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–    fund has $30B in coffers; poor records remain major challenge – Dr. LuncheonGovernment dismissed fears of a collapse of the multi-billion-dollar National Insurance Scheme (NIS), yesterday, saying that it has planned a host of meetings with the relevant entities to ensure its continued viability.Admitting yesterday that the state of the records at the Scheme is embarrassing despite efforts to have it computerized, Cabinet Secretary, Dr. Roger Luncheon, defended the NIS Board’s performance,Air Max 98 Gundam Price, saying that not all the recommendations made in 2007 in a routine five-year report could practically be implemented.Chairman of the NIS Board, Dr. Roger LuncheonPoor returns on investments and dwindling contributions from a workforce are continuing to bog down the fund, which experienced its first deficit (meaning expenses outstripped income) of $371M, last year, in its 43-year history.A recent five-year actuarial review covering the period ending 2011, warned that the NIS benefits to pensioners could be exhausted in nine years or so, unless drastic measures are taken. These measures include pushing back the pensionable age to 65 and raising the wage ceiling to $200,000 which means that rates would have to be increased.The private sector body, the Guyana Manufacturing and Services Association (GM&SA),Nike Air Max 2018 Mens Shoes, has since expressed worry, warning that the workforce would be placed under more pressure if rates are increased.Yesterday, Dr. Luncheon,Air Max 97 Undefeated White, who chairs the NIS’ Board of Directors, made it clear that government would not sit by idly and allow the entity to fall by the wayside. There have been calls for Luncheon and the board’s resignation.$30B in reservesNIS has over $30B (US$150M) in its reserves invested in places like the Berbice River Bridge.It had lost US$30M during the CLICO debacle in 2008, placing a major dent in NIS’s income from investments which are concentrated mainly in Guyana.Luncheon insisted yesterday that it is easy for criticisms to be laid. He pointed out that NIS had actually implemented a number of measures from the 2007 actuarial review along with that of the  National Insurance Reform Committee, a special body established to oversee these changes.However, the government spokesman admitted that “greater attention” should have been paid to the recommendations.He denied that NIS is in dire straits or a “sinking ship”,Cheap Air Max 95 Sale, saying any such belief is “total nonsense”.Dr. Luncheon conceded that failure to act would result in NIS being in dire straits and falling on hard times, in keeping with the forecast…a conclusion, he emphasised, that is unlikely to occur.Now that the report for 2011 is out, several meetings are planned, including with private sector bodies, organized labour unions, pensioners and other stakeholders.The outcome of the meetings will be prepared in a report to be laid in the National Assembly. According to the recent independently-prepared 2011 Actuarial Review, NIS is nearing crisis stage and will be exhausted in less than 10 years, unless contribution rates and benefits reforms are done immediately.The report also criticized the National Insurance Reform Committee for failing to make critical changes that were recommended from the 2007 reviewAmong other things, the report is recommending an increase of the contribution rate from 13% to 15% no later than January 2013. The wage ceiling should also be increased to $200,000 per month. The pension age should also be raised from 60 to 65 years on a phased basis and there should be a freeze on pension increase for two years until the contribution rate is increased and finances improve.Poor recordsThe reform committee was established to look at the NIS and provide guidelines as to the way forward from the 2007 report. “However, no meaningful changes emanating from either of these reports have been made,” the recent assessment found.Government has already expressed worry in the future of the fund and the report has been sent to Parliamentarians.With thousands of pensioners and others depending on NIS, for spectacles, among other things, the implications would be a troublesome one for the administration of the People’s Progressive Party/Civic (PPP/C), which for the first time in its 20-year continuous rule is now also facing an unrelenting opposition which has a one-seat combined majority in the National Assembly.Meanwhile, on the issue of record keeping, Luncheon disclosed that converting manual records to electronic have proven one of the greatest challenges of NIS. Several projects have been launched to convert the records,Nike Tns Sale, with limited results. So far, NIS records are only online for a few years.The problem, Luncheon admitted yesterday,Buy Cheap Nike Air Max Shoes, is that previous years continue to challenge staffers with the computation of contributions of especially new pensioners.Sugar workers have continued to complain of missing records and it will be an uphill task to record the millions of entries of contributions to the computerized archive, Luncheon asserted.