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The following was posted as a comment by Walter Blackman to the Walter Blackman’s Political Insights blog – David, Blogmaster

Based on the link to the NIS investments, provided by NorthernObserver, all BU readers can now sing from the same Hymn sheet – see link https://www.nis.gov.bb/investments-2/

Here are the facts, and the questions to be asked:

The unemployment Fund is broke. Not a cent is left. No bonds, no cash. Nada. Zilch. Rien.
Where will the money come from to pay current and future unemployment benefits? Remedial action has to come down the pipeline very soon.

Government owes (i.e the politicians misused our money) $2.8 billion to the National Insurance Fund, and $0.1 billion to the Severance Fund. There is no cash in the Severance Fund. Where is the money currently coming from to pay the workers’ severance that employers are refusing to pay?

Is the law being broken with respect to the payment of unemployment and severance benefits?

The only way Government can repay the money owed to the NIS is through taxation. Who will the Government tax to get the $2.9 billion for the NIS?
The Baby Boomers have started to retire and will do so by the thousands every year until 2033. How will their retirement benefits be paid? Something has to be done very soon

At the beginning of 2015, the NIS was paying roughly $40 million per month (just think about the multiplier effect this has on our economy) in NIS retirement pensions. That amounts to $480 million per year, and $960 million over two years.
We can therefore understand what the Chairman of the NIS meant when he said: “there are sufficient funds there that we can see this through at least for the next two years.”

However, the Chairman went on to say: “So there is no cause for concern.”

Every BU reader can now look the Chairman of the NIS fully in the face and say: “We do not agree with your assessment of the NIS, Mr. Chairman. There is great, great cause for concern, and in fact, we are very, very concerned. Next time you speak, please tell us what is the Board’s solutions to the massive NIS problems we face.”

…what are the Board’s solutions?


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483 responses to “UNEMPLOYMENT Fund is Broke, Time for Straight Talk Chairman Leslie Haynes”


  1. (Quote):
    I always thought that the same law enforcement agency that arrested and charged a citizen for stealing a tube of tooth paste would handle that. How come Donville Innis is in prison while white employers both expatriate and local can bluntly refuse to pay VAT and national insurance with no penalty. Why these crocodile tears from Mottley when she gave them over a billion dollars forgiveness for breaking the law and not paying taxes.(Unquote)
    ++++++++++++++++++++++++++++++++++++++++++++++++++

    And yet the same gang of corporate thieves and white-collar criminals would want to cry ‘foul’ and play the small-island racism card when the EU and OECD (who are far better at the internationally-played stealing game) call them bluff.

    Donville, by singing like a canary, has turned ‘Crown’ witness against the local taxpayers’ robbing thieving buggers.

    First deal with the small-island petty corporate thieves before crying rivers of crocodile tears looking for sympathy from bigger and more sophisticated card-carrying ex-colonial crooks.

    Putting up a show and making a mockery of justice by using Greenverbs as the poster boy of political puppetry will not cut it.

    Why not ask the gopher sitting in the chair of the Workers Only Lifeline?

  2. Critical Analyzer Avatar
    Critical Analyzer

    @Artax November 27, 2020 8:44 AM
    We are generally saying the same thing. I am giving an analysis based on the very limited data presented on the website.

    The accounting problem the data in the link provided indicates it is one of accounting practices and procedures. I am less concerned with them publishing reports on a monthly basis and and more so concerned with the soundness and timeliness of their internal accounting practices and controls.

    Without further details on how their accounting process works for how contributions are applied to the various funds, how disbursements are made, we cannot get an understanding as to whether the cause of the problem is systemic procedural based or incompetence or both.


  3. @Critical Analyzer

    Really?

    Wheel and come back.


  4. “tell me what degree or qualifications can solve that.”

    i always suspected, but has since come to learn that a degree is similiar to one of the Bishop of Canterbury and the CoE’s branding iron, though it no longer sears black skin, it sears black intellect and signifies that you are still owned by the system, which does not necessarily indicate that ya actually have intelligence, it just means ya can regurgitate colonial inspired shite, and given recent events on the continent, i totally understand how and why…

    ..am sure Prof. Shillary will not be happy to hear that one either after his reparation’s disappointment…but it comes as no surprise to those of us who knew there was something very wrong with those shite degrees, especially when held by the strutting haunted house negros, who REFUSE to use the system to benefit black people….

    we all know the lawyers/esteemed LIARS of parliament..take taxpayers money in salary MONTHLY and also work for the minority thieves and crooks who obstruct black development and advancement, by robbing the treasury, pension fund and any developing opportunities…they’ve been doing it for decades and the hand to mouth lawyers, other politicians, bar association rats ALL BLACK etc who sit and condone all of it with their silence are just as culpable..


  5. @ David
    Can’t you get it that no damn ship can be righted unless the BLPDLP corruption is exposed and discussions such as these on BU end up on the front pages of the action and Advocate and lead stories on CBC news. Don’t you and others understand that civil servants are now in serious survival mode because they are being forced into all types of corruption practices by politically boards.
    You have already stated that Haynes is not the correct choice. He is the political choice put there by your beloved Mottley.
    Time to stop this Gobbels nonsense. Intelligent people are seeing through the frigging facade.
    And for the kool aid drinkers ; this has been the modus operandi of both the Barbados Labour Party and the Democratic Labour Parrty.
    The problem is that the BLP ran a campaign against anti- corruption and incompetent governance and after two years , its Covenant of Hope has become a Covenant if Guns and Dope.
    Peace


  6. I have seen Haynes in a courtroom, and fully understand why CCJ condemned him, and that other idiot god horse, the dude is not a real lawyer, he is an obstructionist…CCJ should have FINED both him and the horse millions of dollars for what they did….and chase them out of court rooms…damn clowns…


  7. Should be front page of Nation , not “ action”. My apologies.


  8. And yet the same gang of corporate thieves and white-collar criminals would want to cry ‘foul’ and play the small-island r”acism card when the EU and OECD (who are far better at the internationally-played stealing game) call them bluff.”

    i would go on the roof of every social media platform and SING A WHOLE ANTHEM… before i let those savages get away with that one…and they done know when i get going, am not shy at all…so let them continue crying wolf and she Bushman’s witch turn up, broom and all..


  9. @William

    Who owns the Nation?

    Who owns the Barbados Advocate?

    Who owns Barbados Today?

    Do you get it now?


  10. “Barbados Today editorial put Mia on blast for insulting the bajan public along with her nonsensical utterances of attacking media and public officials who spoke out on behalf of the hotel workers fighting for there severance payments.”

    don’t know where Mia’s head is at, but she’s NOT seeing the writing on the wall and she NEEDS TO CHANGE THE CLOWNS WHO ARE ADVISING HER….right into a trap…..and at taxpayer’s expense too…she still thinks she can hold on to the repulsive habit of promoting crooks, thieves and racists to 1st class citizen status, standing on the necks of black people…she needs a very STRONG AND RUDE AWAKENING…

    the media has to stay strong, their reputations are now at stake when shit goes sideways….and they already know Mia will be the first one to FLING them under the bus…..to save her own ass..


  11. @ David.

    The board has 4 options.

    Increase the pension age to 70
    Increase monthly payments to both employer and employee by at least 30%
    Attempt to sell real estate holdings to get in cash.
    Hold out dem hand to government for a massive cash injection, which by extension is our hip pocket.

    My purpose for showing the serious situation earlier was to point out that the fund is in no position financially to pay its way going forward. It’s option are therefore only 1 of the above in my view.


  12. The blog Master’s friends are getting their panties exposed.


  13. @ David
    So just admit that we are in the sharks guts and we smoking crapaud pipe. But to constantly say that Haynes is the wrong choice is just pro-BLP propaganda. Hold Mottley to the fire and say : He is Mottley’s political Kool aid choice , sent to the NIS to camouflage her sucking up to and defending the corporate class the same way Thompson did with CLICO and Arthur did with Barak.
    In other words stop the damn poorly disguised defense of Mottley and her band of thieves, in the same manner we went after Stuart and his thieves.
    Do you now get it, my Brother. There can be no intellectual honesty if we attempt to draw lines of demarcation.
    We must go for the jugular. There is nothing new going on at the NIS; it’s just happening differently.
    Peace


  14. @John A

    The taxpayer it is then. As you know BU has prosecuted the matter of the NIS every which way but up.


  15. @ Critical Analyzer November 27, 2020 9:13 AM

    Your ‘contradictory’ statements do not add up to provide a ‘balanced’ account of the financial affairs of the government’s piggy bank.

    Don’t white collar criminals thrive in such environments where there is no financial reporting accountability to external stakeholders?

    Aren’t the internal management reports being generated from the same sources (financial databases) as those prepared for external financial reporting purposes?

    Isn’t the lack of ‘timely’ external reporting an indication that “their internal accounting practices and controls” especially in a modern ICT environment are ineffective (and has been for more than just one financial year)?

    If the problem(s) seem to be of poor management of the various Ledgers then why not get rid of those responsible for the maintenance of those ledgers and hire people who can do the job within the deadline of the financial reporting regime?

    Let us tell you a secret by letting the watchdog cat out of the money bag.

    There is much more in the financial reporting mortar than just the pestle made from a batch of defective ste(e)al embossed with the markings of both “systemic procedural” failures and “incompetence”.

    Not even Walter Blackman could have performed the ‘muted’ role of internal auditor.


  16. He is Mottley’s political Kool aid choice , sent to the NIS to camouflage her sucking up to and defending the corporate class the same way Thompson did with CLICO and Arthur did with Barak.
    In other words stop the damn poorly disguised defense of Mottley and her band of thieves, in the same manner we went after Stuart and his thieves.

    Do you now get it, my Brother. There can be no intellectual honesty if we attempt to draw lines of demarcation.

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    THIS SHOULD BE A MUST READ FOR ALL LOCAL BLACK BAJANS CATCHING HELL ON THE 2 x 3 ISLAND.

    STOP BUYING INTO FAIRY TALES AND SEE THE REALITY AROUND YOU.


  17. As the US$ goes, so does the future of currency that is on a fixed peg to the US$ exchange regime.
    The USA gets to print money that the world has to accept for international trade and payment settlements. If there is a reckoning coming, where will that leave the Barbados dollar and other fixed peg rate currencies? Barbados should be on a full court press to secure US$ funds from the IMF under the most favorable terms possible to shore up its financial situation.

    https://finance.yahoo.com/news/world-heading-towards-another-bretton-194442252.html


  18. @David

    As Walter said it has gone way past the blame game now and has reached the stage of urgent resolution. It was inevitable but Covid brought it to a head quicker that’s all.

    You have poor non performing investments and are awash with worthless paper but you need cash liquidity to meet your commitments. The other massive blow the restructuring did was push forward maturity dates on the goverment paper. So lets say the NIS was planning for a $50M cash injection coming from a bond maturing in 2021 for example, that has now been postponed for maybe 10 years. The fund needa cash to run on and not worthless paper. You can’t give 80 year old Mrs Jones in St George a bond to take to Massy. It is a case of a cash starved entity trying to meet liquidity issues monthly. It will not happen hence the PM having to ” top up de fund.”


  19. To be fair, the Mia Mottley administration cannot be blamed for the accumulated NIS mess. The PM, the Hon. Ryan Straughn, MP, and the Hon. Marsha Caddle, MP can only put their shoulders to the wheel and try to tackle a job to which an unkind providence has called them….(Quote)

    Right and wrong. Right in that the Mottley lot should not be blamed for the mess the NIS fund is in; wrong in that after two and a half years they should have put in place systems to sort it out.


  20. I found myself believing that the problems of Barbados was one of corruption, but when two men who are usually on opposite ends of a discussion (mostly personal) arrive at the same but a different conclusion, then we should give some weight to their conclusion

    Hal has often stated that the problem in Barbados is one of incompetence an it appears that no matter which angle we approach it from it reduces to “So, it’s a simple matter of incompetency.”

    Perhaps the truth is somewhere between Wura’s ‘corruption’ and others” “incompetence”. If it was incompetence or corruption then there is a hope of a remedy, But fighting a combination of the two require more than a doubling of the fight.


  21. @John A

    All those years ago was it Walter who called to challenge government’s investment in the two buildings at Warrens at the time that provoked Physical Deficit to call? Trying to recall. NIS pumped millions into those two building with the explanation rental income will make it a worthwhile investment. How has that worked out?

    Like you stated, we have to stop the politics man. Calling Mia’s name as William is demanding will not make a difference although the blog will from time to time. How many times have we questioned the PM about the large cabinet and ancillary staff? Did it make a difference in SGN? The by election was promoted as a check of the government’s popularity.

    This blogmaster has taken to calling out the Odles, Gooding-Edghills, Leslie Haynes etc. The political class only listen to those in the shadows, not the people. A lowly blog does its thing with the expectation others will run with it. Every now and then we get lucky but it will take a tipping point moment to shake the rotten tree, Is Covid 19 it? Some would have sworn yes but …


  22. @ Critical Analyzer

    You don’t need further details on how the NIS’ accounting process works. My point is, government departments use computerised accounting systems that allow for the immediate allocation of transactions to the relevant accounts.

    If the transactions are entered correctly, then, reports relative to contributions to the various funds and corresponding disbursements can be generated at anytime. If not, then, it’s incompetence.


  23. THEO
    RE Perhaps the truth is somewhere between Wura’s ‘corruption’ and others” “incompetence”. If it was incompetence or corruption then there is a hope of a remedy, But fighting a combination of the two require more than a doubling of the fight.

    THERE IS ALSO THE PREVALENCE OF INFERIOR SUPERIORS!
    INFERIOR SUPERIORS ABOUND IN BARBADOS
    THEY ARE LIKE BROOK BENTONS HIT FROM THE 60’S………HITHER THITHER AND YON


  24. @ David.

    Just lets look at the 2 buildings in warrens and ask these basic questions.

    Are rents up to date?

    Does the rent reflect the book value on the building thereby ensuring the fund say a 8% return on that investment?

    Are rents being paid in a negotiable form or is it just a journal entry? After all remeber the fund needs cash!

    One almighty mess!


  25. Theo…we can post on it all day long, but as long as there’s no action and changes made, everything will continue as normal for them, just as they wish whilethe people suffer, the difference this time, there are those who will not sit quietly by and allow Mia and her gang to get away with this wicked shit, don’t care how much she threatens and tries to bully the press into silence, while overlooking human rights crimes.

    don’t forget when George Floyd was murdered and racism was exposed with strong advocacy that showed results, symbols of racism toppled in no time at all…..Mia is the only person on earth i knew who came out and claimed it’s just a trend, not even hardcore racists were that brave to hint that racism and human rights violations will soon return to normal, because that’s what she wants, how she wants to see her people live, not independent and not free, just like how she thinks she can force things in Barbados to stay as they are…… ah wonder how that trend she was praying for is working out for her now..

    remember she lied about the nelson statue needing some stupid committee to decide if it should be removed while knowing that one was done 22 years before, an attempt for years to be spent talking shite at taxpayer’s expense AGAIN…..both her and Comissiong knew this, then it took another round of exposing to finally have it removed, then she tried to turn it into some ceremony of honor for an enslaver and racist…..none of them can be trusted with black people’s lives…as long as the people understand that, there should be no problem in 2023…to remove the enablers of racism, disenfranchisement, exploitation, and enslavement out of the black population’s lives…and permanently out of the parliament.


  26. Someone will get entirely fed up at some point and take the first step of hauling them up before a human rights court for their determination to violate black people’s human rights in Barbados..every last one of them will be on the world stage……soon come…let her and them continue..

    the Rasta group they love to terrorize, demonize and marginalize just because they refuse to be assimiliated into the slave society, already put them on notice…others will soon follow..


  27. @HA
    Spot on!!
    Fair or not, this one will bite. They rolled the dice, a calculated risk, and the pandemic has catspraddled things.
    Note: the spinners are still examining the pitch after overnight rain.


  28. The old folks saying sums this mrss up
    Yuh cud hide and buy land but yuh cant hide and wuk it
    David that message is for you
    Btw stop holding umbrellas over mia head when it is raining
    One day yuh might get struck by a bolt of lightning


  29. there should be no problem in 2023…to remove the enablers of racism, disenfranchisement, exploitation, and enslavement out of the black population’s lives…and permanently out of the parliament.

    oh we know the scum of the earth thieves and racists, the bizzy, cows, maloney etc already got a new generation of new nigas primed and ready to settle into the parliament to sellout their own people again, what’s there right now are old stock, but we are ready for that too, there is no end to them, so the ones who are already in the haunted house better stop thinking they are the best and most special sellouts, they are easily replaced, that’s why they are ALL being MARKED for scorn and shunning worldwide, sellouts are extremely dangerous to black lives and they have to be acted on…they too have gotten away with their tainted bloodlines for centuries, but not anymore.


  30. All of these stories of no severance being paid although contributions ARE DEDUCTED..with government being the BIGGEST FRAUD and enabler…2nd only to their tiefing hoteliers et al, deserved a special kind of exposure,, people need to know what our island people are subjected to on a daily basis by their evil frauds who run out on the world stage painting a very different picture with their mouth filled with lies..

    ….no wonder the media feels they’re being threatened, there is a lot more she wants to keep covered up, but hell no…..this is karma and comeuppance time..


  31. Some one said that since May of 2018 Mia rewarded the wealthy but told black bajans to be there brothers keeper
    Waiting to see if that bold faced promised Mottley made about tge NIS taking legal action against the hotel is going to happen
    When i read some of these comments i feel a sense of shame and disgust that a black govt would treat its own in such disgusting manner while asking the same disenfranchised people to be their brothers keeper
    Where have morals gone


  32. The worst part is, they are telling themselves that they can continue these clear crimes against black people indefinitely, oh i heard how some of these dirty no good lawyers and even the trash minorities, love to threaten people and set up deaths….but this is another era, and someone would take one or more of them to hell out, so let them ride on believing they’re untouchable..

    i remember a year or two ago, a relative of a former PM was warning someone about how dangerous the same Haynes is, but the person just said, if he’s not made of steel, he’s no more dangerous than anyone else and given the size of he island and his bloated ass, he can’t even hide….


  33. That conversation stemmed from the fact that black people were being warned that if they have personal injury cases in the supreme court and they were about to win their case, there was a distinct possibility that they would be set up and killed, the trash involved just HATE seeing black people with anything, even and particular when it’s THEIRS…so they’ll kill you for your properties, they will kill you for your compensation, they will deny you your benefits…

    .but as i said, they will meet the right people one day who they think they can kill and then they’ll know…

    something is very, very wrong in Barbados, none of what they do to Black people is normal..and it’s ALL EVIL..

  34. Carson C Cadogan Avatar

    BLACK PEOPLE want food to eat he is talking about a waterpark:

    https://barbadostoday.bb/2020/11/27/caribbeans-largest-water-park-opening-in-barbados/
    (now they are taking up Brands Beach)


  35. @ Carson

    The Chinese wanted to build on Brandon’s, even Stuart objected. There is more to come. It will end in tears. We will be forced more and more in to the centre of the island. Look at the West Coast, and how it has now reached in to St Peter and St Lucy.
    We will soon be strangers in our own land.


  36. A way must be found to STOP certain black people from having any power whatsoever over each other….it’s sickening what they’ve turned the island into with their greed, pretense and hatred directed toward their own people, they hate to see them progress, hate to see them grow, hate to see them prosper….always showing their envy, jealousy and disdain when one of their own have or are about to get something…..and they are the leaders, something has to give..

    Antigua just had to arrest one of it’s lowlife ministers for some crimes, another one from Grand Bahamas, deputy PM and minister of finance whose name got caught up in some scam and he resigned, give these old nigas or new nigas any power at all over the people , a title, a monkey clown suit and there are always problems…..but they won’t dare behave like that with the people they sellout or rob their own people for…..they are a disgusting disgrace, who are to be exposed everywhere ..everyone is on to them now, no escape.

  37. Carson C Cadogan Avatar

    HAL

    Never let a good crisis go to to waste.

    The WHITE PEOPLE mean they must are always be at the top of the Totem pole. Every thing being done to get rid of BLACK PEOPLE.


  38. @ Carson

    They can only do that with the help of a corroborating black government. Who gave planning permission for Brandon’s? The prime minister is also the minister of planning.

  39. Carson C Cadogan Avatar

    Hal

    So true.

    The Barbados Labour Party Govt. is moving full steam ahead helping the WHITE BAJANS, while increasing the suffering of BLACK BARBADIANS.

    I know that blog master will get blue vex, but I cant help it.


  40. WHAT IS WRONG WITH THE FOLLOWING:

    @HAL AUSTIN
    @Carson Cadogan
    @WARU
    @MARIPOSA

    CAN YOU ALL STOP CONSPIRING AGAINST THE BLP GOVERNMENT AND THROWING SHADE ON THE 2 x 3 ISLAND.

    LOL


  41. Steuspe

    Facebook down?


  42. Did you coggers read the article? The project it is reported started five years ago. Who would have approved it five years ago? The blogmaster knows- the prime minister Mottley.

    Steuspe


  43. The government has overstepped its boundaries, they are servants, not overlords as they believe, they’ve gotten away with many crimes against black people for a very long time, i remember a time they had the people fully believing that what they were experiencing, the racism, exploitation etc was because of UK telling them that they have to treat the goddamn rejects for minorities, the descendants of slave catchers deported from UK, special, am like who deports people and demand they be given special treatment…steupppss…many people still believe that, i always had a problem with that story which sounded like an outright lie to me, Elizabeth notwithstanding, and i was right, because here they are all unhitched from the monarchy because they were seeing 50 billion dollar bills in reparations to TIEF….. that’s NEVER GOING TO APPEAR, got the goddamn nerve to call EU racist and still mistreating, robbing and selling out black people. in a racist slave society, they cultivated, nurtured and maintained WITH BLACK PEOPLE’S MONEY..

    ….i watched them over the years use both UK and EU to their advantage, as it suits them, to cover up their crimes against the people….when they do evil shit, both UK and EU were handy to pass the blame to….i want to laugh, but it’s really to serious.

    i just knew that one day, their short memory syndrome will cause them to forget that lie and show their true colors…,..and there i would be to EXPOSE THEIR ASSES…


  44. Baje…i’ve been waiting for a very, very long time, decades to expose that, because deep within myself, it sounded like a lie although you could call me a teenager when it was first told, no matter the history of UK and EU….there may have been a period of time where that fake whiteness shite was protected, which included the shite minorities…but after Adams and that crowd of sellouts died off and the 90s stepped in, we should never have been hearing that same old story from the black faces in the parliament…particularly NOT IN 2020 when they made a big international media splash about getting away from Elizabeth and her crown, yet continue to treat the people the same way with robberies, selling them out, denying them human rights and that repulsive behavior…it’s impossible to tie that to UK and EU in these time…that’s all on the black face frauds..

    the decades long wait was truly worth it..

    oh, they can come after me for that, but am waiting..

  45. Carson C Cadogan Avatar

    Hal

    you see I tell you the blog master would get blue vex????


  46. CARSON PLEASE KINDLY NOTE THAT MY POSTS TO INFORM YOU THAT YOU MUST NOT CRITICIZE THE BLP ADMIN HAS BEEN DELETED


  47. @ Carson
    @GP

    The chairman is being silly, unless he is a paid propagandist for the autocratic president. He has no concept of free speech. Is he a real person, or is his name another pseudonym? Is he a black Bajan?


  48. NIS Pays $123.2 Million to over 32,000 Unemployment Benefit Claimants

    During the period March 23, 2020 to October 16, 2020 the National Insurance Scheme (NIS) paid $123.2 million to 32,003 unemployment benefit claimants.

    Acting Director of the NIS, Jennifer Hunte confirmed the following unemployment benefit payments update:

    UNEMPLOYMENT BENEFIT PAYMENTS
    Year 2020 2019 2018 2017
    Period Mar 23 – October 16 Jan – Dec Jan – Dec Jan – Dec

    Payments Made $123.2 million $49.3 million $38.1 million $32.8 million

    https://www.nis.gov.bb/nis-pays-123-2-million-to-over-32000-unemployment-benefit-claimants/

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