I had every intention of staying away from politics during the current election campaign. However, after hearing the concerns of a few friends of mine, who happen to be Democratic Labour Party supporters, about the employment prospects of some government ministers, in the event of a change in government, I have decided to put their minds at ease.
Their concerns were that: it isn’t fair to remove the present crop of ministers because they were dealt a bad hand from inception; and many of them did not have professions to enable them to fit comfortably back into private life, after piloting this country through such rough times. My friends were of the view that the Opposition candidates were mostly professionals and did not need the jobs. All I tried, I could not convince them that their fears were misplaced. I would now like to share my views with the wider audience afforded me by the Nation.
Most importantly, all elected members of parliament know that they were literally employed, by the electorate, on a five year contract, renewable at the voters’ pleasure. Ordinarily that means the voters would renew parliamentarians’ contracts after satisfactory performance.
It is noteworthy that this same administration has put in place the Employment Rights Act which allows an employer to fairly terminate a worker, without a cent in compensation, for poor performance. As practised locally, it does not matter that employee could have had a number of years of good service prior to the subject poor performance.
In the case of politicians in Barbados, they have no reason to fear dismissal without compensation, whether their performance is good, bad or ridiculous. Believe it or not, after this less than stellar performance, the Prime Minister, in the event that he ceases to hold that office even if he becomes part of the Opposition, is entitled as of right to a pension for life. At current rates of salary, he is entitled to a full pension of $11,287.53 per month. And if he chooses, he can opt to receive a gratuity of $423,282.50 and a reduced pension of $8,456.65 per month.
After eight years service, the other ministers and parliamentary secretaries qualify for retiring benefits from fifty years of age, as shown in the table below:
Pension Gratuity
Minister. $4,761.94. $238,096.88
(After 8 years service)
Minister. $6,349.25 $317,464.50
(After 12 years’ service)
Parliamentary Secretary $4,622.70. $231,134.81
(After 8 years’ service)
Parliamentary Secretary $6,163.58 $308,179.17
(After 12 years’ service)
Also, in addition to the above, politicians are entitled to another pension when they attain an age to qualify for the National Insurance pension, which can be as early as sixty years of age. It is clear that these individuals are set for life, and there is no reason to fear that they would go hungry.
The people of this country should worry less about the quality of life of politicians after retirement and spare a thought for police officers, firemen and Transport Board drivers among other persons who give full time public service. But I want to make a case for the three categories of persons that I have mentioned who are required to do hard physical labour and should also be allowed to retire early on full pension as well.
Members of parliament qualify to receive their pensions at fifty years of age. On the other hand, these same politicians over time have gone to parliament and increased the retirement age for other public servants to sixty-seven. Now just imagine, a 66 year-old policeman pursuing and trying to apprehend a fleet-of-foot 20 something year-old suspect. Also, what about the 66 year-old fireman with arthritic knees running up a ladder attempting to save someone from certain death.
We must ask ourselves if it fair and what is so special about desk-bound politicians that they can receive their pensions and gratuities at 50 and police officers and firemen have to wait for a further seventeen years?
However it seems that everyone has forgotten about Transport Board drivers. They are also required to work until 67 years of age. Unfortunately for them, they are the only public workers that are not entitled to a pension or gratuity from their employer. When they reach retirement age, they receive their last weekly pay cheque and go home.
This country must stop deifying politicians and do the right thing by all workers.
This is less politics than organised crime. Barbadian lawyers must be the most corrupt in the so-called civilised world…which Bim will soon be leaving at this rate.
Reblogged this on Caswell Franklyn’s Weblog.
@Caswell
Has either of the main political parties addressed pension expense incurred for the public service? Can we agree that it is an unsustainable expense?.
Caswell..with all due respect, your friends are not only idiots, but the very worse types of insipid, partisan yardfowls that will keep the country in the 1950s or further back, if they don’t hurry up and leave this earth….they are utterly worthless to the development and progress of their own people and island. …a waste of taxpayer’s money in education, just like the ministers and politicians. .
Mr Blogmaster, what do you mean when you say: “Has either of the main political parties addressed pension expense incurred for the public service? Can we agree that it is an unsustainable expense?”
Are you highlighting that public service workers need to be moved to fully personally subscribed retirement plans or maybe plans where the worker underwriter 80% of the premium thus significantly reducing the govt pension bill.
“Unsustainable” is an interesting concept. Why is anything not sustainable unless the process is being managed poorly. If pensions are an accepted condition of employment then it must be priced into the cost (of living) by some appropriate method OR reduce employment to reduce your pension expense.
Bottom line… ‘Unsustainable’ means it can’t continue otherwise life will be drained from the entity (government or business) so CHANGE the process, fire the workers or stop/reduce the service being offered.
@Mr Franklyn, please clarify what retirement plans are currently in place for bus drivers from the transport board.
Certainly you cant be suggesting that after all these years of supposedly enlightened and progressive unionism in Bim that a class of worker who daily takes the safety of so many Bajans in their hands are sent home with no income after decades of work. Please clarify.
@Dee Word
Which rock have you been hiding? We have discussed whether defined pension plans is sustainable for MPs et al on BU, Walter and the others. Stop trying to be pedantic every time. Caswell may want to steer clear of this matter because he has his constituents.
Dribbler
When I say that they leave with only the last week’s wages that is exactly what I mean. They get nothing.
There is provision in the Transport Board Act for a pension scheme for the workers but it was negotiated away by the Barbados Workers’ Union.
THE DRIVERS GET NOTHING FROM THE TRANSPORT BOARD WHEN THEY RETIRE THANKS TO BWU.
Sorry David, I don’t want to stay out.
Historically, we are told that public workers receive a lesser salary than they should because 20% is stored for their pensions. That is why to this day contract officers, who are doing the same job as a pensionable officer, receives 20% more than the pensionable officer.
The problem comes because Government never sets aside the 20% in a pension fund, preferring instead to pay pensions out of current revenue.
@Caswell
When you say public servant you include workers at the SOEs?
David
When I say public servants, I am referring to the public service and statutory boards.
Sent from my iPad
Thanks Caswell.
If memory serves the Auditor General highly this messy business which affects pension schemes owned by government. It is a burgeoning expense item appended to the necks of Barbadians current and future.
Expect abuses when people have the opportunity to set their own salaries and benefits, politicians are not altruistic they will squeeze the taxpayers for every penny.
No Mr Blogmaster, wheel and come again. You said “…pension expense incurred for the public service” surely that can’t be only for politicians. Are they the only ones in the public service?
What was discussed before can’t inform this discussion without proper references. Nothing pedantic about highlighting the vast field of retirement planning.
@Caswell, please note this is not an attempt at the Blogmaster’s oft thrown accusation of being pedantic. This is generally a serious blog so I try to better understand remarks that can mislead as that may offer only part of the scenario.
With that said, I was trying to get a clear understanding from you re Transport Board Workers.
So it appears you are bluntly saying that the hundreds of transport board workers do NOT have either 1) any form of retirement account offered by anyone, or 2) that if they have anything then its a plan individually arranged .
You are highlighting something of which I was not aware and it just seems strange that this class of worker is so situated but obviously its ok.
Thanks for the feedback.
” We’ve met with Solutions [Barbados] and the Barbados Labour Party after requests from the leadership of those parties to meet with us,” she said.”
http://www.nationnews.com/nationnews/news/159111/bwu-meets-blp-solutions
All parliamentarians should be limited to a maximum of 20 yr. Barrack Obama in the USA ,had to step down after serving as President of the USA for ten years. In Barbados you have politicians like Dennis Kellman, Mia Mottey & others who have been in parliament for more than 30 yr . Mia Mottey was Deputy Leader for 15 yr & Opposition leader for 10yr, but still seeking re-election. If the country is to progress these individuals need to step down / stop seeking re-election. The world has move on & the oboselete ideas /solutions put forward by these outdated politicians are no longer relevant. They had 30 yr or more but failed fix the economic problems of Barbados . Therefore it is time to seek new solutions from a new set of politicians.
There should be no limit to how long citizens want to serve in public life, not to be confused with the limit to serve as Prime Minister.
Error, ” the world has moved on…”
https://www.snopes.com/fact-check/congressional-pensions/
I guess we are copying from bigger ups and better offs …. First World Status!!
@ David at 9:50 AM
Do remember that Caswell said that the Public servants are underpaid by 20 % by the taxpayers. So if it is not paid up front, it will be paid in pensions after retirement.
It is an issue of management of retirement benefits. GOB must pay it into a segregated fund such as NIS or pay it out of current revenue as it has done traditionally.
Transport workers are paid NIS pensions at the stated age. The problem arises what happens between retirement from the Transport Board and the eligibility for NIS pension. In the Private sector the former employers bridge the gap.
The pensions are now integrated. Erosion of employees rights under social democrat parties and unions ?
Boy ah tell yuh, we really mekking mock sport in this country.
@Bernard
What some want to know is what you correctly shared, how are the pension funds being managed, when was the last actuarial study. Have the concerns expressed by the AG been satisfied?
@ David who wrote “There should be no limit to how long citizens want to serve in public life”
They stay in the job to serve themselves.
$100,000 a year is not the salary of a “service” job.
Perhaps the pensions for our MP’s should be solely an NIS pension which is all most of the rest of us can expect.
That way they will think twice about borrowing from the NIS!!!
@ John at 10 :29 AM
Political aspirants may also think twice about offering themselves for Public Office as well. Will you come forward and fill the gap?
Government is a necessary component of a just and peaceful society.
@ David BU at 11:01 AM
I think the most recent Actuarial Report was discussed ad nauseam in the BU forum. It is done periodically since it deals mostly with demographic projections on the adequacy of the financial management of the fund.
The AG reports dealt with the financial propriety of the investments of the NIS and the credit risks attached thereto.
I have no doubt that the new NIB directors will review these over the coming months. Any attempt by me to second guess their actions would be out of place and character.
But I do share your concerns on the alleged failure to pay moneys due to this Segregated Fund.
Bernard Codrington
May 20, 2018 11:05 AM
@ John at 10 :29 AM
Political aspirants may also think twice about offering themselves for Public Office as well. Will you come forward and fill the gap?
Government is a necessary component of a just and peaceful society.
+++++++++++++++++++++++++++++++++
.. too old!!
… plus, I have been shown things I got to do with my limited time on this earth and being a politician is not one!!
Politicians and government ministers should all get performance based salary…no performance, no salary..
… the ones in Barbados see the current set up as free money and are overdoing it by taking maximum advantage.
@Caswell
It was reported in the media that the BWU met with the BLP and Solutions Barbados at their request. Where was Unity?
Unity was staying away from politics. If we engage with any political party it will be by way of memoranda rather than by secret talks.
Sent from my iPad
Caswell are the pensions of Ministers subject to conditions? Can they be withdraw? Would the Ministers be eligible for pensions if they are prosecuted and found guilty?
Heather
Once a parliamentarian’s pension is granted it will only cease if the person dies or is again elected to parliament, even if he goes to jail.
Sent from my iPad
I’m sorry Mr. Franklyn, but you’re barking up the wrong tree here. Furthermore, the country must not only stop deifying politicians and an assortment of other ” big shots” but look to do something for themselves as well. I believe it was Tom Adams who introduced these ridiculous salaries and pension schemes for him and his ministers, look how long he has been dead, this present PM also took back the 10% cut in salary for him and his ministers. With Tom Adams as with this present lot, the bloody people of Barbados were given two openings to have the system addressed their salaries but more importantly have their pensions come in line with the politicians. Barbadians sit on their ass, refuse to show some spine and expect a savior to come rescue them all the time. Take this election cycle, so much dumb ass shit has been said about the so called third parties, when instead we could’ve approached these parties lend our voices to chart a course forward away from the two main parties. In so doing, our main goal, to borrow from that other country’s slogan- Put Barbadians first. Instead, we continue to wallow in victim hood.
@Rock33 May 20, 2018 10:03 AM “All parliamentarians should be limited to a maximum of 20 yr. Barrack Obama in the USA ,had to step down after serving as President of the USA for ten years. In Barbados you have politicians like Dennis Kellman, Mia Mottey & others who have been in parliament for more than 30 yr”
True, but…
There is always a but. Barrack Obama served for two 4 year terms. However U.S. Congress people are the equivalent of our Members of Parliament, and like our MP’s can serve for an unlimited number of terms, as long as they are re-elected by the people, For example, John Dingell, Democratic Congressman served for 59 years, 21 days before retiring.
@Caswell “Members of parliament qualify to receive their pensions at fifty years of age. We must ask ourselves if it fair and what is so special about desk-bound politicians that they can receive their pensions and gratuities at 50 and police officers and firemen have to wait for a further seventeen years?”
Very good questions.
67 is to old for bus drivers and policemen on the beat, the vision dims, the muscles become weaker, the reflexes slow down.
50 is too young for anybody to receive a pension.The politicians should not get anything before the age of 55 or 60 unless they are sick and cannot work.
Jobs in which excellent vision, strong muscles etc. are required should be permitted earlier retirement ages.
That said people can retire and receive their NIS pension as early as 60, but must take a hefty discount of 6% per year, so a person retiring at 60 instead of 67 receives a pension check which is 42% smaller. Not many people can afford to do that. but the acturial projection is that that that person receives less per year, but will receive a pension for many more years. It is supposed toeven out at the end if we all die at the average age.
Whitehill
Tom Adams died in 1985, why don’t you let him rest in peace? Parliamentary pensions were introduced in 1969. Tom Adams came to power in 1976.
Sent from my iPad
@Caswell
A little curious when the major unions sit down across the table when the bargaining agreements are being negotiated is the issue of pension management raised as an item? As Vincent alluded, the quality of pension management has implication for the state of government finances and will eventually impact wage negotiation where the focus always seems to be.
David
I have only had experience at NUPW in this regard. Pensions were only mentioned at the end only to say that the increase for pensioners would be two-thirds of the increase for workers.
However, I have the document in my possession where the BWU negotiated away the pensions of Transport Board drivers.
Sent from my iPad
Caswell Franklyn May 20, 2018 11:09 PM
Once a parliamentarian’s pension is granted it will only cease if the person dies or is again elected to parliament, even if he goes to jail.(Quote)
The problem here is systemic. Why should a politician get a defined benefit pension after 15 years in parliament, when ordinary workers have to work up to 42 years to get a full pension?
I have said before, a defeated parliamentarian should get a resettlement grant on losing his/her seat, and that should be no more than six months of the annual parliamentary salary. This will give them an opportunity to resume their professional/previous lives.
As it stands, if you are a young lawyer/doctor/accountant etc with a parliamentary pension, and you return to work, that pension would gave you an unfair cushion. This is why, apart from as assumption of superior knowledge, lawyers find elective politics attractive.
However, voters have it in their own hands not to vote for lawyers, no matter which party they aware from.
Some lawyer/politician recently claimed that parliament needed lawyer/politicians because of new legislation. Nonsense. There are full-time state lawyers there to provide that expertise.
Hal
It’s worse than you think, parliamentarians qualify for a full pension after 12 years.
Sent from my iPad
Pension management is totally different to pension policy. Pension management is about paying pensions on time and the other administrative details; pensions policy is about the structure of pensions.
The state pension system in Barbados is deeply flawed, not fit for purpose, no matter how competent the management. We need a new state defined contribution pension system.
It used to be that if a lawyer or big maguffie got caught in wrong doing he/she had to “run out of the island”.
I heard my grandfather at 91 and his brother remembering someone who had to “run out of the island” in 1908!!
How come we have one who occupied the chair of the Speaker of the House of Assembly until parliament was prorogued (love dat word … or is the correct word dissolved), and he is now offering himself for reelection?
Shame.
Does he have 12 years in Parliament which will put him in a position to claim a pension and gratuity?
John
You only need eight years in parliament to collect a pension. After eight years, a former MP would be entitled to half of his salary as a pension.
After 12 years, he/she would be entitled to a full pension which is equivalent to two-thirds of the highest salary that person ever received.
Sent from my iPad
It says a lot about the party he represents!!
… and people get all bent out of shape about Natalie!!
What Natlee what??!!
It says everything about ALL OF US who tolerated that shiite….for so long…
It is also why we are being forced to live in shiite on a daily basis.
…and if we think that electing a different set of shiitehounds will change anything BIG SHOCKS are coming.
The problem lays with our MINDSET which can now tolerate such nastiness….unlike back in 1908….
How many of the current lot (30) in Parliament are pensionable?
How big is our exposure?
John
You asked:
“How many of the current lot (30) in Parliament are pensionable?
How big is our exposure?”
So far only Bostic, in the lower house, is not pensionable. But who said anything about 30? In addition to those 29, we have a number of persons from the Senate: Maxine McClean, Darcy Boyce, Patrick Todd, Irene Sandiford-Garner, Harry Husbands and Kerry-Ann Ifill.
Sent from my iPad
The problem lays with our MINDSET which can now tolerate such nastiness….unlike back in 1908….
++++++++++++++++++++++++++
Man … we agree … wow!!
So how to change the mindset?
George Orwell
“He who controls the past controls the future. He who controls the present controls the past.”
It is all in the mind!!
Caswell Franklyn May 21, 2018 12:47 PM
After 12 years, he/she would be entitled to a full pension which is equivalent to two-thirds of the highest salary that person ever received(Quote)
This is not only theft, it is robbery. How can an MP get a 40/60 pension after only 12 years? Let us assume that someone is elected at the age of 40 and serves for 12 years before losing his/her seat. So at the age of 52 s/he becomes eligible for a two-third pensions until death, on average until about age 84 – that is 32 years.
This is a scandal and should be discussed during the campaign. I am not surprised the lawyers see an easy way of making money. But, with only three days to go, all we have been having is the vile, obscene-ridden rants from a platform.
The media have given the candidates a free pass, the electorates have given the candidates a free pass, the websites have given the candidates a free pass. We cannot complain when the new government – DLP, BLP, UPP, or Solutions Barbados – continues to undermine our democracy.
It is all in the mind BT!!
The media have given the candidates a free pass, the electorates have given the candidates a free pass, the websites have given the candidates a free pass. We cannot complain when the new government – DLP, BLP, UPP, or Solutions Barbados – continues to undermine our democracy.
+++++++++++++++++++++++++++
It is worser than that ….. we become accomplices to the crime!!
Caswell
We born with luck!!!
Caswell Franklyn May 21, 2018 3:30 PM
Is there an annual report on the parliamentary pension scheme? The number of pensioners and active members? Do we know the actuarial cost of the scheme? Is it a contributory pension?
Hal
They pay 5% of their salary which is unrealistic, especially since public officers pension is valued at 20% of salary.
Sent from my iPad
Is it a contributory pension?
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Taxes are contributory!!
BT
It isn’t possible to change the mindset at the top …. how can you …. their minds are set on theft and feathering their nests.
It is the bottom and the middle where the mindset needs to be changed … and it can be …. easily … because it is them from whom the top is stealing,
Caswell Franklyn May 21, 2018 5:39 PM
A contribution of less than 20 per cent of income will not be enough to provide a reasonable living in retirement. There are any number of pensions we can use to share our local pension provisions: The Chilean state pension, the New Zealand Kiwisaver, the Australian Superannuation fund, the UK’s stakeholder, etc.
We need a national discussion about the three tiers of pensions – private (ie Clico annuities), occupational and state. We also need to discuss the awful management of the NIS. Pity none of the leading parties vying to be government has not raised the issue, apart from a promise to raise state basic pensions.
Just a foolish question … do MP’s pay income tax?
Income tax is deducted at source from Parliamentary salaries.
But a better question might be, when they were in self employed jobs were they paying income tax and national insurance?
I don’t know since each person’s tax information is private, but it would be good if Parliamentarians were required to declare their assets, their liabilities, and be open about their tax information.
Right now we know little about our elected representatives.
We don’t know for example if they owe an enemy of Barbados millions of dollars. We don’t know if they owe the devil.
@May 21, 2018 4:10 AM “It’s worse than you think, parliamentarians qualify for a full pension after 12 years.”
So if the 23 year old who has offered himself for election is elected, this means that he can his full 2/3 of salary pension at 35 and for the rest of his life?
Whereas worker X, who is also 23 and who goes to work for the first time on May 24th this year would have to work until age 67, that is for 44 years before being eligible for a full pension.
Do I have it right?
Does this also mean that workers who are in their late 60’s may have to pay full pensions to retired 35 year old Parliamentarians?
Simple Simon
They would have to wait until they reach 50 years of age to receive the pension, unless they become prime minister, who qualifies at any age after holding that post for as little as any part of a day.
Sent from my iPad
Thanks Caswell
Some people are allowed to retire early, ie professional sportsmen and women, such as boxers, who can officially retire at age 40.
Comparing our over weight politicians to professional sports men and women adds a new dimension to the discussion!!
It can’t be said that politicians the world over are not professional athletes, Arnold Schwarzenegger former Governor of California is an example.
Which one of ours most closely resembles the Arnold look?
Froon perhaps … Mia?
… but in all seriousness, most sports people are forced to retire even earlier than 40 through injury.
Not many of our cricketers for example even make it to 40.
That’s why many sportsmen and women get enormous pay days …. and of course those paydays are based on performance … usually.
Maybe it is just a West Indies thing because like our politicians the performance and pay of our cricketers when they represent us are not even closely linked.
Mediocrity is a bitch.
……. but, once upon a time we were not mediocre!!
So, what is done when a sports team has in mediocre players or they are past their sell by date?
Change, and move on.
@ Simple Simon
We don’t know for example if they owe an enemy of Barbados millions of dollars. We don’t know if they owe the devil.
++++++++++++++++++++++++++++++++++++++++
What enemy of Barbados what??!!
Our biggest ‘enemy’ is ourselves.
….but Bushie has long been explaining about our debt to the Devil.
After years of borrowing on Satan’s account of albino-centric materialism, selfishness, greed and brass bowlery, we were finally downgraded (the FIRST ONE THAT OCCURRED) to shiite status on the BBE scale of values.
The Devil has been running things ever since then.
Like Massy and Emera, they allowed us to keep the old names for a while -to fool ourselves that we were still the old ‘Barbados’ of which John speaks…, but just like MASSA signs now dominate the landscape and the Satanic Monument dominates the South Coast, Government Headquarters, and City….. so too will the other symbols of evil come to dominate our total landscape.
crime
accidents
natural disasters
shiite…
hopelessness
In sum….
We no longer ‘owe’ the Devil
WE have become totally acquired subsidiaries of his global operations
Welcome to Hell.
Our last chance to evade default rested with Caswell …and a BUP operation.
While brass bowls seek solace in;
-elections
-economics,
-leadership,
-wealthy friends,
-hard work,
-and in the IMF……
It is righteousness that exalts a nation: but sin is a reproach to any people.
John May 22, 2018 4:12 AM
Sportspeople can retire whenever they like, but to officially claim on their approved pensions, they must reach a minimum age, usually about 40. There are tax implications when retiring.
Arnold retired at 27!!!
… at least from bodybuilding!!
Michael Holding retired at 34 or 35!!
Both continued working, but in different areas.
If either had a pension plan based on their profession as sportsmen it could not have required them to retire after 40!!
Many people naturally keep working till they can’t.
For them it is so much more enjoyable than retirement.
There are very few sports that you will find sportsmen over 40 earning their living competitively!!
Tiger Woods is still sputtering in golf.
Lester Piggott went on till he was pretty old as a jockey.
So there are some, but many will retire a sportsman/woman.
Formula 1 car racing usually retires them in a blaze of glory … no tax implications for the dead!!
John May 22, 2018 8:58 PM
If either had a pension plan based on their profession as sportsmen it could not have required them to retire after 40!!(Quote)
The problem with Barbadians is that they are experts on everything. I am simply stating tax and pensions law in the UK, which allows some sportspeople to retire by the age of 40 from their primary jobs. State approved pensions carry certain tax advantages.
Of course they can continue working at another job, the same way that someone reaching state retirement age can continue working until their 90s.
Riding a horse is not he same as standing in a boxing ring with a 21 yr old punching toe to toe. Of course, a retired boxer can become a boxing analyst.
The problem with Barbadians is that they are experts on everything. I am simply stating tax and pensions law in the UK, which allows some sportspeople to retire by the age of 40 from their primary jobs.
+++++++++++++++++++++++++
The problem with Barbadians in the UK is they don’t say what they mean!!
Just pulling your leg!!
What about retirement age for categories such as nurses. Imagine a 66 year old nurse with degenative condition like athritis of hips/knees trying move around a ward setting in haste to resuccitate a patient or perform some urgent care to save a life! Or with cataract or glaucoma trying to work out IV flow or reading med charts especially at night when staff compliment is even lower than during the day. Would he/she be accountable for any error(s) made in medication. The answer is a resounding YES ! Would you like to be the patient on the recieving end ? Some how i believe this legislation was nog tboroughly thought out. Furthermore the CTUSAB submitted a request for review of this . It has not yet been done.” All animals are equal “but obviously as seen here “some are more equal than others”. In addition public service workers must complete full 33.3 yrs to get full pension but the politicisn has only to complete 2 terms to vet full pension.
May 26, 2018 12:41 PM
The state retirement age is fine. But people can always take out private pensions or save more .
What has the retirement age got to do with ill health?
Imagine a 42 year old nurse with degenative condition like athritis of hips/knees trying move around a ward setting in haste to resuccitate a patient or perform some urgent care to save a life!
…also.. there are 70 year nurses who are in the peak of health.
Should they still be ‘moving around a ward setting….’…?
Retirement should be a period in one’s life where one can get to enjoy the fruits of one’s labour; to remove oneself from the shiite stresses of life; to enjoy grand children etc; and to face death with disdain.
Sixty sounds about right…
– twenty years of education and preparation
– forty years of hard work and savings
– ten years of bliss
– everything else is gravy
LOL
ha ha ha
Pension reform of Jan 2003 was responsible for the increase in pensionable age from 65-67. Increasing by 1/2 year every 4 years from January 01, 2006 and the last being Jan 01 2018. This was introduced while Richard Nunez was Actuary at NIS.
Hal Austin, the state retirement age can’t be fine when you have persons working on minimum wage who can’t afford to eat twice a day furthermore invest in retirement plans. Since that has been introduced we have persons whose emplyer’s policy has retirement age as 65 and their services are terminated at 65 yet they don’t qualify for early pension and have to suffer for 2 years. For those who are slightly more fortunate and qualifies for early pension has to lose 42% of their pension if they opt to retire at 60 and 30% if they opt at 65.
Caswell is correct !!
The BLP government members have feathered their nests !!
How so ?
• A 30 member Cabinet now in place – $ 8 million cost now !
• 4 % salary agreement for public service workers – $ 55 million cost now needed !!
Therefore , in some countries there is :
• Sharia Law !!
• In Barbados we have Mia’s Law !!!
I weep for Barbados 🇧🇧