NIS Grenada

aused by the stoppage or substantial reduction of earnings resulting in occurrences such as sickness, employment injury, invalidity, childbirth, retirement or death. In 1970, the first Social Security package was introduced to Grenada with the proclamation of the Agricultural Workers Provident Fund. Employers were required to contribute fifteen (15) cents to the Fund on behalf of each worker for every day worked. Money generated through this Fund was used to pay benefits to the persons who were covered, primarily, agricultural workers. In the years following its establishment, it was realized that the scope of coverage provided by the Fund was limited and inadequate. As a result, the International Labour Organisation (ILO) was contracted as part of a Caribbean-wide project to explore the establishment of a more comprehensive Social Security Program bringing into force the National Insurance Scheme. The National Insurance Scheme, over the years has gone through some significant reviews recommended by actuarial studies conducted as mandated by Law every three (3) years. The most significant has been the introduction of the Employment Injury Benefit and the increases in the contribution ceiling. The Government is actively pursuing the increase in the pensionable age to 65 as part of the Scheme’s parametric reform program arising out of the recent actuarial recommendations. This significant change would act as a buffer and assist in extending the life and sustainability of the Scheme. It is important to note that National Insurance or Social Security Programs are present in almost every country of the world.