Early encashment of NIS pension vouchers to continue for 2020
Published:Tuesday | July 28, 2020 | 9:37 AM
The early encashment initiative for National Insurance Scheme (NIS) pension vouchers by the Ministry of Labour and Social Security is expected to continue until the end of 2020.
The programme allows pensioners to access all their funds within the first week of the month.
“Instead of the pensioners going to the post offices twice or three times per month, they can now access funds whenever they want or visit the post office just once for the month,” chief technical director with responsibility for social services, Audrey Deer-Williams, told JIS News.
Deer-Williams says the ministry is making it easier for pensioners to access their funds while safeguarding their health as the country continues to grapple with the coronavirus (COVID-19) pandemic.
A part of that measure is a ramped up education campaign to get more pensioners to sign on to the direct deposit system.
Through the system, pensioners are encouraged to submit an application to have their pension directly deposited into their bank accounts instead of having to congregate at the post office to collect the funds.
“It is beneficial to our clients (the pensioners) to sign up with the direct deposit payment system, especially during the pandemic,” Deer-Williams said.
“While they are adhering to the protocols outlined by the Government, the system makes it easier for them to access pension funds at their convenience,” she noted.
She pointed out that the system, implemented some seven years ago, is not mandatory and pensioners can continue to cash their vouchers at the post office.
More than 35,250 pensioners have signed up to date.
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