Page 17 - NIB Annual Report 12-13 | 13-14

Benefits
Contributions
2014
2013
2012
Private Sector
$21,989,629.00
$21,266,429.00
$21,740,812.00
Government
$1,303,512.00
$1,021,301.00
$1,296,154.00
Self Employed
$570,365.00
$629,855.00
$404,960.00
Voluntary
$6,655.00
$9,406.00
$11,804.00
Total
$23,870,161.00
$22,926,990.00
$23,453,730.00
As Table 2 below highlights, overall
benefits payments have actually
fallen over the past years down
from $14.9 million in 2012 to $11.6
million in 2014. Employment Injury
Benefit expenditure was the main
contributor to the reduced benefits
payments, reducing 17% over the previous year. Long Term Benefits increased by $. 5M or 6%; Short Term Benefits recorded no significant change.
Long Term benefit expenditure will continue to increase as pensions in payment continue to grow. This is a typical characteristic of pension plans. In years to come, it will become necessary to make adjustments or reforms to the pension program to ensure the fund remains viable into perpetuity.
The construction industry continues to lag. With the main drivers of the economy being service oriented, the numbers and gravity of employment related injury have reduced. This is reflected in the employment injury expenditure for 2013 and 2014.
Changes in Pension during the Year 2013
281 7 4 6 14 272
146 10 2 0 0 148
79 13 5 0 0 93
667 55 48 0 0 726
19 4 2 0 0 22
1,192 89 61 0 0 1,261
Short Term
$9,072,080.00
$1,732,836.00
$755,419.00
$11,560,335.00
$8,585,284.00
$1,669,527.00
$3,629,475.00
$13,884,286.00
$7,419,512.00
$1,617,197.00
$5,823,092.00
$14,859,801.00
2014
2013
2012
Long Term
Employment Injury
TOTAL
No. of Pensioners at beginning of year
New Entries
Exits by Death
No. of Pensioners at end of year
Type of Pension
Male
Female
Male
Female
NCOAP Pension
Survivors’ Pension
Invalidity Pension
Retirement Pension
Disablement Pension
Total
2013 & 2014 ANNUAL REPORT | 13