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Walter Blackman’s Political Insights

It will be worth the time to study Walter’s brief odyssey into local politics to extract learnings;

David, Blogmaster
Walter Blackman,
Actuary and Social
Commentator Extraordinaire

If we are going to extract learnings, we need to look at the dots and connect them. I have reaped no success in politics to justify the writing of a book or my memoirs at this point in time, but there are a few revelations I can make exclusively on BU which would help Barbadians to understand the genesis of some incidents which extensively damaged Barbados, the lives of Barbadians, and the Barbados brand.

I do not know if this particular topic is the best place for me to start, but I am going to start. You, as blogmaster, have the right to package my writings and place them wherever you see fit.

I hope by taking this course of action that I will inspire other Barbadians who believe that they have a tale to tell to start doing so. William Skinner readily comes to mind.

The success of our oppressors stem primarily from the fact that they want to silence us and make us cower in fear. They want to make us feel that it is a sin for us to share our experiences. It is my deep-rooted belief that our shared experiences will help us to understand and appreciate each other more, and by so doing, will create a catalyst for change, however small.

These are my writings and I own them. I have attached my name to them so they are my intellectual property. I reserve the monopolistic right to use them as part of any book I decide to publish in the future.

Let me state, up front, that I have not been privy to any secrets created or held by any political party in Barbados, so it is impossible for me to divulge any. Almost all of the positions adopted by me arose out of deductive reasoning, or by analysis of events that stumbled into the public domain.

273 responses to “Walter Blackman’s Political Insights”

  1. David Avatar
    David


    Severance deal for The Club 


    By Barry Alleyne barryalleyne@nationnews.com


    Former employees of The Club Resort and Spa who protested about not getting their severance pay earlier this week, could soon be in for a financial windfall.


    That’s because the St James hotel has worked out a special agreement with the country’s National Insurance Scheme (NIS) to have that financial entity pay the severed workers what is due to them.


    In a letter from the company’s senior vice-president of operations, Mark Grebby, dated November 18 (Wednesday), one day after the workers staged a protest outside the hotel, The Club confirmed to the Barbados Workers’ Union’s deputy general secretary Dwain Paul, that the agreement had been reached.


    The Weekend Nation obtained a copy of the letter written to the BWU.


    “Luckily, Barbados is a strong and substantial nation. As with many other businesses, we have now secured funding from the NIS, which will allow them to pay all employees the balance of their severance, soon, on our behalf,” Grebby stated.


    “We are pleased to confirm that in accordance with the Barbados National Insurance Act and related laws and regulation, the NIS has agreed to fund these severance payments to the ex-employees,” he added.


    Repay NIS


    The Club noted that as tourism business returned to the country in the midst of the COVID-19 pandemic, the hotel would eventually be able to fully repay the National Insurance Scheme in accordance with a special payment schedule they have arranged with the institution.


    “The NIS has been very gracious in coming to the resort yesterday,” he said about the quick response to the workers’ plight. “Again, our goal, like yours, is to ensure our employees receive their severance payments as quickly as possible. Those that did not attend now need to make an application to the NIS directly to expedite their payments,” the vice-president advised the former workers.


    But it is not a done deal yet, the BWU’s industrial relations officer Davida Forde told the Weekend Nation last night.


    “The union has not agreed to sign any contracts with the National Insurance Scheme. There will be a meeting [today] between the workers and the union,” she added.


    That meeting is scheduled for 9 a.m. at Solidarity House.


    On Tuesday, more than 50 of the formeremployees gathered outside the Vauxhall, St James property to let their voices be heard in protest of the nonpayment of the money. They said management of the hotel had made an earlier commitment to pay them the severance due in two payments, 50 per cent on October 21, and another half on November 21.


    ‘Good start’


    But the workers’ main complaint was that only 25 per cent was offered to them and a promise for the other three quarters to be paid this month nevermaterialised. In the letter to the BWU, the hotel explained its actions.


    “Unfortunately, as you know, The Club Barbados was forced to close in March due to the travel restrictions, border closures and lockdowns resulting from the COVID-19 pandemic. To date, we have paid all employees their vacation pay, their notice period pay, and 25 per cent of their severance pay. This is a good start, considering the fact that The Club, like many other Barbados hotels, has not had any revenue for over eight months,” the hotel reminded the Union.


    The hotel said it had hoped to pay all employees the balance of their severance by this month, but sadly the pandemic had dragged on, debilitating their ability to bring in revenue.

  2. David Avatar
    David


    NIS move ‘means delays’ 


    By Colville Mounseycolvillemounsey@nationnews.com


    Former employees of The Club Resort & Spa expressed anger and frustration during a near three-hour meeting with the Barbados Workers’ Union (BWU) yesterday to discuss plans for their severance payment.


    Several said that apart from learning that the Vauxhall, St James hotel struck a deal with the National Insurance Scheme (NIS) to pay them the outstanding 75 per cent of their severance, there was a deafening silence on how much longer they would have to wait for financial relief.


    They said it was unfair to put the burden on the NIS, given they had a written commitment from the hotel to pay them the outstanding monies.


    Holding up her water bill which had a “Due for disconnection” stamp on it, one very vocal former employee, who declined to give her, name said: “Right now, my bills are all marked ‘due for disconnection’. I want my money. It is as simple as that. After that meeting, I am disturbed as so and so. Right now, the way how it is looking, the NIS is going to have to pay us and I can’t wait on the NIS because as I tell you, my bills are marked ‘due for disconnection’. I sign a contract; it is a breach of contract. I want my money!”


    Similar sentiments were expressed by another worker, “Michael”. He told the Saturday Sun the meeting provided little enlightenment, adding he felt as if the workers were back at square one.


    “Everybody want their money and that is everybody’s position. You can’t make a contract with people and not uphold your end. It truly does not matter where we get it from, but the issue is that in getting it from NIS, only God knows how long we have to wait. They said they have a system in place to fast-track us out of this predicament, but everybody knows that NIS got delays. So the concern is the time frame. There was no relief in that meeting for us because we are still at a crossroad. So, as far as I see it, even with the protest we had [on Tuesday] and the meeting today, we are still at stage one,” he said.


    There were workers like Christina Griffith, who called for more militant action.


    “We worked hard and we want our money. We arethe ones who made that hotel what it is and theynow turn around and do this to us. Nobody istaking this, even if we have to go and march withthe Opposition, whatever it takes we are doing.We knew that when we came


    down here, this was the ***** we were going to hear. It feels as if we are going to have to turn to somebody else who can really do something about it,” she said.


    We have to suffer


    “The employers are now going to feel as if they won because the Government is going to hold the rap for it and they now have the licence to do what they want to do. If we go in the bank and sign for a loan and we go against the agreement, we have to suffer the consequence, so why can the hoteliers do what they like and get away with it?”


    In a letter from the company’s senior vicepresident of operations, Mark Grebby, dated November 18, The Club confirmed to the BWU’s deputy general secretary Dwaine Paul that the agreement had been reached.


    “Luckily, Barbados is a strong and substantial nation. As with many other businesses, we have now secured funding from the NIS, which will allow them to pay all employees the balance of their severance, soon, on our behalf,” Grebby stated.


    “We are pleased to confirm that in accordance with the Barbados National Insurance Act and related laws and regulation, the NIS has agreed to fund these severance payments to the ex-employees.”


    The Club noted that as tourism business returned in the midst of the COVID-19 pandemic, the hotel would eventually be able to fully repay the NIS in accordance with a special payment schedule it had arranged.


    Thus far, the BWU has remained tight-lipped on the matter, with Paul saying he was not in a position to comment as the negotiations were being spearheaded by general secretary Toni Moore.


    When contacted, Moore said: “We are currently engaged in several follow-up meetings with the relevant parties, which is moving towards a resolution that would not see workers further disadvantaged.”


    Attempts to reach Minister in the Ministry of Finance, Ryan Straughn, who has responsibility for the NIS, were futile.

  3. David Avatar
    David

    @Walter

    Caswell’s point is that rules in the substantive legislation ware not ported to the sunset legislation to given teeth to the tribunal if any in the process. Therefore the employees affected during the COVID period have no recourse.

    Now CLIFF restaurant workers keeping noise for their money.

    It will get worse. The cruise ship industry has push back resumption until well into next year.

  4. Walter Blackman Avatar
    Walter Blackman

    David,

    It seems that ability to pay is the issue.

    Connecting the dots, one is left to conclude that The Club Barbados was rationalizing that it ultimately had to pay 25% of the severance payment bill, and the NIS had to pay 75%. It attempted to pay its 25% share, and was telling the NIS that it was on the hook for the other 75%.

    That is not how the process is supposed to work.

  5. Walter Blackman, Avatar
    Walter Blackman,

    David,
    Understood.

  6. David Avatar
    David

    @Walter

    This is the point Artax made. Hower what about Cliff workers for example. CLIFF was a top tier restaurant owned by monied people. They have promptly opened a bistro on the same site.

  7. Miller Avatar
    Miller

    @ Walter Blackman November 23, 2020 12:27 PM

    Having a legal responsibility for a debt is not the same as having the financial capacity to settle that debt.

    The question still remains:
    Is the severance fund (managed by the NIS) liquid enough to settle the flood of requests with which is it now faced like the unemployment fund was facing only recently?

    If the fund is not sufficiently liquid to pay the workers or refund the 25% to employers who have already settled their commitments to their severed workers, where would the money (cash) come from if not from the Treasury via some Central Bank facilitation or accommodation?

  8. Walter Blackman Avatar
    Walter Blackman

    Miller,
    I understand the point you are making.

    I am sure that I read sometime earlier that the authorities were arguing that the Severance Fund had a lot of unused money in it, and the Unemployment Fund did not have enough. They were suggesting that it made sense for them to use some of the Severance Fund’s money to pay unemployment benefits. Now COVID has struck, and heavy demands are being placed on both funds.

    However, we have not been told that the Severance Fund has run dry. Until then, we have to assume that there is money available.

  9. David Avatar
    David

    @Walter

    We cannot be sure you of anything. It is not good enough we have to rely on a statement from a politician. We need in the interest of transparency to see the audited reports. The public needs for such reports to pass the scrutiny test of SMEs in the private sector.

  10. Mariposa Avatar
    Mariposa

    It will end in tears
    The sh.it has already hit the fan
    Govt made several commitments to the hotel sector and also workers
    Cant serve two masters at the same time
    Reason why i concluded the PR.was long political diatribe placed on Smoke and mirrors
    The window of opportunity has been long past due when govt could have helped the workers
    Dont forget that with the increase in COVID patients the health bill increase
    People only seems not to understand that reality
    Only having heads buried in the sand and on occasion peeps out to shout no community spread
    Meanwhile additional cost to the health care system increase with all the above mentioned
    The question should be asked how will govt fulfilled so many commitments

  11. Miller Avatar
    Miller

    @ Walter Blackman November 23, 2020 1:03 PM
    “However, we have not been told that the Severance Fund has run dry. Until then, we have to assume that there is money available.”
    ++++++++++++++++++++++++++++++++++++++++++++

    Having a liability recorded in the books does not mean that there is enough cash/liquidity around to settle the unusually large commitments which will soon be placed on that same fund.

    Maybe the offsetting assets (investments) to the same severance fund future/deferred liabilities are tied up in government paper.

    Who knows what in the situation where the NIS has been less than stellar (to put it in the most euphemistic way) in reporting, in a true and fair manner as required by law, its financial health status over the years and might now be facing a diagnosis of a stage 4 funding cancer.

  12. NorthernObserver Avatar
    NorthernObserver

    “The time has come”, the Walter said,
    ‘to talk of many things’
    Of NIS, and severance and quivering rears
    Of politics and of stings
    And why the ?LP’s always rule
    And whether touts can sing.

    “But hold your horse” the rum shop cried
    Before we shoot the breeze
    For some of us party hacks,
    And most are retirees
    “No hurry” said the Blogmaster,
    And they thanked him for the ease.

    “Analysis by colour” the rum shop cried
    Is chiefly what we require
    Pepper and Salt otherwise
    Fulfill much of our desire
    Whatever the intended topic
    Let skin tone fuel our fire.

    The winds today are rather cold
    And snow covers the town.
    To add to all this Covid mess.
    the city’s once again in lock down.
    So with little else to do
    I sit and watch the discussion on hue.

  13. Hants Avatar
    Hants

    BRIDGETOWN – Barbados Prime Minister Mia Mottley will address the two-day virtual Caribbean Conference on Corruption, Compliance and Cybercrime that begins on December 7.

    https://www.nationnews.com/2020/11/23/cdb-hosting-conference-corruption/

  14. Walter Blackman Avatar
    Walter Blackman

    David
    November 23, 2020 1:14 PM

    “@Walter
    We cannot be sure of anything. It is not good enough we have to rely on a statement from a politician. ”

    Miller
    November 23, 2020 1:36 PM

    “Who knows what in the situation where the NIS has been less than stellar in reporting…… its financial health status over the years and might now be facing a diagnosis of a stage 4 funding cancer.”

    David & Miller,
    Points well made and taken, gentlemen.

  15. Walter Blackman Avatar
    Walter Blackman

    NorthernObserver,
    Absolutely brilliant!

    We have some very intelligent readers and commenters on BU. The good news is that the intelligent group swamps the minority that is trying to retard our progress..

  16. David Avatar
    David

    Definitely impressed by the prose by NO. The blog can take the dig lol

  17. Sargeant Avatar
    Sargeant

    @NO
    I think there may be an opening for Poet Laureate and just in time for the Republic

  18. WURA-War-on-U Avatar
    WURA-War-on-U

    “The window of opportunity has been long past due when govt could have helped the workers”

    that’s the whole crux of the matter right there, those FRAUDS…knew this has been unfolding since the first quarter of 2020, they knew, they KNEW they amended labor laws AGAINST the workers and IN FAVOR of tiefing ass hoteliers, bunch of goddamn racisrs……but see the haunted house rats running out to gi BIG press conference as though they had only just heard about the PROBLEMS THEY CREATED THEMSELVES, they had ample time to fix this, but couldn’t because they ALREADY SOLD OUT AND KNEW IT…

  19. TheOGazerts Avatar
    TheOGazerts

    @NO
    Be it the autobiography or the collected work of poems, you can sign me up for a copy.

  20. WURA-War-on-U Avatar
    WURA-War-on-U

    Mariposa…yall supposed to be warning the people about the marijuana slave plantations they sold out to their foreign and local racist friends to shove the Black population on….how easy it is after legislating to disenfranchise the workers, sealing them into poverty so they have no choice but to go work on these slave plantations that they already set up in multiple parishes…

    but i want that whole gang of rats to get sanctioned for modern day slavery.

  21. Walter Blackman Avatar
    Walter Blackman

    Correction – since the employer must pay the total severance bill up front and seek a 25% rebate from NIS, the employer is ultimately liable for 75% of the bill, and the NIS 25%.

  22. Walter Blackman Avatar
    Walter Blackman

    However, the link to this news excerpt appeared on BU in “The Election Day in St. George North blog”:

    “Several said that apart from learning that the Vauxhall, St James hotel struck a deal with the National Insurance Scheme (NIS) to pay them the outstanding 75 per cent of their severance, there was a deafening silence on how much longer they would have to wait for financial relief.
    They said it was unfair to put the burden on the NIS, given they had a written commitment from the hotel to pay them the outstanding monies.”

    It is possible that the NIS may never get back this money.

    Against this background, and given the fact that millions of our NIS dollars have been wasted on ill-conceived investments and “solutions”, my question to Miller now makes sense:

    “Miller,
    You do know that the NIS is ultimately responsible for 75% of this severance payment bill, right?”

  23. fortyacresandamule Avatar
    fortyacresandamule

    Miller is right, the NIS severance fund will eventually have to be topped up by finance ministry through ” borrowings” from the central bank. The onslaught of claims on the fund is not sustainable.

  24. fortyacresandamule Avatar
    fortyacresandamule

    Often times when I survey the human condition , I said to myself, ”why did I born in this mess”. We are constantly on the prowl looking for a saviour and blaming others for our shortcomings.The mass live in constant hope believing that some man in the sky or the government of the day will save them. It is this optimism bias, that allows us to believe after every election cycle things will be better than before, only to suffer the same dissonace not long after.

    I am old school, I don’t need a crutch from anyone, especially government. When you are independent and live a debt-free life that is real freedom.

  25. NorthernObserver Avatar
    NorthernObserver

    @40
    to keep the jargon straight…the new Chair of the NIS Leslie Haynes (Ian Gooding Edghill resigned when he got a Ministerial portfolio)…was quoted in BT

    ““I don’t think we have to worry about the current financial standing of the National Insurance,” Haynes said.

    “Yes you have heard the Prime Minister [saying] say that we have the Government’s assurance that the unemployment fund would be recapitalized, but when one looks at the assets of the National Insurance, with the NIS I am always proud to say that we are the richest institution in Barbados.

    “We control at this moment, assets in excess of $4 billion. In the restructuring we took a hit of approximately $1.2 billion, but there are sufficient funds there that we can see this through at least for the next two years. So there is no cause for concern,” Haynes stressed.

    So topping up is called recaptialization. They got nuff money so now every business can follow the Club Barbados lead. No worries. They have assets for days. #takehaynesword

  26. NorthernObserver Avatar
    NorthernObserver

    And I hope the “moment” of which the Chair spoke is a recent one. For most local valuations have dropped 33% this year. We know based on a declined offer by ICBL, that ‘investment’ has fallen further. And we know nothing of their loan portfolio. While I ‘believe’ the 2 year window referred specifically to severance, other NIS beneficiaries should have their ‘eyes wide open’. They already ‘transferred’ the Castastrophe Fund. It is not beyond desperation, to transfer from other funds within the NIS, with the full intent of repaying one day. When Big Sink proudly announced we didn’t need to worry about ratings and would focus on home grown financing, largely because the outside world would not lend any longer, I am sure he felt, foolishly or otherwise, the money was safe. Even after default #1 (and you can read into that what you like), the NIS remains fully exposed. Let’s hope we don’t discover @MTA’s fav, the Emperor has no clothes!!!

  27. Walter Blackman Avatar
    Walter Blackman

    fortyacresandamule
    November 23, 2020 7:02 PM

    “Miller is right, the NIS severance fund will eventually have to be topped up by finance ministry through ” borrowings” from the central bank. The onslaught of claims on the fund is not sustainable.”

    fortyacresandamule,
    Today, we do not have transparency and we do not have current information on the Severance Fund. We do not know the amount of cash or liquid assets on hand, and we have no idea of what the magnitude of severance payment claims is.

    As at December 31, 2014 the Severance Fund stood at $164.6 million. Only about $8.5 million of that can be viewed as real money.

    Out of the total Severance Fund, $156.1 million had been unwisely used up by politicians for political reasons. Cash has been replaced by government paper. Interest on this government paper is also useless as no real money goes into the Fund.

    According to the 15th actuarial report of the Barbados NIS, “effective January 2015, the income derived from the 0.5% Severance contribution rate paid by employers is being reallocated to the Unemployment Fund to shore up its finances. This rate allocation of contributions was approved by employers after legal advice indicated that a direct transfer of reserves from the Severance Fund to the Unemployment Fund was not possible. Even without contributions for three years (until December 2017), the Severance Fund is expected to experience annual surpluses as investment income on Fund investments should exceed total expenditure.”

    Note that the investment income referred to is government crediting interest on government paper. No real cash is being injected into the Fund. On the other hand, the expenditure mentioned is real cash leaving the Fund. Not good.

    What is the situation at November 2020?

    It should be pointed out that, government doesn’t necessarily have to borrow from the Central Bank to solve a cash shortage in the Severance Fund. It can increase the Severance rate being paid by employers. The question is, how will the employers react?

  28. NorthernObserver Avatar
    NorthernObserver

    “The question is, how will the employers react?”
    You know exactly how they will react…lol. You may even be able to predict with a high degree of certainty how each will react. For support doesn’t mean they will pay it?? And those who are/planning to, use it extensively, an increase is a small price to pay? Unless its retroactive, which it won’t be. I suggest issuing a new bond, you can name whatever you wish, but please, make sure the acronym is good. The Severance and Health Insurance Tax fails. The Severance and Unemployment Paid Employment Rate is excellent, or Super!!

  29. Walter Blackman Avatar
    Walter Blackman

    NorthernObserver
    November 23, 2020 9:43 PM

    ‘..the new Chair of the NIS Leslie Haynes (Ian Gooding Edghill resigned when he got a Ministerial portfolio)…was quoted in BT
    “We control at this moment, assets in excess of $4 billion. In the restructuring we took a hit of approximately $1.2 billion, but there are sufficient funds there that we can see this through at least for the next two years. So there is no cause for concern,” Haynes stressed.’

    NorthernObserver
    According to the 15th actuarial report of the Barbados NIS, at December 31, 2014, the NIS Fund stood at $4.2 billion.

    However, page 11 of that report makes a very interesting observation:
    “ With 75% of assets held in public sector (Government and quasi-Government) securities and only 5% invested outside of Barbados, NIF assets are poorly diversified.”

    Out of a fund of $4.2 billion, $3.15 billion has been used by politicians for political reasons. The investment income credited to the fund is not real money. It is government paper on top of government paper. Only $1.05 billion can be viewed as cash or investments that can be converted easily into cash. Hearing that we took a hit of $1.2 billion in the restructuring should exponentially heighten our fears, uncertainty and uneasiness.

    Yes, I know. I am beginning to sound like a broken record. All of us sat back and allowed politicians to misuse and abuse our hard-earned contributions which we were faithfully contributing to the Scheme for the past 53 years. Man to man is so unjust.

    “But not on us!” the Oysters cried,
    Turning a little blue.
    “After such kindness, that would be
    A dismal thing to do!”
    “The night is fine,” the Walrus said,
    “Do you admire the view?
    ……………
    “It seems a shame,” the Walrus said,
    “To play them such a trick.
    After we’ve brought them out so far,
    And made them trot so quick!”
    The Carpenter said nothing but
    “The butter’s spread too thick!”

  30. Ode to Lack of Transparency @NIS | Barbados Underground

    […] BU Intelligentsia is a talented crew. If there is doubt the following Ode was posted to the Walter Blackman’s Political Insights blog by the man from the Great White […]

  31. NorthernObserver Avatar
    NorthernObserver

    How fitting, and from your favourite poem.
    Your point on convertibility is salient.
    Not all sat back, but some of those who should know better opted for silence. There is a great fear in small communities about ‘speaking out’ and ‘retaliation’. And it is not without precedent.
    Any smart young person interested in politics, should be grabbing the NIS in its entirety. Run with it, march with it and it will bear fruit.
    And this is the ONE thing which runs contrary to the logic of budding politicians joining an existing party, B or D.
    Imagine, here you have a issue, potentially huge in future, and one leader’s response is to call for ‘more transparency’? This pathetic response, reinforces the secret code between the two combatants. Both are guilty of NIS abuse and mismanagement, so it’s near impossible to tear down your opposition without tearing down yourself.

  32. fortyacresandamule Avatar
    fortyacresandamule

    @Northern Observer. Good points. But how credible is that $ 4billion in asset valuation?

    @Walter Blackman. Point well taken. I am well aware that the government pay the interest on the NIS government notes with more notes. It does the same to the central bank stock of government notes. You are right about the government using fiscal measure to recapitalise/tap-up the severance fund if the worst should come to pass. But why would the government choose that political unpopular route when it can easily and painlessly go turn on the central bank printing press.

  33. NorthernObserver Avatar
    NorthernObserver

    @Blogmaster
    that poem was a lil joke. If you wish an ODE, I can pen one.

  34. Donna Avatar
    Donna

    Ha ha! Missed that GP comment that seems to have been deleted.

    Why shouldn’t I try to teach you biochemistry? Taught you about ganglion cysts, didn’t I?

    The reason why Caster is the way she is matters not. What matters is that nobody knows what effect her biochemistry has on her sexuality.

    You can come with all the crap you like but what I KNOW from simple observation is that homosexual women often resemble men and homosexual men often resemble women. Something is mixed up.

    I am so happy I don’t have to twist myself into a pretzel to fit myself into a Bible.

  35. WURA-War-on-U Avatar
    WURA-War-on-U

    Racism has to be permanently RIPPED OUT of Black majority countries.

    https://youtu.be/IagRv4V4CTo

  36. David Avatar
    David

    @NO

    Sometimes it requires unorthodox communication to penetrate. As you know we have tried every which way up to now.

  37. WURA-War-on-U Avatar
    WURA-War-on-U

    So did Donville’s sentencing date get pushed back to January 26, 2021…?

  38. Hal Austin Avatar
    Hal Austin

    “ With 75% of assets held in public sector (Government and quasi-Government) securities and only 5% invested outside of Barbados, NIF assets are poorly diversified.”….(Quote)

    Here in lies the source of the crisis at the NIS. I have written of this before in my Notes…, so will not repeat it. Our problem is one of incompetence, not corruption.
    The NIS needs serious and urgent reform with a new mandate from parliament, including a benchmark return on investments with the allocation set by parliament, and the stock picking done by experts.
    An asset allocation ratio of about 50 per cent global equities, 15 per cent Barbados and CARICOM equities, 25 per cent gilts (local and international), five per cent property and five per cent cash.
    I will also de-risk the obligations for those aged over 65, ring fence those aged between 45 and 65, until they feed through the system, and embark on a totally new compulsory defined contribution scheme, from age 18 and under 45 to the state retirement age, allowing for mobility and giving access to the fund on there key stages: education, marriage and to buy a family home.
    Any outstanding funds at death will be rolled over as instructed in a will, or in cases of intestacy, the money will go the the heir or/and next of kin.
    Such a development will do a number of things. It will reduce welfare dependency; provide non-bank capital for business; and, most of all, kick start the building of family inheritance, the greatest contribution to family wealth over the last 400 years.
    That all can be done easily. De-risking can be done within three months; ring-fencing can be done at the same time; and the new defined contribution scheme can be set up within a year without any panic.
    The difference between policy-making and getting on a platform talking waffle with arms flying all over the place is that one calls for attention to details, while the other calls for a big mouth.

  39. Mariposa Avatar
    Mariposa

    The more Mottley opens her mouth the more her words of deception are exposed
    Words which she tries to plant in her PR conferences to fool and confused the masses
    The taxpayers now having to foot the bill is an unconscionable act of deception
    Reason being that such an act places another burden on the shoulders of the people which at some time has to be recouped and replaced in the NIS fund
    Why is this hotel licensed not being revoked
    Why has govt taken a soft approach to dealing with an issue of theft from the workers as well as from govt
    I remember when in opposition govt loud noises resonate around calls for accountabilty
    Now in govt the leader has forgotten all that she has said and decides to launch unreasonable attacks on those who speak truth and of asking govt to pursue a correct path of law against employers who emboldens themselves with illegal actions against employees and refuses to be accountable

  40. Hal Austin Avatar
    Hal Austin

    Why is the NIS invested in ICBL, even now? Follow the interconnecting directorships, consultancies, friendships, relative

  41. WURA-War-on-U Avatar
    WURA-War-on-U

    Way too mach crooks and thieves in Barbados involved in the Black population’s affairs re taxes and NIS….what is ICBL doing messing with pensioners money..

    “Businessman and real estate developer Sir Paul Altman is the latest member of the board of directors of ICBL to tender his resignation.

    In the most recent file and public notice, the Insurance Corporation of Barbados (ICBL) which was sold to Canadian investors Paynes Bay Finance Inc., announced that Sir Paul had resigned from ICBL’s board effective November 20.

    The notice, which was signed by Chief Executive Officer Geoffrey Scott did not indicate if there was a replacement for Sir Paul.

    The development comes as the former state-owned entity disclosed that it would not be paying an interim dividend to shareholders for the financial year ending December 31, 2020.

    Sir Paul’s resignation is the fourth since the deal between ICBL’s former owner BF&M out of Bermuda, and Paynes Bay Finance was announced earlier this year.

    In September, longstanding directors Juanita Thorington-Powlett and Toni Jones had offered their resignations from the board.

    Thorington-Powlett, a retired permanent secretary, has been a longstanding ICBL director, serving on the board since 2001. Highly regarded for her expertise, she has also been a director of the Caribbean Development Bank and in January, she along with businessman Mark Maloney were appointed to the board of LIAT.

    Jones, an attorney at law who submitted her resignation on September 15, has been replaced by James S. Edghill a Barbadian property development consultant and one of key figures behind the $260 million Hyatt Centric Hotel project planned for Bridgetown.

    Thorington-Powlett was replaced by Vicky Bathija, a businessman who has kept a low profile and has a very limited digital footprint.”

  42. BAJE Avatar
    BAJE

    “Luckily, Barbados is a strong and substantial nation.

    As with many other businesses, we have now secured funding from the NIS, which will allow them to pay all employees the balance of their severance, soon, on our behalf,” Grebby stated.

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    I KNEW FROM THE TIME I READ THIS ABOUT THE 2 x 3 ISLAND IT WAS WAFFLE AND BULLSHIT.

  43. BAJE Avatar
    BAJE

    Yes, I know. I am beginning to sound like a broken record. All of us sat back and allowed politicians to misuse and abuse our hard-earned contributions which we were faithfully contributing to the Scheme for the past 53 years. Man to man is so unjust.

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    CORRECT ME IF I AM WRONG I BELIEVE EARLIER THAT YOU ADMITTED BEING ON AN NIS BOARD FOR A NUMBER OF YEARS OR WORKING FOR NIS IN A DIFFERENT CAPACITY.

    YOU WERE PART OF THE NIS SYSTEM AND COULD HAVE LED TO CHANGE FROM WITHIN.

    I WONDER HOW THE BAJAN BLACK MASSES COULD BE BLAME FOR YOU AND YOUR FORMER COLLEAGUES INEPTITUDE/MISMANAGEMENT WHEN THEY WERE NEVER IN CONTROL OF NIS FUNDS OR DECISION MAKING JUST COMPULSORY CONTRIBUTIONS FROM EMPLOYMENT WAGES?

    I SEE WHY YOU WANTED TO RUN AS A DLP POLITICIAN IT IS EASIER TO BLAME “ALL” THAN TAKE RESPONSIBILITY.

    NO WONDER THE 2 x 3 ISLAND HAS GONE OVER A CLIFF IN ITS MOST URGENT NEED OF NIS FUNDS IN ITS HISTORY.

  44. David Avatar
    David

    Small minds always, always attack people. Promoting ideas require a different skill set.

  45. BAJE Avatar
    BAJE

    NOT ATTACKING ANYONE.

    BLAMING “ALL” WHEN ONE WAS IN A INSIDE POSITION TO DO SOMETHING IS THE REALITY ON THE GROUND.

    ALSO NOT IN THE FRIENDS BUSINESS.

    WHAT BARBADOS NEEDS IS A DOSE OF REALITY AND TRUTH.

    I WILL CONTINUE TO CALL A SPADE A SPADE AND NOT BE ENGAGED IN PASSING THE BUCK.

  46. Hal Austin Avatar
    Hal Austin

    Small minds always, always attack people. Promoting ideas required a different skill set….(Quote)

    ??????????

  47. WURA-War-on-U Avatar
    WURA-War-on-U

    So what is this people are angry about, some white canadian that was sold a marijuana slave plantation, walking around with security and dogs talking about by the time he leaves the island, on a trip, marijuana will be legal…..well we know it’s legal for tiefing racist minorities aspiring and invited to be slavemasters in Barbados…..but illegal for the Black majority ..

    stink niga syndrome.

  48. GP Avatar
    GP

    Small minds always, always attack people. Promoting ideas required a different skill set….(Quote)

    ??????????
    DOES HE MEAN LIKE HOW HE AND OTHERS ON BU MOCK AND PILE ON UPON JOHN KNOX?

  49. BAJE Avatar
    BAJE

    @ Hal

    SOME WOULD STILL LIKE US “ALL” TO BE LIVING IN MENTAL SLAVERY AND SEEING THINGS AS THEY ARE NOT.

    PALS OVER HONESTY.

  50. Hal Austin Avatar
    Hal Austin

    The chairman would not know an idea if it fell on his head. But he is not alone. Some come on with a lot of historical dosh as if they were ideas.

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