Durrant Pate/Contributor

The National Insurance Fund (NIF)will be developing certain key properties this financial year, as it pushes to grow its net asset value.

As part of its strategic imperative for 2025/2026, the NIF is carrying out developments and renovations of key properties to align with market demand, compliance standards and ensuring the operational efficiency of the fund, which bankrolls government pension and other social security benefits. 

To this end, Social Security Minister Pearnel Charles Jr. disclosed that the NIF is targeting a number of its own properties for development, including but not limited to Harbour Street, Knutsford Boulevard and Ripon Road in the Corporate Area, as well as its Trelawny and St. Mary parish offices.

In addition, architectural design to commence for the development of lands for the Clarendon parish office this fiscal year. In addition, the NIF will also be embarking on high-priority initiatives. 

These include the continued revision and implementation of investment policies aimed at minimizing risk exposure, continue the strategic review and the realignment of the NIF’s real estate assets to improve overall portfolio performance.

Strong growth in NIF asset value

As at March 31, the NIF boasts an increase in the net asset value from approximately J$194 billion in March 2024 to J$227 billion in March 2025. This represents a 17 per cent increase over last year, while the portfolio ministry will continue the reforms to not only optimise the financial performance of the NIF but also to monitor its long-term financial sustainability

Charles is promising to “continue to enhance the fund’s investment strategies to ensure optimal rates of return while maintaining stability and sustainability. With this, we continue our mission to ‘Deliver Today and Secure Tomorrow'”.

He announced that Cabinet has approved the introduction of the unemployment insurance benefit, which will be added to the suite of benefits provided by the National Insurance Scheme (NIS).

This new benefit will serve as a guaranteed safety net for all employees who are contributors to the NIS except for the self-employed. 

Work is now underway to establish the legal and institutional frameworks needed to implement this important national support system.