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ECA: NIS details before mid-year review

Published: 
Monday, May 7, 2018

Ahead of Thursday’s presentation of the 2018 mid-year review budget, the Employers Consultative Association (ECA) is calling on Government to reveal the changes to the National Insurance System (NIS), given the financial impact it is expected to have on employers and employees.

In emailed responses to the T&T Guardian, the ECA said the ninth actuarial review would have outlined the state of the NIS system and include recommendations for future sustainability which should be looked at seriously. The ECA also said there needs to be greater alignment between T&T’s education system and the world of work.

Calling on policymakers to ensure that due consideration is given to the country’s national development goals and the changing needs of the workplace, the ECA said:“The impact of technology, robotics and changing workforce demographics are changing how work is structured and how business is delivered.

“our investment in education via government-assisted tuition, apprenticeship programmes, skills development training and curriculum development at all levels must be able to reap rewards now and into the future.”

The tax system, the ECA said, should be more efficient and therefore the Revenue Authority of T&T must be established.

“The ECA is keenly awaiting information on the revenue generated from increased taxes to commercial banks and businesses since taking effect, versus budgeted expectations to date.”

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