While there may be some employers who are delinquent in paying National Insurance contributions, the measures to bolster payments are not ineffective and the National Insurance Board (NIBTT) will continue to capture as many delinquent employers as possible.
Minister in the Ministry of Finance Brian Manning signalled this in the Senate yesterday, in reply to queries from Independent Senator Charisse Seepersad on further measures for delinquent employers.
Manning added that the NIB was always thorough in looking for those who violate their rules.
On whether NIBTT’s Compliance Unit would provide education and training to employers where it was determined that the non-compliance was not deliberate, Manning said as part of routine NIB operations, all employers were provided with appropriate National Insurance education.
This includes at points of registration as an employer and through the NIBTT’s robust and ongoing educational campaign.
«The educational thrust is focused in most part on benefit awareness and employer compliance requirements. Various educational brochures are also available to employers on different aspects of the NIS. Plus, employers can access the Customer Care call centre at the NIBTT’s website to receive further information and guidance on the NIS.
«Should employers require special training, they can directly submit a request through a Compliance Officer or by emailing a request to semi[email protected] or customer[email protected]»
On whether consideration is being given to adjusting NIB’s investment rules to increase the percentage allowed for foreign asset investments, Manning said, «Under the National Insurance (First Schedule) Amendment Order 2018, Government effected a change that year to increase the overseas investment limit from 20 per cent to 30 per cent. This decision has so far paid significant dividends and has contributed to the impressive 14 per cent return on investment earned by the NIB in 2021,» he said.
«A number of other proposals to amend the First Schedule of the Act, including expanding the number of jurisdictions in which overseas investments are permitted, is currently before the Ministry for consideration. The Ministry is also giving careful consideration to a further increase in the NIB’s overseas investment limit, but a decision on this matter has not yet been made because of the current volatility of the international capital markets.»
LINK ORIGINAL: The Trinidad Guardian