The National Insurance Board is now justifying its 13.2 percent rate increase.
The rate of monthly National Insurance contributions was increased from 12 percent to 13.2 percent; this change took effect on September 5th.
Speaking on the Power Breakfast Show this morning Executive Director of the National Insurance Board or NIB Nyla (NE-ELAH) Persad-Poliah gave some insight into why this was necessary.
She indicated that Trinidad and Tobago suffers from Aging Population Syndrome, a low fertility rate and declining streams of income among younger citizens.
While these issues are not exclusive to this country, it has been the cause of strains on the economy which in turn affects the Boards funds.
The NIB has employed the services of Actuaries to help development both short and long term plans to ensure sustainability.
She assures that these amendments are in the best interest of all beneficiaries.