THE fund held by the National Insurance Board (NIB) will be completely done within eight years, by the fiscal year 2033-2034, unless significant interventions are made, warned the 11th Actuarial Review of the National Insurance System (NIS) as of June 30, 2020.

The report was formally laid in the House of Representatives over a year ago – April 19, 2024 – but was only recently made public.

Fewer workers have been entering the workforce to contribute to an ever-expanding pool of retirees, as many past NIB actuarial reports have warned, reflecting a global trend which reached crisis levels decades ago in countries with an ageing population like Japan.