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The National Investment Fund, NIF, indicates that it is restructuring its approach to investments in a way what will reduce risk, but in the meantime it is reporting a near 15 per cent growth in assets, mainly driven by returns on its equity investments, for the period ending March 2018.

Jamaica’s bullish stock market has contributed to a 34 per cent increase in the pension fund’s equities portfolio.

But the agency, which administers pension contributions to the National Insurance Scheme, says it is consistently looking for better outcomes, for two main purposes – to minimise risk and to deliver returns that contribute to a sustainable pension system.

Even as equities are outperforming, interest rates have been declining, which, in turn, would impact the returns on the NIF’s fixed-income investments.

NIF’s focus is to “maximise returns within acceptable risk limits whilst maintaining a level of liquidity to facilitate the timely payment of NIS benefits, bearing in mind that the scheme’s operations continue to experience a deficit on an annual basis,” the Ministry of Labour & Social Security told the Financial Gleaner in an update on the performance of the fund.

“With this in mind, the NIF continues to assess the asset allocation with a view to ensure that there is appropriate diversification, given the ever-changing dynamics of the investment environment in which we operate. In collaboration with the board, the current investment strategy is being revised,” the ministry said through its communications unit.

Returns on investments for fiscal year ending March 2018 saw the value of the NIF portfolio rising 14.89 per cent. It was an improvement on the previous year, when the portfolio grew 13.13 per cent.

The most current data, for the first quarter of the current fiscal year, ending June 2018, places the size of the fund at $114.02 billion. For that quarter, the NIF grew its net assets by 7.37 per cent to $114.02 billion. That’s triple the growth of 2.03 per cent in the similar period in 2017, with most of the gains linked to equities.

NIF said that in the past three years, the equity portfolio has grown by an average of 44.3 per cent – with the past year improving by 34.07 per cent – which it links to “improved profitability of the listed companies against the background of the improved economic climate”.

In that three-year period, the equity portfolio grew from $12 billion to $24.33 billion at March 2018. In the June quarter, the portfolio recorded additional gains with a value of $26 billion.

As for the fund’s real estate portfolio, the value of the assets have increased in the past two years, but not enough to offset the 32 per cent shrinkage recorded back in fiscal 2016

Last year, the portfolio grew 6.7 per cent, influenced by property upgrades and new projects. As at June, there was a further uptick in value to $14.84 billion.

The NIF’s investments in bonds and loans has grown overall in the past three years, from $61 billion to $67 billion as at March 2018. In the June quarter, the portfolio spiked further to $73.68 billion.

Source: http://jamaica-gleaner.com/article/business/20180914/nif-weighs-risk-it-revises-investment-strategy

Minister of Labour and Social Security, Hon. Shahine Robinson, says the reason overseas-based pensioners experienced difficulties in receiving pension payments was due to a newly implemented payment process.

She said the Ministry will ensure the situation does not recur.

“I am happy to report that entitlements for the United States and Canadian-based pensioners were uploaded in August, with pensioners verifying the receipt of the overdue payments,” she said.

The Minister was speaking at a quarterly press briefing, held at the Ministry’s North Street office in Kingston on September 4.

Mrs. Robinson noted further that United Kingdom and Rest-of-the-World-based pensioners can also expect to receive payments no later than this weekend.

“We have been advised that all the issues have been resolved, and we will now ensure that the payments due for September 15 are on time,” she said.

Meanwhile, Mrs Robinson said the Ministry is working to improve customer service delivery to its clients, particularly in the processing of claims for social assistance; the turnaround time for work permit applications; and the turnaround time for the delivery of awards from the Industrial Disputes Tribunal.

She said the customer reception areas are also being improved to provide more efficiency in responding to telephone and email requests.

The Ministry of Labour and Social Security will, this financial year, also commission into service new offices in St. Ann’s Bay, St. Ann and Lucea, Hanover, as part of a project to improve infrastructure at its parish offices.

Mrs. Robinson said other offices are also being upgraded, including the St. James parish office.

Source: https://jis.gov.jm/labour-ministry-deals-with-overseas-pensioners/

More and more non-unionised workers are having their cases sent to the Industrial Disputes Tribunal (IDT) for arbitration, according to the Ministry of Labour and Social Security. Changes to the Labour Relations and Industrial Disputes Act close to a decade ago, cleared the way for greater access.

“For the period January 2017 to December 2017, sixty-two disputes were referred to the IDT. Of these disputes, 55, or 89 per cent, were non-unionised cases, while only seven, or 11 per cent, were unionised cases. As at August 2018, of the total number of cases sent to the IDT for arbitration, only nine per cent were unionised,” said Shahine Robinson, minister of labour and social security. She was addressing a quarterly press briefing held on Tuesday at the ministry’s downtown Kingston offices.

Robinson noted that there are currently 67 active and five inactive disputes before the IDT. The inactive disputes are pending in court, and the tribunal cannot hear the matters until rulings have been made.

Dunstan Bryan, the ministry’s acting permanent secretary told The Gleaner: “In the previous dispensation, the persons would have to be part of unions, and the regulations were specific to their participation in the conciliation and the referral to the IDT. With the amendment to the legislation, ordinary citizens – household workers, workers in the retail trade, ordinary citizens – can access the IDT by themselves by representing themselves to the ministry.”

The case is then assessed and sent to the IDT based on its merit.

Robinson gave an update on her Sectoral Debate announcement in June that IDT services would be expanded to western Jamaica.

She said: “I am pleased to report that the ministry is finalising the lease agreement for the new facility. By the end of this financial year, workers and employers in western Jamaica will enjoy greater access to [the] IDT’s arbitration services.”

Source: http://jamaica-gleaner.com/article/news/20180906/majority-idt-cases-involve-non-unionised-workers

Approximately 7,194 Jamaicans were placed in the Overseas Employment Programme for the period April to June 2018, an increase of 5.6 per cent over the corresponding period last year.

Minister of Labour and Social Security, Hon. Shahine Robinson, made the disclosure at a quarterly press briefing, held at the Ministry’s North Street Offices today (September 4).

“Since July 2018, some 1,295 additional persons have been recruited, of which about 100 have been placed on farms in the United States of America,” Mrs. Robinson said.

She noted that based on her visits to the United States Departments of Labour and Homeland Security, the Ministry expects new employees to come on board, possibly yielding 200 new recruits.

“As we accelerate marketing strategies for the programme, opportunities in the United States care and construction industries are being discussed,” Mrs. Robinson said.

Meanwhile, Mrs. Robinson said the Ministry is aware of the concerns about the recent incidents of scamming by employment agencies.

She pointed out that the comprehensive public-education campaign that was announced during her sectoral presentation in the House will be launched later this month.

“We will pay special attention to rural communities which are particularly susceptible to these nefarious activities. This will be accompanied by ramping up our synergies with the security forces in an increased effort to eradicate this scourge,” the Minister said.

KINGSTON, Jamaica — The Government is introducing a back-to-school grant for beneficiaries under the Programme of Advancement Through Health and Education (PATH).

Minister of Labour and Social Security, Shahine Robinson, made the announcement this morning at the first of a series of quarterly press briefings that she said her ministry will be hosting.

“This benefit will be payable to all registered PATH students attending primary and secondary schools island-wide, and will be paid at the rate of $3,500 per child,” Robinson told the press.

She said that payments will be made available for collection by beneficiaries on September 11, via the usual methods.

A total of 155,813 children will benefit from the grant, with the average payment to a household being $10,500 for three children.

“I am sure you will agree with me that every child must have the opportunity to stay in school, and every child must have the opportunity to learn. Therefore, this benefit will be paid annually, and will again be paid in the August, 2019 payment cycle and in ensuring years,” the minister said.

Robinson also announced Brittany Munroe and Shanique Davidson as the PATH 15th Anniversary Tertiary Scholarship winners, and handed them their cheques.

Brittany has been awarded $400,000 to continue studies towards a bachelor’s degree in pharmacology at the University of Technology, and Davidson will receive $600,000 towards a bachelor’s degree in medicine and surgery at the University of the West Indies (UWI).

During the briefing Robinson gave the press an update on developments in all areas of her ministry.

Source: http://www.jamaicaobserver.com/latestnews/Govt_gives_back-to-school_support_to_PATH_students

Minister of Labour and Social Security (MLSS) Shahine Robinson said yesterday that contrary to recent news reports, there has been no decision to redesign the National Insurance Fund’s (NIF’s) portfolio.

However, the minister confirmed that it is intended to give the soon-to-be-created merged NIF and National Insurance Scheme (NIS) entity corporate status.

“… I would like to clarify that no decision has been made in relation to the redesign of the NIF’s portfolio, other than the fact that it is intended to be given body corporate status,” she told the media at her quarterly press briefing at the ministry, North Street, Kingston, yesterday.

“Reports of impending fund management outsourcing, including multiple private pension fund managers, are merely speculative. A consulting firm has been hired and we await their deliberations to create greater value for the pensioners who benefit from the fund,” the minister added.

A comprehensive review of the NIF investment policy is to be undertaken by the consultant and a risk management policy developed.

The ministry had previously disclosed plans to overhaul the NIF, leading to a merger with the NIS.

The decision followed reports of deficiencies in respect of the NIF’s equity portfolio, and possible fraud at the NIS.

The NIF and the NIS currently operate as MLSS departments. It is speculated that the newly created entity/agency would oversee over $106 billion in assets. However, this would require several amendments to the NIS laws which have to be prepared for submission to the chief parliamentary counsel.

Robinson told the briefing that, in the meantime, the NIF continues its primary focus, which is to maximise returns within acceptable risk limits, while maintaining a level of liquidity to facilitate the timely payment of NIS benefits.

“The NIF continues to evaluate the asset allocation with a view to ensuring that there is appropriate diversification, given the ever-changing investment environment in which we operate,” the minister noted.

She said that the NIF continues to demonstrate strong financial performance. The net assets of the fund grew by $13.8 billion or 14.8 per cent, to $106.2 billion as at March 2018. For the first quarter of the fiscal year, the net assets of the NIF grew by 7.37 per cent to $114.02 billion, when compared to the 2.03 per cent over the similar period for 2017/18.

She said that the fund continues to invest in a diversified portfolio of assets comprising equities, real estate bonds and loans.

Over the last three years, the equity portfolio has been the main contributor to the growth in the assets of the fund, averaging 44.3 per cent.

As at June 30, 2018, the equity portfolio was valued at $26 billion, up 7.16 per cent since the start of 2018/19 fiscal year on April 1.

Also at June 30, the bonds and loans portfolios were valued at $73.68 billion, up 9.67 per cent so far this fiscal year.

Source: http://www.jamaicaobserver.com/news/no-decision-to-redesign-nif-portfolio-says-labour-minister_143407?profile=1606

KINGSTON, Jamaica — Labour and Social Security Minister Shahine Robinson today reported that fewer work permits were granted to foreigners for the period April to June, 2018.

Speaking at a quarterly press briefing held at the ministry’s North Street offices today, Robinson disclosed that 1,334 permits were granted for the period and of that number, 831 were new applications and 503 were renewals.

“For the corresponding period last year, we issued 1,675 permits; 835 of them were new applications and 781 were renewals,” she informed.

Robinson said that the granting of work permits is critical in realising the nation’s economic growth.

“It is a mechanism to plug the gaps in skill sets needed to provide sizeable manpower investments in tourism, construction and infrastructure. Many projects being carried out across the island require specialised skills that may not be available locally in adequate numbers,” she explained.

The minister said she has insisted on a thorough review of all applications for work permits to ensure that these are not been issued for skills that exist locally, and, as a result, the numbers are trending down.

“As your minister, I do believe that we have a responsibility to find the balance between facilitating investment opportunities as well as meeting the employment needs of our citizens,” she noted.

Meanwhile, the ministry, in collaboration with the Inter-American Development Bank (IDB), has developed a project to modernise the work permit system.

Robinson noted that this will replace the existing legacy system with a new client-focused, web-based work permit software.

“The new regime will be designed to cut the processing time for work permits, analyse the database of skills in Jamaica and help to simplify the process of doing business,” she noted.

Source: http://www.jamaicaobserver.com/latestnews/Labour_ministry_says_fewer_work_permits_granted_to_foreigners_?profile=1228

Washington, DC – Jamaica’s Minister of Labor and Social Security, Shahine Robinson is pursuing plans to increase the seasonal work program with the United States.  She made this announcement after a meeting with top-level officials in the US Department of Labor, the Department of State, and the Department of Homeland Security in Washington, DC.

According to the minister, the talks were fruitful and from all indications the response to the request was positive.

At present there are 7,000 Jamaicans participating in the program in the United States: 4,981 of them in the farm work program and 1,693 in hospitality. “I am looking to double this figure, as this program is important to the Jamaican worker and to the economy as well as to the US.”

Minister Robinson along with State Minister in the Ministry of Labor and Socila Security Hon. Zavia Mayne were in Washington where discussions were held with US Deputy Under Secretary for International Affairs in the Department of Labor Martha Newton; US Assistant Secretary of State for Consular Affairs in the Department of State, Carl Risch; and Assistant Secretary of Homeland Security Michael Dougherty.

The minister along with her delegation who were on an official visit to the United States from August 13 – 17, toured farms in Albany, New York, where she met with over 60 workers, and employers some of whom have been with the program for over forty years. She also visited hotel workers in Sea Island Resort in Georgia, which employs over 170 Jamaican workers under the hospitality program.  Seventy workers were presented with certificates recognizing their participation for four consecutive years.

In addressing the 75^th anniversary launch of the US Seasonal Program at a reception at the Embassy of Jamaica, Minister. Robinson pointed out that the program was born out of the need to address a labor shortage in the United States in 1943.  After seventy five years, it has proven to be one of the longest relationships between Jamaica and the US.  “Indeed, it is a fine example of cooperation, friendship, sincerity and commitment.  A relationship worthy of emulation,” the minister said.

Minister Robinson said that Jamaicans from all strata have been beneficiaries of this program, directly or indirectly.  It is a program that has stayed with us through decades of changes, war, self-government into independence and continues to play a significant role in improving the lives of Jamaicans.

The minister disclosed that there will be year-long activities in Jamaica and the US to celebrate the 75^th anniversary of the US Seasonal Workers Program.  The minister’s delegation consisted of Jamaica’s Ambassador to the United States, Her Excellency Audrey Marks; Director of Industrial Relations and Allied Services, Jillian Corrodus; Advisor to the minister Beatrice Roden; and Jamaica Central Labour  Organization  Chief Liaison Officer  Methelina Scarlett-Jones.

Source: https://sflcn.com/jamaica-plans-to-increase-the-u-s-seasonal-work-program/

The Ministry of Labour and Social Security takes note of the article “Gov’t Pension Payments To Be Made By Direct Deposit Come September 1, Some Stakeholders Concerned,” published on Tuesday, August 14, 2018. The Ministry wishes to advise the public that this policy is only applicable to pensioners who receive payments from the Accountant General’s Department. Therefore, pension payments from the National Insurance Scheme (NIS) will not be affected.

NIS pensioners who are paid through pension order books, will continue to receive their payments with vouchers. However, pensioners have the option to receive their payments through direct deposit by completing a Direct Deposit Form available at their MLSS Parish Office or downloading the form from the Ministry’s website: www.mlss.gov.jm.

For more information, please contact the Ministry at the following numbers (876) 929 – 4206 or (876) 929 – 7177.