for a self-employed contributor and a voluntary contributor is 7.5% and 6.84% respectively.