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    Home»Main Story»NIS to pay Temporary Unemployment Benefit
    Main Story

    NIS to pay Temporary Unemployment Benefit

    April 4, 2020Updated:April 4, 2020No Comments2 Mins Read
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    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.

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    The Objectives
    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.

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    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.

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