News

Executive Director of the National Insurance Services (NIS), Stewart Haynes, describes the NIS as a “critical social protection pillar within Saint Vincent and the Grenadines.”

In an interview with the API, Haynes explained that the latest actuary valuation reveals that “if NIS does not implement any changes in its contribution rate or benefit, it will affect its ability to continue protecting the pensioners and also the workers.”

In light of that, NIS’s management has increased its contribution rate to preserve its “ability to provide social protection to current and future pensioners, as well as our children and grandchildren,” the Executive Director stated.

Haynes said the contribution increase has been in effect since January 1st, 2026, “and that will be shared where we have 6.5% to be paid by the employees and 7.5% to be paid by the employers.”

According to Haynes, the reform measures place the NIS in a better position to protect “the workers of Saint Vincent and their dependents because the reality is when a worker pays money into NIS in contribution, those monies belong to the people.”

“For every dollar paid by a contributor today, 85 cents goes back to the pensioners. Another five cents go into our reserve so that we can pay future benefits. And 10 cents are being used to administer the programme. So, this increase in contribution rate really fortifies the social protection framework for the workers,” Haynes explained.

To this end, he urges the public to “take ownership” of the NIS, to hold its management accountable, to send requests, and to dialogue with the institution.

The NIS celebrated its 39th anniversary of operations on January 5th, 2026. Two of the activities to mark this milestone are a staff awards and recognition dinner and Pensioners Appreciation Day scheduled for February 13th, 2026.

SOURCE: The Agency for Public Information (API)