It has been revealed that the National Insurance Fund (NIF) is now operating at a $1.5 billion deficit.
The NIF manages collections from the National Insurance Scheme (NIS).
Social Security Minster Shahine Robinson said efforts are underway to protect the NIF's viability.
"With a pension population of around 121,000, the NIS disbursed $19.4 billion in benefits, receiving only $17.9 billion in contribution. Mr. Speaker, there remains a gap of $1.5 billion. As our eyes remain fixed on the scheme's viability, the procurement process has commenced to undertake an updated actuarial review during this financial year," she revealed.
She was speaking Tuesday in the House of Representatives.
NIF net assets increase
The Social Security Minister said, as at March 31 this year, the net asset value of the fund was $120.7 billion - an increase of 13.67 per cent over the 2017/2018 fiscal year.
The growth in the NIF's net assets was driven primarily by the performance of the equity portfolio which grew by 31.3 per cent.
But Mrs Robinson revealed that less than 50 per cent of the workforce contributes to the NIS.
She said this is unacceptable, especially with Jamaica's aging population.