NewsNIC Identified As a Success Story In PM’s Independence Address

St. Lucia News OnlineJuly 1, 202210493 min

Prime Minister Philip J. Pierre has cited the island’s National Insurance Corporation (NIC) as a national institution that has earned the trust and confidence of the Saint Lucian people.

In a call to respect and uphold the work of national institutions the PM said, “Let’s trust our institutions.”

Reviewing the progress of successful national institutions in the more than four decades since Independence in 1979, Prime Minister Pierre said during his first National Independence Day Address that “we have demonstrated that as a people, in spite of the size of our population, we can manage successful businesses and state enterprises.”

According to the Prime Minister and Minister for Finance, Economic Development and The Youth Economy, “an institution that stands out as a beacon of hope, withstood all obstacles and was able to bring income support during the COVID pandemic to many is the National Insurance Corporation.”

Created in 2000, the NIC was preceded by the National Provident Fund (NPF) and the National Insurance Scheme (NIC).

According to Prime Minister Pierre, NPF started in 1970 with an initial fund of just over $20,000 “and now it’s a $2.4 billion institution — and the largest financial institution outside the local banking sector.”

Perhaps unknown to most Saint Lucian’s “the NIC provides long-term benefits to 10,000 citizens, 7,000 of who are pensioners, plus another 18,000 with short-term (mainly sickness) benefits.”

Given the extent of the NIC’s role in providing social protection to so many citizens, the PM urged “employers and employees to continue to make their contributions” to the NIC. The NIC and its predecessors have been in operation for 52 years and still going strong.

St. Lucia News Online

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