Manning: NIB continuing drive to capture delinquent employers /

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