The National Social Security and Welfare Corporation (NASSCORP) paid over US$10.9 million to Nine Thousand Seven Hundred Ninety-seven (9,797) beneficiaries in 2019, corporate statistics revealed.
According to data released by the Department of Research & Actuarial, the benefits paid out comprised the nine different categories of benefits awarded by NASSCORP under its Employment Injury and National Pension Schemes. The categories are Temporary and Permanent Disablement Benefits, Constant Attendance Allowance, Death Benefit, Funeral Grant, and Medical Benefit, all under the Employment Injury Scheme. Those under the National Pension Scheme are Retirement Pension, Survivor’s Lump sum Benefit, and Invalidity Pension.
Out of the US$10.9 million, US$319,956.05 or 2.9% represented benefits paid under the Employment Injury Scheme (EIS), while US$10,652,630.55 or 97.1% represented benefits paid under the National Pension Scheme (NPS).
For benefits under the Employment Injury Scheme, US$7,095.84 represented Temporary Disablement Benefit (TDB), while US$157,225.66 was disbursed as Permanent Disablement Benefit (PDB) and Constant Attendance Allowance (CAA). For the settlement of Lump-sum Death Benefit (LDB) and Funeral Grant (FG) claims, US$51,469.22 was paid while US$104,165.33 went towards the settlement of medical bills and purchase of medical fittings.
Under the NPS, US$8,108,999.49 accounted for Retirement Pension; US$1,227,894.91 as Survivor’s Lump-sum Benefit (SLB), and US$244,235.72 was paid out as Invalidity Pension (IP). For refunding money to those who did not qualify for full pension due to various reasons, US$472,297.03 was paid as Pension Grants, representing Retirement and Survivor’s Grants, while US$599,203.40 accounted for refund to expatriate workers who permanently departed Liberia for home.
In 2018, NASSCORP paid out a total of US$7,437,196.00 as benefits under the Employment Injury and National Pension Schemes to Nine Thousand, Four Hundred Fifty-seven (9,457) beneficiaries. This year’s (2019) beneficiaries, which amounted to Nine Thousand, Seven Hundred Ninety-seven (9,797), reflect an increase of 3.6% over last year’s figure of 9,457. Payment under the EIS for 2019 rose by 23.9% from US$258,160.68 to US$319,526.32 while payment under the NPS jumped from US$7,178,942.22 to US$10,652,123.36, accounting for a 48.4% increase.
Out of the US$258,253.78 paid under the EIS in 2018, US$15,938.97 or 6.2% represented TDB, US$132,220.08 or 51.2% accounted for PDB/CAA, US$51,555.07 or 19.9% was paid out as LDB/FG while US$58,539.99 or 22.7% represented Medical Benefits.
Regarding the US$7,178,942.22 paid out as benefits under the NPS in 2018, US$5,302,158.16 or 74% represented RP, US$1,108,115.91 or 15% accounted for SLB, and US$234,406.86 or 3% was paid out as IP. For Pension Grants (Retirement, Survivor’s, and Invalidity Grants), US$70,361.75 or 1% was paid out to beneficiaries who failed to qualify for full pension while US$463,899.55 or 7% was awarded to migrant workers who returned to their countries of nativity.
The Corporation experienced growth in the number of beneficiaries by 3.6% from 9,457 in 2018 to 9,797 in 2019. Observers believe that the low level of benefits paid under the Employment Injury Scheme reflects the extent to which employers and employees are adhering to safety culture at work places, a practice which has led to the reduction of employment injuries. Conversely, pundits view the astronomical rise in pension payouts as being reflective of the fast rate at which the Liberian working population is aging.