NIB Fund Predicted to Collapse by 2034 Without Interventions

This report covers nib fund predicted collapse with key details and context.

The National Insurance Board (NIB)’s fund is predicted to be fully depleted by the fiscal year 2033-2034 unless significant actions are taken, according to the 11th Actuarial Review of the National Insurance System (NIS). The report, which was made public recently, warns of a decrease in workers contributing to the fund and an increase in the pool of retirees. These trends reflect a global crisis seen in countries with ageing populations. The report also discloses that system expenditure will surpass contributions by 2020-2021, with assets beginning to decrease in the same year. The report suggests several interventions, including raising the contribution rate, increasing the retirement age, and including self-employed workers in the NIS system.

nib fund predicted collapse: key developments so far.

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