The Association of National Insurance Contributors, Claimants and Appellants (ANICCA) says that many businesses will be going under come September 5 when there will be an increase in contributions.
At a meeting on Wednesday at the Chaguanas Indoor Sporting Complex, Manick Street, Chaguanas, contributors in the audience expressed concerns about the passing of the Finance Bill 2016.
The members also highlighted that existing NIS pensioners would not be recipients of an increase in their pension despite an increase in contributions.
According to the table, contributors earning between $780 and $1,290 monthly in the first bracket paid $9.69 weekly and employers $19.20. Now employees will contribute $11.90 and employers $23.80.
Workers earning over $12,000 in 2014 contribute $110.80 weekly and their employers $221.60. However, this has increased to $138.10 and employers will contribute $276.20.
Public relations officer, Arthur Sanderson, said businesses would pass this increase onto their employees and small businesses would close down.
“A lot will close down. If they can’t find the funds in this downturn economy they will shut down their businesses. Employers pay two thirds in contributions and no business will operate at a loss,” he said.
Ramnath Ramcharitar, a consultant, said though there would be an increase in the contributions there would be no increase in benefits.
Another member of the audience, Cecil Butler De Bique, said no matter how many contributions he made over the years and even though he was in a higher wage bracket he wouldnever get over $3000 in benefits monthly.
“All that money they collecting, where is it going? If you are investing the workers’ money why can’t we get an increase in monthly pensions?” he asked.
Sat Maharaj, one of the consultants, said he had been employed at the National Insurance Board for many years and citizens would never be paid back what they contributed.
Maharaj said altogther citizens paid approximately $200,000 during their 30 years of employment, and no matter what, they would never get that back.
He said the NIS board saved $1.2 billion from over 200,000 working citizens across the country and that would be an increase of 25 per cent.
“I will still collect $3,000 like anyone else no matter how much I pay. I see a lot of businesses closing down because of this. I worked there for many years and I can just glance at a document and know where things went wrong,” he said.
President of ANICCA, Romeo Dassrath said his organisation was at the discussion to represent the citizens of T&T. He said the Government was being unfair to the elderly and disabled. ANICCA, he said, planned to protest in front of the Parliament on August 5.