Executive Director of the National Insurance Services (NIS), Stewart Haynes, explained the rationale behind the phased increase in contributions.
In a recent interview on NBC Radio, Haynes emphasized that 85 cents of every dollar collected is returned to the economy in pensions, while 10 cents cover administrative costs and 5 cents bolster future reserves.
He highlighted the commitment to transparency and accountability, stressing the vital role of NIS in supporting over 8,000 pensioners who rely solely on its benefits.
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