Barbados’ $4 billion National Insurance Scheme (NIS) is at risk of being depleted in as few as 12 years, ripping the social security safety net from under Barbadian workers.That is the stark reality facing the country, as the social security fund’s actuary explained that the contributions being paid into the NIS and the amount and range of benefits it pays out, cannot continue at current levels.Derek Osborne, the Bahamian expert tasked with assessing the health of the NIS, delivered the grim news Wednesday, as he called on Barbadians to agree on a local solution to the threats facing the NIS.In a shock disclosure, the actuary said the NIS was now calling in some fixed deposits it has in financial institutions before the maturity dates and using all its investment income to help meet obligations to workers and beneficiaries.
