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MLSS PR Unit June 7, 2024

Charles Jr Outlines Strategic Priorities for National Insurance Fund (NIF)

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Charles Jr Outlines Strategic Priorities for National Insurance Fund (NIF)

Kingston, Jamaica, June 6, 2024
Minister Pearnel Charles Jr. recently announced the strategic priorities for the National Insurance Fund (NIF) in delivering his sectoral presentation. These initiatives underscore the Government of Jamaica’s commitment to enhancing the sustainability and efficiency of
Jamaica’s social security infrastructure. In his delivery the Minister said, “for this upcoming year, the National Insurance Fund
intends to focus on several high-priority areas, including:

  • Continued Reform for Maximizing Returns: The NIF is engaged in its ongoing reform efforts aimed to maximize investment returns with a view to maximizing the rate of return on investments to ensure the long-term financial stability of the Fund and its ability to provide sustainable benefits to Jamaican citizens.
  • Revised Investment Policy for Risk Management: A revised investment policy will be implemented to minimize risk exposure and ensure long-term sustainability and facilitate the optimizing of investment opportunities while maintaining prudent risk management practices.
  • Realignment of Real Estate Portfolio: The NIF will undertake a realignment of its real estate portfolio, including the divestment of low-yielding and non-performing assets to enhance the Fund’s investment strategy and improve overall portfolio performance.
  • Infrastructure Investments: The NIF has allocated funds for strategic infrastructure investments, including a $209 million renovation of the Kingston and St. Andrew Parish Office on Ripon Road. Additionally, architectural design and plans for new NIS offices and a Government Services Centre in May Pen, Clarendon, have been budgeted at approximately $26.2 million.
  • Compliance with Disabilities Act: To ensure compliance with the Disabilities Act and related building regulations, the NIF will invest $35 million to improve investment properties within its portfolio.

Further Minister Charles Jr. added, “The strategic priorities outlined for the National Insurance Fund reflect our commitment to sound financial management and the provision of quality services to Jamaican citizens. By prioritizing investment reform, infrastructure
upgrades, and compliance initiatives, we are laying the foundation for a more resilient and inclusive social security system.”

These initiatives align with the Ministry of Labour and Social Security’s overarching mission to enhance social protection mechanisms and promote the well-being of all Jamaicans.

The ministry reiterates our tireless commitment to continue our ongoing work to upgrade our systems and refine our strategic processes and initiatives as we become more efficient in the delivery of our services.



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