History of the NIS
A SILVER JUBILEE is a monumental accomplishment for a number of reasons. Twenty-five successful years in the life of any institution is cause for celebration. The persons celebrating are always in awe of the number of years that they have been blessed with, and this is especially so for the National Insurance Services (NIS), formerly called the National Insurance Scheme.
The NIS is the successor to the National Provident Fund which was located at what is now the Port Authority building. It became operational on January 5th, 1987 and is the birth child of Act No. 33, 1986, but its functions are executed in accordance with a number of legislations.
The institution, which has expanded to a much larger headquarters in Kingstown and a service center in Union Island, falls under the portfolio of the Minister of Finance and is governed by a nine-member Board of Directors.
Aiming to provide social safety net to all nationals of St. Vincent and the Grenadines and the Diaspora, the NIS provides sickness, maternity, invalidity, employment injury, funeral and survivors’ benefits to contributors.
Coverage is extended to employed persons, self employed contributors and voluntary contributors from SVG and abroad, within the age group 16 to 60 years.
Under the NIS Act, all workers in St. Vincent and the Grenadines are mandated to make contributions to the National Insurance Services.
Currently, the total rate of contribution is 8% of insurable earnings; the employee is required to pay 3.5%, and this is matched by 4.5% by the employer.
Beyond this social safety net, the NIS prides itself on making strides in contributing to SVG’s national development through numerous outreach programmes.