– Dr. LuncheonThe one percent increase on contributions to the National Insurance Scheme (NIS) being instituted from June 1 will translate to about $890M additional revenue for the entity annually. This amount is expected to help the entity offset its monthly expenditure of about $1B.NIS’s Chairman, Dr. Roger Luncheon related that the expenditure of the scheme had to be controlled because of NIS falling revenue. To meet monthly expenditures- primarily benefit payments- the entity is forced to take money from the NIS fund, which is in an account in the Bank of Guyana. The account reportedly contains $30B.According to Dr. Luncheon, over the years NIS collects a surplus but the Administration is forced to go into that surplus to sustain its monthly deficit. He indicated that the preservation of the NIS fund is worrying.Minister of Finance,NFL Jerseys Cheap, Dr. Ashni Singh, while presenting the Budget to the National Assembly on March 25,Stitched Jerseys, announced the anticipated increase for the NIS.“Government will meet both the employer’s and the employee’s share of the increase in contribution payable with respect to employed persons whose income is not more than $50,000 per month. This initiative will cost the Government approximately $215 million per annum and will benefit some 58,300 contributors,” he said.Dr. Singh related that NIS will focus on advancing administrative improvements, reducing cost of operations,Cheap NFL Jerseys China, establishing systems for more effective management of the beneficiary database, and reducing the incidence of incomplete contributor records.He added that during 2013, NIS will ensure that every contributor is supplied with a statement of contributions on record to ensure verification and reconciliation of all contributors. In addition,China Jerseys, NIS will actively explore options for increasing compliance and widening coverage especially among the self employed population.Dr. Singh added that for some time,NFL Jerseys Store, actuarial recommendations have been before the Administrators of the Scheme. The dilemma has been the balance that needs to be struck between addressing the deficiencies of the Scheme while minimizing the impact on workers and their employers.“Although there is no doubt that administrative measures might help to improve the financial position of the Scheme,Cheap Jerseys, these could not possibly remedy in fullness the structural deficiency”, he added.