The government and the National Insurance and Social Security Service (NISSS) are advancing a series of reforms to strengthen the National Insurance Fund’s (NIF) long-term sustainability, officials have said, after an actuarial review warned it could run out by 2041 without intervention.

NISSS chief executive officer Kim Tudor said the government had decided not to delay addressing the issue and has since focused on a revitalisation process aimed at strengthening the fund’s sustainability.

She told reporters: “There were quite a number of measures that we put in place, such as increasing the number of contributions you need to get a pension and pushing the pension age up. So those things together, along with some other measures, helped to boost the sustainability of the fund.