More than 20,000 National Insurance Scheme (NIS) pensioners are now receiving their payments directly through their bank accounts, up from just over 11,000 in 2020, Finance Minister Dr Ashni Singh said on Wednesday.
However, he said that more than 40,000 pensioners have not yet opted for direct deposits.
Singh disclosed the figures while delivering the feature address at a ceremony marking the 57th anniversary of the NIS.
“You could be saving yourself the financial cost and the inconvenience associated with physically going to collect a pension book and associated with physically going to encash a pension voucher, by taking the simple step of getting your pension paid into your bank account,” he said.
The minister also announced that all NIS processes are to be digitised, allowing persons to access the agency’s services remotely.
According to Singh, pensioners would eventually be able to submit life certificates electronically, while their pensions would be deposited directly into their bank accounts.
The planned system is also expected to allow persons to register with the NIS, submit monthly returns and contributions, check their contribution records, file benefit claims and track those claims electronically.
Singh said the digitisation drive was in keeping with the government’s stated policy of expanding access to financial services and reducing the need for persons to visit government offices.
He urged contributors to regularly check their NIS records to ensure that deductions made by their employers are being paid to the scheme.
“Do not wait until you are 60 years old” to verify contribution records, he cautioned.
Singh also called on the NIS to provide employers with annual statements identifying the workers for whom contributions were paid. Employees of the scheme, he added, must provide services that are responsive to the public.
Long-service awards were presented to NIS employees during the anniversary observance, while bursaries were awarded to students who performed well at the Caribbean Secondary Education Certificate and Caribbean Advanced Proficiency Examination.
NIS General Manager Holly Greaves also addressed the gathering.
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