Saint Vincent Advances Social Security Reform with 13th Actuarial Review

ILO news

Saint Vincent Advances Social Security Reform with 13th Actuarial Review

The International Labour Organization (ILO) is supporting Saint Vincent and the Grenadines in strengthening its National Insurance Scheme through the 13th Actuarial Review and supporting advances in social security reform, pension sustainability and dialogue on the introduction of unemployment insurance.

27 February 2026

KINGSTOWN, Saint Vincent and the Grenadines (ILO News) - At the invitation of the Government of Saint Vincent and the Grenadines, the International Labour Organization (ILO) undertook a technical mission from 23-27 February 2026 to support the 13th Actuarial Review of the country's National Insurance Services (NIS) and to contribute to national dialogue on the future of social security, including unemployment protection.

The mission, led by ILO Social Protection Specialist Ariel Pino, with the participation of Senior Social Security Actuary Alexandre Landry, worked closely with Stewart Haynes, Director of the NIS, and his team to analyse demographic, labour market and economic trends and assess the financial position of the National Insurance Fund. The 13th Actuarial Review builds on the last assessment and the substantial reforms undertaken in 2024, including adjustments to contribution rates, retirement age and benefits to respond to an ageing population, economic challenges and other financial pressures. The ILO commended the Government, workers' and employers' representatives for their tripartite leadership and shared commitment in advancing these reforms, noting that the measures have already produced notably positive results in strengthening the Fund's financial outlook and reinforcing confidence in the system.

The various engagements of the NIS and ILO team also brought together government, workers' and employers' representatives to examine how to strengthen pension adequacy, coverage and long-term financial sustainability. These included technical working sessions with the NIS leadership, courtesy calls with Ag. Prime Minister the Hon. Major St. Clair Leacock, the Minister of the Family and Gender Affairs, Persons with Disability and Labour, Hon. Laverne Gibson Velox and the Attorney General, Hon. Louise Mitchell, as well as consultations with the Statistical Office, and representatives of workers and employers. The discussions touched on the legal framework, recent reforms, NIS investment policy, and the data needed to underpin evidence-based decisions. The introduction of the unemployment insurance was part of the discussions.

One of the highlights of the mission was the ILO participation in the "Reform in Focus" symposium organised and hosted by the NIS under the patronage of the
Ag. Prime Minister and Minister of National Security, Disaster Management and Immigration, the Hon. Major St. Clair Leacock. The symposium was one of the avenues used to give Vincentians a direct voice in shaping reforms and to get their feedback on the adequacy of pensions and the potential design of a permanent unemployment protection scheme. A town hall meeting about the NIS and its reforms was also organized in Bequia with the participation of employers, employees, beneficiaries and unemployed persons.

Stewart Haynes Director of the NIS told participants, "Social Security is a promise- a promise to protect every generation from poverty… Reform is about protecting that promise." He addressed the important role of NIS as a social safety net saying, "In Saint Vincent and the Grenadines, Social Security is not an extra income - it is essential income. It puts food on the table, buys medication, and supports families. If the NIS were to fail, thousands would move from safety to poverty. That is why safeguarding its sustainability is critical for our people and our economy."

The ILO team contributed to the discussion offering guidance drawn from ILO Convention No. 102 on minimum standards of social security, which was ratified by Saint Vincent and the Grenadines in 2015, form comparative experiences and good practices in unemployment insurance and active labour market policies. Ariel Pino, Social protection and OSH Specialist explained, "the establishment of an unemployment benefit is not simply a new social security benefit; it is a social and economic necessity. It is a mechanism to prevent poverty and the bridge that keeps workers connected to the formal economy during periods of disruption." He also shared the ILO's work on promoting social security as part of the engine of regional integration, making reference to the meetings and work of the Caribbean Heads of Social Security Organizations.

The ILO mission responds to the Government's commitment to safeguard the NIS as a central pillar of social protection. "Saint Vincent and the Grenadines is at a critical juncture and the ILO's engagement here is a reflection of the seriousness with which this institution is approaching reform. You have the leadership, the resources, the data and the national engagement. That combination is commendable. The ILO calls on government, workers and employers to deepen social dialogue and work together to advance sustainable social protection in Saint Vincent and the Grenadines to protect people."- Ariel Pino, ILO Social Protection and OSH Specialist.