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THE NATIONAL Insurance Scheme (NIS) is set for major reforms, Finance Minister Davendranath Tancoo has announced.

Without decisive action, he warned, the fund would collapse within the next decade — leaving hundreds of thousands of retirees without income protection.

During his 2026 national budget presentation in Parliament on October 13, Tancoo announced a phased increase in contribution rates and a gradual rise in the retirement age from 60 to 65 over the next ten years.