In a landmark announcement during the 2025/2026 national budget presentation, Finance Minister Davendranath Tancoo unveiled sweeping reforms to the National Insurance System (NIS). These changes, aimed at ensuring the long-term sustainability of the system, include a phased increase in contribution rates and a gradual rise in the qualifying age for full pension benefits from 60 to 65 years, effective January 2028. These measures, though initially surprising to some, were deemed both inevitable and necessary following the 11th Actuarial Review, which warned that the National Insurance Board’s (NIB) reserves could be depleted within eight years without decisive action. The reforms reflect global demographic trends, including aging populations, declining birth rates, and a shrinking workforce, which are placing immense pressure on social security systems worldwide. Minister Tancoo reassured citizens that those retiring before January 1, 2028, will remain unaffected, and existing pensioners will continue to receive their full entitlements, including the minimum pension at age 60. These reforms have been welcomed by financial professionals as a demonstration of fiscal responsibility and a commitment to long-term sustainability. Similar measures have been adopted globally, with countries like Denmark, France, the United Kingdom, and Barbados adjusting their retirement ages to align with demographic shifts. While these changes may be challenging, they are essential to preserving the integrity of the NIS, which supports over 200,000 citizens in securing income and dignity during retirement. By acting now, the government aims to safeguard the financial well-being of the nation and ensure future generations benefit from a stable and reliable safety net.