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National Insurance Fund: Dr. Justin Robinson an URGENT Update is Required

This space is created to accommodate comments about the National Insurance Scheme (NIS) of Barbados.  The BU household concedes that the management of the NIS as with any social security fund is a complex matter. It is against this background that Barbadians need to hear the technocrats explaining the status of the NIS fund and…

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Dr. Justin Robinson, Chairman of the NIS
Dr. Justin Robinson, Chairman of the NIS

This space is created to accommodate comments about the National Insurance Scheme (NIS) of Barbados.  The BU household concedes that the management of the NIS as with any social security fund is a complex matter. It is against this background that Barbadians need to hear the technocrats explaining the status of the NIS fund and NOT the politicians.

It is unforgivable that in 2016 the public is not able to (re)view the financials of the NIS fund by clicking on the NIS website. Dr. Justin Robinson on several occasions assured the BU family in this forum that his Board intends to be transparent in its work and a first step is to bring up-to-date audited financials to the public.

The BU household invites Dr. Robinson to provide an update on the fund.

124 responses to “National Insurance Fund: Dr. Justin Robinson an URGENT Update is Required”

  1. Hal Austin Avatar
    Hal Austin

    I see Harold Codrington has hit out the way the central bank is being managed. I hope one of our editors will give him space in their publications to spell out his views. That is the very least they can do.

  2. David Avatar
    David

    @Hal

    Not too long before he is a labeled a BLPite. This is how things go in Barbados these days. It is no secret senior central bankers are not on board with the Worrell way of doing things.

    On Sun, Dec 4, 2016 at 1:32 PM, Barbados Underground wrote:

    >

  3. Artax Avatar
    Artax

    It was reported in yesterday’s “Saturday Sun,” under the title: “NIS workers sick of government,” that “a major scandal is threatening to rock the NIS at its core.” The article went on to state: “key employees are fed-up with what they term as government’s indifference to the scheme’s well being, and the silence of the scheme’s top management on what is happening.”

    A NIS official has claimed that, rather than accepting cash from government, the NIS is accepting debentures instead.

    I have a friend who was home on sick leave since June 2015 and was subsequently retired “medically unfit.” The last benefit she received from the NIS was in April 2016, approximately 8 months ago. Unfortunately, she used to receive her late husband’s benefit, which was discontinued because of her situation.

    Each time she calls the NIS to enquire the status of her benefit claim, she is given the “run around” or is told the benefit is being calculated.

    Mr. Justin Robinson, with the level of technology and qualified accountants available to the NIS, surely it should not take the scheme 8 months to calculate the lady’s money.

    While you and the other board members continue to receive your monthly stipends and the NIS employees their salaries/wages, people such as my friend are made to suffer at the hands of a set of uncaring and unsympathetic individuals at the NIS.

  4. David Avatar
    David

    It is well known that the decisions around technology at the NIS are ‘suspect’. Actually there needs to be an Forensic/IT Audit at the NIS.

  5. Gabriel Avatar
    Gabriel

    All this talk about Republican status is hogwash.I am all for Regionalism.None of the OECS states can manipulate their Central Bank.Barbados need honest and upright people at the helm of our ship of state and we need to stop talking this crap about Republicanism.Where the hell has Republicanism got the mighty USA but into the control of the world’s biggest and most dishonest politicians including management by the Federal Reserve (which folk say has some control over our Central Bank)who cannot deal with Obama’s professionalism.Or where has it got the mighty France or Italy,or Greece or Trinidad ‘Tobago or Guyana.This island is too small for Republicanism.There is too much cronyism.We need to relook some form of federal government/state unity.Professionalism is totally lacking in this present administration whom if it was within my power and authority I would have up before the Judges.

  6. Hal Austin Avatar
    Hal Austin

    David,
    I have spoken to a number of people at the central bank and they all talk sensibly. In this fiscal/monetary mess, Dr Worrell has the most to lose, so I am concerned that he allows Sinckler to apparently push him around. It just cannot be the money or status.
    We also seem to depend on economic professors who graduated in the 1960s and 70s, have not kept pace with recent changes in economic theory or policy and people, including the media, keep looking up to them.
    Dr Worrell and a colleague recently published a paper which did not once referenced any author post-financial crisis.
    Had they been sixth form students they essay would have been marked down. Yet, not a word from the Barbadian intelligentsia.
    This is typical of Barbadian social and economic policy discourse.
    The same with the NIS and the secrecy surrounding the way the funds are managed. A few months ago I attended a meeting at the Frank Collymore hall given by one of the active fund managers; we heard how his father in law like ice cream and why birds fly, and the revelation that the fund is returning 6 per cent in a low interest world. Nothing about how this miracle is done; nothing about their fees. Why is the fund actively managed?
    All the speakers got up and said how wonderful the speech was. When I walked out, a young Canadian of Indian heritage who also walked out asked me what I thought. I said rubbish. He was even more angry than I.

  7. Vincent Haynes Avatar
    Vincent Haynes

    Gabriel December 4, 2016 at 12:07 PM #

    Totally agree…….well said.

  8. David Avatar
    David

    Worrell calls the shots NOT Sinckler.

  9. Vincent Haynes Avatar
    Vincent Haynes

    Chuckle…..Barbadian intelligentsia……they walked out years before you Hal…….no one is listening.

  10. Hal Austin Avatar
    Hal Austin

    David,
    I wish.

  11. Well Well & Consequences Avatar
    Well Well & Consequences

    http://www.nationnews.com/nationnews/news/91052/central-bank-lost-deputy

    I do believe that everyone already knew this.

  12. Retribution-things that make me go hum! Avatar
    Retribution-things that make me go hum!

    A man like Dr Robinson who has a personality like fumble – I’m not surprise, you will be waiting in vain. They are all in it for their own personal gain.

  13. Prodigal Son Avatar
    Prodigal Son

    Agree with you, Retribution.

    Publicly, he would tow the DLP line…….but at private cocktail parties…….get him in conversation and he would say, as a director of the Central Bank, some days he was scared to read the daily briefing…………what does that tell you?

    Every since he took over the NIS board from Phony Marshall he promised Barbados the financials for the NIS………have we seen them yet?

    He cannot deliver on the NIS balance sheets but he sure made sure that he got the Stinkliar to deliver to him and his fellow directors what they wanted…………a hefty increase in stipends!

    I pray the good Lord will deliver us from Fumble and his fools! Fumble can call the election now……….they got what they wanted………the big 50th celebrations, they have nothing more to live for as a government!

  14. Gabriel Avatar
    Gabriel

    Prices continue to rise just so.Recall last year when the price of oil was $27.00 a barrel,the lying untrustworthy Quisling Boyce did not see it fit to share the reduction in oil prices at the pump like almost every country in the world.It took months before the price was reduced and still by not what was being paid for the product on the world market.The swine has however wasted no time just 4 days after OPEC agreed to cut oil production to 32.5 million bpd and the price of oil went up 8% on that news,we heard tonight effective midnight the price of gas will increase to $2.91 pl.Analysts suggested the effect of the new OPEC price would not be felt in the market for another month!For the rotten Dems it took just 4 days and none of us are any wiser as to the formula used to determine price at the pump.Its a state secret held by the most untrustworthy minister of government,aka the Quisling.

  15. Bush Tea Avatar
    Bush Tea

    It speaks volumes that this DLP administration holds Dr Robinson is high regard….
    They could have just asked anyone on the hill…

  16. Simple Simon Avatar
    Simple Simon

    @David December 4, 2016 at 10:27 AM “Not too long before he is a labeled a BLPite

    I would have thought that he was a life long “D” sympathizer.

    But what do I know.

  17. Simple Simon Avatar
    Simple Simon

    Dear David:

    The Sunday Sun made reference to an email which Mr. Codrington sent to his colleagues on his penultimate day at the CentralBank of Barbados, but did not publish the actual email. I know that you are a man of excellent contacts. Can you perchance obtain a copy of that email? Thanks.

  18. Simple Simon Avatar
    Simple Simon

    Increase in [NIS] contributory pensions and grants.

    Effective January 2nd, 2017, old age contributory, invalidity, survivors and death benefits will be increased by 6.24%. This will apply to all pensions-in-payment or payable on or before December 31st, 2016.

    The non-contributory pension has already been increased to $155 weekly while the minimum old age contributory and invalidity pensions will increase to $190 per week.
    The funeral and maternity grants will increase to $2, 120 and $1, 220 respectively.

  19. Hal Austin Avatar
    Hal Austin

    The entire national pension system needs reform. It is chaotic and broken. Our leaders just have to look around the world and take the best of what is available.
    Even fascist Pinochet introduced a modern pension system in Chile in 1981, which set the standard for the rest of the world.
    Since then we have had the Australian superannuation scheme, the New Zealand Kiwisaver, the US 401 (k), the UK stakeholder, and numerous other schemes.
    We need to introduce a mobile system in which the pension follows the member, no matter what job s/he moves to; it should aim for a 20 per cent of earnings contribution; with a progressive investment style.
    Barbadians must be nudged from spending for today and remember to save for tomorrow.
    First, we must talk about long-term savings and it is a conversation which is not taking place.
    A dynamic pension system will help with financialisation, fueling the economy and raising our standard of living.
    We do not have to wait for politicians to start the discussion, the media, academics, public intellectuals, actuaries can start that conversation (anyone but lawyers). BU can make a big contribution.
    This absence of a long-term savings policy ( there is no need to call it a pension) is a failure of our independence. In Singapore, it is the foundation of everything that has happened since 1965.

  20. David Avatar
    David

    The management of NIS fund should be a priority one issue.

    Yet there is no outrage.

  21. Well Well & Consequences Avatar
    Well Well & Consequences

    “I pray the good Lord will deliver us from Fumble and his fools! Fumble can call the election now……….they got what they wanted………the big 50th celebrations, they have nothing more to live for as a government!”

    Of course the government got what they wanted, it is wisely said…be careful for what you ask, ya might get it.

    http://ow.ly/W7UE306Oq4n

    The less educated kept telling them, those celebrations were not as important as the environment. .., days later, after the wukk up and the dinners and all the other money wasting crap, taxpayer’s money…, they got Trip Advisor, that is what they wanted, ya usually get what ya deserve.

  22. Hal Austin Avatar
    Hal Austin

    David,
    It can be the biggest driver of our development. The problem is that our politicians are ignorant of pensions and the role pensions play in the financial system. We pay a price for that.

  23. Bush Tea Avatar
    Bush Tea

    @ WW&C
    Those DLP JA’s probably don’t bother to read Trip Advisor, so those concerns that will surely alarm potential tourists are likely to miss their attention.

    Obama demonstrated that if you put a good man in charge of a hell hole we may get to taste a bit of heaven.
    Froon shows us that if you put a JA in charge of Paradise, you will smell Hell …. literally.

  24. Pachamama Avatar
    Pachamama

    @ David

    Justin Robinson has long decided to be, not an independent actor, as much as one could be within a quasi-governmental organisation, but as the absolute loyalist to the DLP, as a party.

    We are surprised that you expected anything less.

    We think it fair to assume that the books are in bad shape, as we warned you more than five years ago. And we don’t need Robinson to confirm this.

    The assembly of known information is enough to carry out a workable ‘audit’.

    We have the ‘Four Seasons’ non-performing loans, for examples. There are others dating back to the Arthur regime.

    Then there are the general economic metrics that may serve to give insights.

    We have previously estimated that the NIS, not unlike most social security systems in the world, are being raided by various forces in order to privatize public assets.

    And Justin Robinson is a compliant enabler.

  25. Bush Tea Avatar
    Bush Tea

    @ Pacha
    The man is a well known joker.
    He is excellently suited for the job of sitting in a position under the cover of a big name, while doing exactly NOTHING……. he has years of practice at this….

    Apart from a few mediocre papers on business finance data in the region….
    What is he known for as an academic?
    What has he ever done in management?
    What has he produced as an ‘economist/” (whatever the hell THAT is…!!
    In fact, what is his accomplishment in ANY field…?

    Absolutely nothing…..
    ….so he gets appointed to our Central Bank Board….and chairs the single largest national fund….and is an advisor to Froon and co.

    Steupsss
    When the NIS sold their premium BL&P shares and invested the proceeds into Four Season, we should have known then, that someone…. somewhere. .. was on track to destroy Barbados.

  26. Well Well & Consequences Avatar
    Well Well & Consequences

    Yep…the destruction of the island is in full force.

  27. Hants Avatar
    Hants

    @ Bush Tea, “Those DLP JA’s probably don’t bother to read Trip Advisor”

    An apology and free transportation to and from an unpolluted beach could show the tourists that government cares about the people who PAID to visit Barbados.

  28. Bush Tea Avatar
    Bush Tea

    @ Hants
    Boss, the absence of ANY KIND Of URGENCY in dealing with this situation by the highest levels of the DLP administration tell the real story of idiocy.
    In any country with sane leadership, the highest level of authority would have taken URGENT charge of the PR around the problem from EARLY….. and tried to MANAGE THE STORY …. AND THE PROBLEM….rather than allow the rumour mill, social media, and now Trip Advisor to frame the narrative….. while nothing seems to be happening.

    Now the jackasses will be forced on the defensive …making shiite excuses about how ‘there is no problem’ / it is not their fault / the BLP is to blame / David (BU) caused the whole mess / Dompey was posting too much shiite on BU (overwhelming the sewerage system) …and all kinda foolish excuses….

    Put a jackass in charge… and expect a rough ride to destruction.

  29. Vincent Haynes Avatar
    Vincent Haynes

    David

    Could you post Wild Coots article from todays Nation…….he confirms that the fund is in trouble and supports the need for more babies or allowing young people into Bim inorder to support us old folks who are not dying out fast enough.

  30. David Avatar
    David

    WILD COOT: Not enough babies

    Harry Russell, quijote70@gmail.com

    Added 05 December 2016

    wild-coot-new

    WE GOT a problem. We are not producing enough babies. We may be actively engaged in the process day and night, but the end product is insufficient. And the sad thing is that the Wild Coot cannot help these days whereas in 2010 (Culture At Risk) and 2013 (Children Deficit), he was still capable (barely). 

    Suggestions are coming left, right and centre. One prominent man of the cloth suggested that we incentivise married women to have more babies. I am surprised at the suggestion of payment for sex (put it however you like since when married, you have to forsake all others), especially to married women. Another fellow, a preacher too, “lesscounted” our great efforts at family planning. But the monetary reward idea today may be something to think about as reproduction totters around 1.56 children per couple married and unmarried.(Required rate to retain “culture” 2.1).

    We do have a problem and the article appearing in the SUNDAY SUN of August 21 is cause for concern. Our death rate is not keeping pace with our birth rate by a long way (2 440 smiling stiffs to 3 366 stork presents – 2010 figures). We have to get the death rate up. Non-communicable diseases may help to balance the figures. While the Wild Coot is thankful that the average life span of men has expanded, enough youngsters are not choosing to come into the workforce to compensate for the required support to the National Insurance for older folk.

    So we do not only have a debt problem, an increase in cost of living problem and a foreign exchange problem, but also a procreation problem. That fellows are developing impotence at 40 is not helping. Sad! The good old days! The Wild Coot now calls on all women to free up as a national cultural disaster looms and they must play their part at this momentous consummation.

    Perhaps the seemingly unwise call for payment to be administered to women for them to increase procreation can be improved with an incentive of an offer in foreign currency, something practised in other places. However, we must then ensure that the foreign currency stays within the country and not be frittered away by shopping in a foreign port or family remittances from Barbados by itinerant foreign workers.

    While the argument rages, the former director of the Family Planning Association muscled in with a front page rejection of the idea of payment to married women. His example seems a tad heavy, “if a woman decides to have 12 children”. He does not limit his argument to married women, and the 12 children seem in keeping with the recent pleas for help from women with several children from multiple partners.

    Something has to be done in order to breach the dilemma. We either do like the Europeans, that is, we invite neighbours to swell our ranks, or we decide to resign to the destiny of old people fending for themselves.

    The Wild Coot’s latest wrangle with a big-up has brought no joy. Surely the influx of people (especially young people) from the other parts of the Caribbean can be of help as they come to Barbados principally seeking work. The argument that they should seek health insurance is a difficult one to fathom as even the good folk at BARP have found themselves struggling to be health insured. If people come here, contribute to taxes and the National Insurance, and particularly the health levy aspect of it and the health aspect of the NSRL (National Social Responsibility Levy), they should be entitled to whatever health care Barbadians enjoy. The question of reciprocity from other parts is irrelevant. Barbados once had standards, but . . . .Oh the female minister now assures us that foreign workers (perhaps Chinese workers too) will be given health benefits now that the Wild Coot has been chastised for bringing to public attention the seeming disparity of treatment of non-Barbadian workers in having access to the Queen Elizabeth Hospital or the polyclinics.

    Instructive are the findings of the research of the Boston Consulting Group with regard to sustainable economic development assessment in 160 countries. While we were able to boast about our per capita income, hence our standard of living, we seem to have made little progress over the last few years. They rate us among the ten countries that have made the least progress in converting economic growth into well-being.

    It is true that our Government has always been at pains to remind us that ours is not only an economy but also a society, and that we can suck on Government nipples.

    • Harry Russell is a banker. Email: quijote70@gmail.com.

    – See more at: http://www.nationnews.com/nationnews/news/91084/wild-coot-babies#sthash.5KI8xUeR.dpuf

  31. millertheanunnaki Avatar
    millertheanunnaki

    “The BU household invites Dr. Robinson to provide an update on the fund.”

    Asking for such an update on the people’s savings and the workers’ future lifeline is like asking Sinckler to come clean on the Four Seasons fiasco or the boss man to confess to his prior knowledge of the Cahill scam.

    How come Walter PKK the self-acclaimed expert and BU in-house actuary is so silent on this most important issue of the NIS?

    Have his intellectual wings been clipped by the DLP shears of the political class? It seems the once ‘liberal’ mouth acting through his ‘acerbic’ pen has now been muzzled when it comes to the NIS and his former bugbear CLICO.

    Watchman, where is your man hiding? Can’t he show his head above the NIS parapet? If he does, please don’t shoot at the coward.

  32. Well Well & Consequences Avatar
    Well Well & Consequences

    I love Harry Russell, he is just too much…..lol

    But…I dont think so:

    “The Wild Coot now calls on all women to free up as a national cultural disaster looms and they must play their part at this momentous consummation.”

    The females have to stand tall and strong…no babies until all the government created social problems are fixed, the judiciary, healthcare, water, just imagine having babies and no water to give them to drink, the QEH, medicines, medical supplies, agriculture, the dangerous roads, the sluice gate at Graeme Hall, flooding, building more dams…..GOVERNMENT CORRUPTION. …in both governments.

    Sorry Harry…no babies until the above are fixed.

    Norway and Finland are 2 model countries on how ALL pregnant women and mothers should be treated..by the governments who need those babies.

  33. Vincent Haynes Avatar
    Vincent Haynes

    David

    Thanks.

    Miller

    You better hold on to your UK pension,as no monies for us oldsters if they continue along this path.

  34. Hal Austin Avatar
    Hal Austin

    Why don’t the unions join his debate, instead of the one-dimensional pay increases all the time.

  35. Watchman Avatar
    Watchman

    @ Miller

    You think a elementary educated watchman, could send the Walter PPK Blackman into hiding, I send out an SOS for him too, remember he came back to Barbados to help SAVE OUR SOCIETY, he walk back in the door of his DLP Party and realize the DLP Government is in a Tangled web, so if he is missing, he web up too

  36. NorthernObserver Avatar
    NorthernObserver

    “not unlike most social security systems in the world, are being raided by various forces in order to privatize public assets.”

    Is the force here…governments overspend, and when they can no longer borrow in the private market, they resort to borrowing from social security, and when this runs low they are forced to get cash by selling off public assets?

    That is rich to suggest politicos have such foresight.

  37. NorthernObserver Avatar
    NorthernObserver

    While slightly off topic, it is related. This from the 2016 Auditor General of Ontario’s report, in fact it is the first two paragraphs of 800+ page Report.

    “For the first time in the 23 years since the Province
    adopted Canadian generally accepted accounting
    standards for governments, the government
    received a qualified audit opinion on the Province’s
    consolidated financial statements. This was the
    result of the government’s accounting treatment of
    pension assets of two pension funds it co-sponsors
    with teachers and public servants.
    We take the view, supported by standards of the
    Public Sector Accounting Board, that the government
    cannot include these co-sponsored assets in
    its statements because it has no legal, regulatory or
    contractual right to make use of the assets without
    first securing the agreement of each pension plan’s
    joint sponsor.”

    Appreciate, this was actually the result of lenders demanding transparency. And since the Province of Ontario is now the largest non-sovereign public debtor in the world, said lenders are beginning to ask more questions. The “re-statement” of these funds, significantly increased the provincial debt.

    For Bim, one potential question…. is the NIS co-sponsored?

  38. Prodigal Son Avatar
    Prodigal Son

    @ Bush Tea December 5, 2016 at 9:24 AM #

    @ Pacha
    The man is a well known joker.
    He is excellently suited for the job of sitting in a position under the cover of a big name, while doing exactly NOTHING……. he has years of practice at this……………………..

    Right as usual, Bush Tea!

    I well remember a few years ago at a breakfast meeting of the Chamber after a budget presentation, the Chamber invited Brian Francis to be a part of their panel discussion.

    Most people attending were critical of the budget measures as was Mr Francis. OMG, Donville Inniss “light” into Mr Francis for expressing his views……..telling him to go back where he come from. Yet someone like Justin Robinson who aint from ’bout here but because he sings in the DLP choir, gets a pass for accomplishing nothing so well put in Bush Tea’s post and is allowed to feast off the fatted calf.

    We are truly screwed!

  39. Retribution-things that make me go hum! Avatar
    Retribution-things that make me go hum!

    @ Bush Tea, The man only speaks when Prod – he is a waste of intelligence.

    Who ask about his contributions…..Could not even contribute in a significant way to the Finanacial Services Sector.

    Once I live my big up lifestyle to hell with you lot!!

  40. NorthernObserver Avatar
    NorthernObserver

    You lot (BU bloggers) are a piece of work.
    Last year, around the time of the BHL saga, Dr JR was on BU and admitted they (Board) were dealing with accounting issues.
    Since that time, the publicly available financial reporting has become worse. Even though we know every accounting entry has TWO sides. We haven’t a clue EXACTLY what the inflows and outflows are, other than public admissions for some time, the NIS is ‘lending’ funds to the government.
    Meanwhile he has been crucified, without offering comment,
    If I were Dr JR, why would I comment? I am already guilty so why bother?

  41. Simple Simon Avatar
    Simple Simon

    @Pachamama December 5, 2016 at 8:59 AM “We have previously estimated that the NIS, not unlike most social security systems in the world, are being raided by various forces in order to privatize public assets.”

    The NIS funds are not public assets.

    NIS funds are not the government’s money.

    NIS funds don’t belong to the private sector.

    NIS funds are the people’s money.

    But I know that the greedy ones in both the private and public sectors feel that the people’s money is too good for the people, and that both the private sector and the government lusts after the people’s money.

  42. Simple Simon Avatar
    Simple Simon

    @Vincent Haynes December 5, 2016 at 10:52 AM “us old folks who are not dying out fast enough.”

    Maybe the time has come to fulfill some minister’s prophesy “to crack some [old] heads and shoot some [old] people.”

  43. Simple Simon Avatar
    Simple Simon

    Why don’t some of you wise old men, Bush Tea, Georgie Porgie, David, Pachamamma, Artaexes etc. tell us what is needed in order for young women to agree to in pain bring forth children, and to work like dogs to raise them in order to support your sorry old @sses.

    Give us some solutions then…because in truth we would prefer not to crack your heads or shoot you.

    Give us the solutions.

  44. Simple Simon Avatar
    Simple Simon

    Ask yourself why so uch has changed since 1967

    And why is it that maternity leave is still fixed at the same 12 weeks as it was 49 years ago.

    Ask yaself that then.

  45. Simple Simon Avatar
    Simple Simon

    The young women have voted with their pokeys.

  46. Simple Simon Avatar
    Simple Simon

    Tek dat.

  47. Simple Simon Avatar
    Simple Simon

    So wunna thought that wunna was boss?

  48. Simple Simon Avatar
    Simple Simon

    Lollllllllllllll!!!!!!!!!!!!!!!!!!!!!!!

  49. nineofnine Avatar
    nineofnine

    It is high time that knowledgeable persons come together to form a NGO body to take these pressing issues to the Law Courts and make an attempt to change the paths that seem not in our favor.

  50. Simple Simon Avatar
    Simple Simon

    Pokeys rule.

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