In Trinidad and Tobago, when we first launched our National Insurance Scheme (NIS) in April 1972, almost 50 years ago, the scheme offered two benefits – a Retirement Grant and Funeral Grant.
The NIS Retirement Pension was introduced in 1975 and in 1977 the first payment of this Pension was paid to 1,143 persons at a total cost of TT$2 million, or about US$800,000 at the time.