The current and anticipated debilitating impact of COVID-19 on the lives and livelihoods of our
people require, among other things, targeted, timely and temporary responses by Social Protection
Systems. The NIS, which serves as a vital social protection pillar, will continue its mandate of
protecting its people in uncertain times. Accordingly, the NIS is considering the implementation
of a COVID-19 Temporary Unemployment Benefit for workers who have been laid-off as a
consequence of the COVID-19 pandemic. Currently, we are awaiting the legislative authority to
initiate this programme.
We realize that our people are being economically disadvantaged and are depending on our social
safety net programme to provide some emergency financial assistance during this difficult period.
This temporary unemployment benefit aims to assist our people and provide some cushion to our
vulnerable workers from the economic displacement brought about by the COVID-19 pandemic.
The principal objectives of this temporary programme include:
1. To provide temporary replacement income which will protect some working families from
falling into poverty trap as a result of job losses due to the challenges which have arisen as
a result of the COVID-19 pandemic;
2. To stimulate consumption and economic activities;
3. To assist affected persons whilst searching for new jobs.
The NIS will continue to protect its people in a prudent and responsible manner. We anticipate
that investments, contributions and benefit payouts will be adversely impacted by this crisis.
However, the partially funded nature of the plan, coupled with our role as a social safety net,
affords us the opportunity to provide a temporary and targeted cushion to our workers who have
contributed in building our asset base.
We are here to protect our people in the most responsible, careful and prudent manner whilst
safeguarding the safety, soundness and sustainability of the Fund.