Seventh actuarial review of the NIS and feasibility study on the extension of social security to the self-employed

The project focuses on two development objectives to ensure the long-term financial and actuarial sustainability of the National Insurance System (NIS) and to investigate ways to extend social security protection measures to the self-employed. The Immediate objectives are defined in relation to the above core developmental objectives and include: - Completion of the 7th Actuarial Review in compliance with Section 70 of the National Insurance Act No 35 of 1971; - Completion of the feasibility study on the extension of social security to the self-employed; and - Capacity-building of the NIS by way of transferring ILO modelling tools applied to the case of the NIS for the 7th Actuarial Review and training of NIBTT actuarial staff in its use at the end of the project. The project will be undertaken in three phases reflecting the individual immediate objectives, either taking place in parallel or subsequently. The approach to conduct the 7th Actuarial Review will consist of the following activities: Preliminary data collection by national counterparts; ILO consultations and data review; ILO actuarial review; Modelling projections, calculations and results analysis; Report drafting; Submission for comments to the NIBTT of draft ILO report on the 7th Actuarial Review of NIS; Presentation of draft ILO report to NIBTT Governing Body; Finalization of ILO report on the 7th Actuarial Review of NIS The technical approach to conduct the Feasibility Study will largely follow a similar sequence of activities as for the Actuarial Review and which is assumed to be undertaken in parallel. They include: Preliminary collection of quantitative and qualitative information on self-employed workers by national counterparts; ILO consultations and data review; Completion of the ILO technical study on the self-employed and drafting of technical report(s); Submission for comments of draft ILO report(s) on the Feasibility Study; Presentation of the draft ILO report on the Feasibility Study to the NIBTT Governing Body and other relevant counterparts. The following outputs will be delivered under this project: (1) A technical note on the initial database, assumptions and selection of scheme-specific sensitivity tests will be completed in the context of the first Immediate Objective (Phase I); (2) A technical report on the 7th Actuarial Review of NIS will be submitted in both a draft format for comments and final version in the context of the first Immediate Objective (Phase I); (3) A technical report on the Feasibility Study on Extension of Social Security to the Self-Employed, with emphasis on the financial, fiscal and actuarial issues, will be submitted in both a draft format for comments and final version in the context of the second Immediate Objective (Phase II); (4) A technical report on the Feasibility Study on Extension of Social Security to the Self-Employed, with emphasis on the legislative issues and drafting considerations, will be submitted in both a draft format for comments and final version in the context of the second Immediate Objective (Phase II); (5) A technical report on the Feasibility Study on Extension of Social Security to the Self-Employed, with emphasis on the administrative audit and implementation issues, will be submitted in both a draft format for comments and final version in the context of the second Immediate Objective (Phase II); and (6) The ILO model family developed for the case of the 7th Actuarial Review of NIS will be delivered along with training of NIS actuarial staff in the context of the third Immediate Objective (Phase III).

Project symbol

TRI/06/01/TRI

Admin unit

SEC/SOC

Start date

01/05/2006

End date

30/06/2010

Total allocation

245012

Total expenditure

Status

Closed

244792

Development Partners

Trinidad and Tobago, The National Insurance Board

Country/Countries

Caribbean Islands

Outcomes

Social Security