TWO top audit firms – Ernst and Young (E&Y) and PriceWaterhouseCoopers (PWC) – welcomed the fact of Finance Minister Davendranath Tancoo addressing the question of the sustainability of the National Insurance Scheme (NIS) in light of TT's ageing population.

E&Y and PWC each published their post-budget analyses of Tancoo's October 13 presentation to the House of Representatives.

Tancoo had announced a three per cent rise in each employee's contribution to the NIS starting next year and then another three per cent the year after. He will also incrementally raise the retirement age from 60 years at present to 65 years by the year 2036.