est. 2007

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UNEMPLOYMENT Fund is Broke, Time for Straight Talk Chairman Leslie Haynes

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:…

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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?

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

  1. Carson C Cadogan Avatar
    Carson C Cadogan

    So you and the Barbados Labour Party feel it is your right to take away someone property and dont pay them a fair market rate or any rate for it????

    That is how wunna doing it now???

  2. TheOGazerts Avatar
    TheOGazerts

    Not an economist but keep this in mind.
    If you can refuse to pay workers and reduce all of them to being beggars, when the economy recovers then the cost of labor will be much cheaper as there will be more people competing for recovering jobs.

    The refusal to pay may be the result of a calculation for 2021-2022 profits and not of the current finances of employers.

    “Dem gun be so break hungry, dem gun begging we to wuk for nuthin.

  3. Carson C Cadogan Avatar
    Carson C Cadogan

    The Barbados Labour Party Govt. jump in with both feet to help out their friends steal Mrs. Ram property but they are not doing the same for the BLACK WORKERS now because it not 5 years yet. Nobody cares about them.

  4. NorthernObserver Avatar
    NorthernObserver

    It is good to see the NIS being highlighted.

    “But an annual report cannot be published without audited financials.”(quote)

    We need to ask, is this true? It seems to be widely accepted but…….

    The National Insurance Act says

    (1) The Board shall Report and
    (a) in each year prepare a report on its activities in the last
    preceding year and shall furnish such report to the to Minister.
    Minister not later than the thirtieth day of June;
    (b) submit to the Minister every account, certified by the
    Auditor-General pursuant to section 30, together with the
    report of the Auditor-General thereon, within one month
    of such certification; and
    (c) submit annually to the Minister an account of the
    securities in which moneys forming part of the Fund are
    for the time being invested.
    (2) The Minister shall cause a copy of every report of account
    submitted to him pursuant to this section to be laid on the table
    of both Houses.

    Over time, it has become common to lump a), b) and c) into a single document, commonly called an Annual Report. Yet, why can the Board NOT REPORT on its ACTIVITIES, without audited financials? Is the Board doing nothing because they are no audited financials?

    Sadly the lack of audited financials are being used as a crutch to deflect from reporting. It is sad, when a most senior member of the BEC is ‘towing the line’.

  5. David Avatar
    David

    Did she not take the matter to court?

    What was the decision of the court?

    What was the instruction to her lawyer Ezra Alleyne the last appearance?

    Why not harm yourself with information before spouting rubbish from the rear?

  6. Carson C Cadogan Avatar
    Carson C Cadogan

    Was she paid????

  7. David Avatar
    David

    @Northern Observer

    Didn’t Sinckler address your concern? He indicated that working with management reports he knew to be accurate was fine for the purpose of making decisions …:-)

  8. TheOGazerts Avatar
    TheOGazerts

    Mariposa @9:04
    Food for thought.

    But aren’t you repeating the story Rawdon told of his dad … You can be rude anddisrespectful and you will still get the vote.

  9. David Avatar
    David

    You are the one on the blog braying, so tell us.

  10. GP Avatar
    GP

    MAN, NOT ONLY HAS LONDON BRIDGE BROKEN DOWN, BOTH BRIDGETOWN BRIDGES ARE BROKEN DOWN TOO
    THIS WILL END IN TEARS AS BU BRIMBLERS BULLSHIT DAILY AND PEREENIALLY

  11. Carson C Cadogan Avatar
    Carson C Cadogan

    “Today it is MRS. RAM, TOMORROW it could be you that the same thing happens to?????”

  12. Mariposa Avatar
    Mariposa

    John @ Mari
    Mari

    You jealous the ex worker praised mia who words had some weight instead of praising the night watchman who only got in a few phot ops ?

    …………………….
    Far from being jealous i questioned the mind of any one who heaped praises on a friend or leader who desserts them in time of need
    It is truly mind boggling

  13. Carson C Cadogan Avatar
    Carson C Cadogan

    When did she get her money, which rightfully and Legally belongs to her????

  14. Carson C Cadogan Avatar
    Carson C Cadogan

    The Barbados Labour Party Govt. has set the precedent that anyone can take up anyone property and don’t pay them for it.

  15. NorthernObserver Avatar
    NorthernObserver

    @Northern Observer
    Didn’t Sinckler address your concern? He indicated that working with management reports he knew to be accurate was fine for the purpose of making decisions …:-)
    @Blogmaster
    No. An internal financial management report does NOT REPLACE a Board Report. The Board can discuss all the LOAN or INVESMENT decisions made, or even matters raised in the same internal management reports.
    The lack of audited financials is being used as a crutch to AVOID REPORTING.

  16. WURA-War-on-U Avatar
    WURA-War-on-U

    “If you can refuse to pay workers and reduce all of them to being beggars, when the economy recovers then the cost of labor will be much cheaper as there will be more people competing for recovering jobs.

    The refusal to pay may be the result of a calculation for 2021-2022 profits and not of the current finances of employers.

    “Dem gun be so break hungry, dem gun begging we to wuk for nuthin.”

    that was the plan from the haunted house on down from the beginning, but it all blew the hell up on them with the level of exposure they were not expecting…hence the hot and sweaty press conference especially with Caswell’s informaiton floating around even on international blogs……shit blew right back..now they are determined to take credit for fixing, WHAT THEY THEMSELVES PUT IN MOTION AND KNEW was going to happen when they amended labor laws to protect racist thieving hoteliers and others who bribe their wicked asses……but don’t worry, there will be another attempt because they’re hellbent on keeping Elizabeth’s slave system alive without her permission..

  17. WURA-War-on-U Avatar
    WURA-War-on-U

    Warning Mia again, cut that shit out or she will end up before an international court for modern day slavery..

    it’s bad enuff your people were enslaved for numerous centuries by others, they escaped, your ass will not….maybe it has something to do with you BEING BLACK…

  18. David Avatar
    David

    @NO

    We know this, tell Sinckler.

  19. Hants Avatar
    Hants

    ” the hope was that some of the digital nomads here on a Barbados Welcome Stamp visa would eventually transition to become business owners here.”

    https://www.nationnews.com/2020/11/29/open-foreign-investment-says-toppin/

    My hope is that a lot more Bajans will be supported to become business owners.

  20. Mariposa Avatar
    Mariposa

    Black bajans hope for becoming business owners were lost years ago when the high and mighty of barbados economy became social partnership with govt and were able to sit at govt table and make proposal with an intent of forcing govt to make decisions in their own interest
    Meanwhile black owned businesses crumbled to the ground
    Just look at where govt finances have been placed along the South and West coast
    Now compared those areas to where black owned businesses were alive and well and flourished in the sixties
    A picture is worth a thousand words

  21. Miller Avatar
    Miller

    @ David November 29, 2020 8:28 AM
    “KARMA for all the BLACK Barbadians paid next kin to nothing at Furniture Limited and Casa Grande among other places. Karma is truly a bitch.”
    +++++++++++++++++++++++++++++++++++++++++

    You may think that the Ram is being screwed by Karma.

    But the same current administration might just be ‘screwing’ the same black Bajan workers aka taxpayers in their financial backsides as the BDLP duopoly lo (in bed with the same Ram) has been doing with the NIS, the workers lifeline.

    Karma did not work when the blue and yellow side of the Duopoly granted duty-free concessions on a luxury vehicle driven by a ghost Sales Director called Malmoney working at a ‘’still imaginary’ hotel.

    For Karma to work she must know who will be paying for the property compulsory acquired by the current administration.

    Will the same black Barbadian taxpayers be left holding the short (shitty) end of money bag in exchange for a shareholder stake in the Lighthouse searching for the tourism ‘ghost’ ships which will never be appearing on the Blue Horizon?

  22. John A Avatar
    John A

    @ David

    I read some of the press comments you posted and will say just this. Anytime someone says the Fund is sound cause it has 4 or 5 billion dollars in assetts stop reading the article. It equated to me saying I have a $50,000 car cause thay is what I paid for it, don’t mind it’s ten years old and has a market value of $5000.

  23. John A Avatar
    John A

    Also I believe it should be deemed a criminal act against the state to ever use the word Sinkyuh and the word finance in the same sentence. LOL

  24. David Avatar
    David

    @John A

    This is an issue we have with responsible and prominent persons parroting positions.

  25. Miller Avatar
    Miller

    @NorthernObserverNovember 29, 2020 9:44 AM
    “@Blogmaster
    No. An internal financial management report does NOT REPLACE a Board Report. The Board can discuss all the LOAN or INVESMENT decisions made, or even matters raised in the same internal management reports.
    The lack of audited financials is being used as a crutch to AVOID REPORTING.”
    +++++++++++++++++++++++++++++++++++++++++++++++++

    An Absolutely Sound rebuttal!!

    The same way those internal financial /management reports can be relied upon to make far-reaching decisions with serious implications for the viability of the various funds why can’t they be relied upon to compile an annual report?

    Aren’t those same management reports interrogating and relying on the integrity of the same financial databases

    This massive failure in the statutory and fiduciary responsibilities of the Board(s) can only leave a void full of derision and suspicion leading to unnecessary speculation that there is more in the financial reporting mortar than just the absence of an annual report.

  26. John A Avatar
    John A

    @ David

    Well said sir. But it goes further because neither the press or opposition challenge these statements So they go out there and are seen as statements of fact by the public.

  27. David Avatar
    David

    @John A

    You comment collides with a thought for a post later or tomorrow if time permits. We need as a people to educate ourselves and ignore the narratives being manufactured by the establishment.

  28. John A Avatar
    John A

    @ David.

    You know what I have noticed here on the blog? Matters of serious importance to us may get say 200 comments, but post an article about moving a statue or a politician getting lock up and it gets hundreds of comments.

    The point I am making is that because we don’t hold the politicians to critical issues they know that if they don’t respond it will blow over. We must demand better of them and stop letting them throw up distractions as opposed to dealing with serious issues.

    For example what have we been told about the restructuring of the local economy post covid? Have the recommendations by the committee appointed for this task been handed to the PM and if so why has it not been published?

  29. David Avatar
    David

    @John A

    No surprise with your observation, issues of race, politics and the salacious (negative stuff) always attract comment here and everywhere. Do not forget it is a small (minority) group who are at the vanguard of advocating change.

  30. Mariposa Avatar
    Mariposa

    Read in news media that a white business person was giving a license to open a water park on Brandons beach
    Were public hearings done by way of allowing the public input before the business was approved by govt
    Or would it in all finality be a case of govt going ahead making unliteral decision absent of the people input
    After all the beach is owned by the public and as far as govt decision to be made the people has a right to know by way of transparency
    Also my memory reminds of many times when a black person plying their trade was thrown off the beach by govt officials under the guise of breaking the law
    This water park by looking at the set up eventually would cause a rift between locals and the owner

  31. David Avatar
    David

    Did you read the article to ascertain the construction started five years ago?

  32. GP Avatar
    GP

    RE Do not forget it is a small (minority) group who are at the vanguard of advocating change.
    WHAT CHANGE?
    I FOLLOWED THE CAREER OF A MAN WHO SPOKE MUCH AND LOFTILY OF “HOPE & CHANGE” BUT BROUGHT DESPAIR AND EVEN SUICIDE AMONG THE PEOPLE HE RULED WITH HIS SEVERAL DICTATORIAL EDICTS”
    ARE YOU TO IN THE VANGUARD OF CHANGE TOO, SIR?
    ALL THE CHANGE YOU PERCIEVE WITH YOUR BAR B Q WILL END IN MORE TEARS

    RE Did you read the article to ascertain the construction started five years ago?
    ARE YOU SAYING THAT OUR VERY BIG LEADER COULD NOT REVERSE THIS?
    DID SHE NOT PULL DOWN A FUNCTIONING FIRE STATION AND THE NATIONAL INSURANCE BUILDING

  33. Carson C Cadogan Avatar
    Carson C Cadogan

    It is bare junk, people being laid off by the same WHITE PEOPLE , getting thrown out of their houses, cant feed their families, cant pay their bills, including car payments to the same WHITE CAR COMPANIES, And all they can come up with is a WATER PARK.

    Who needs A water park???? The workers want their money. And another thing , Brandon’s Beach is where the poor people go, you mean that too is being taken away from them by the Barbados Labour Party and their friends???

    I hope that it falls flat on its face.

  34. Mariposa Avatar
    Mariposa

    I read the article nowhere in the article does it states where town hall meetings where held to get the public opinions on the water Park to which i assumed govt soley made decision

  35. GP Avatar
    GP

    RE It is bare junk, people being laid off by the same WHITE PEOPLE , getting thrown out of their houses, cant feed their families, cant pay their bills, including car payments to the same WHITE CAR COMPANIES, And all they can come up with is a WATER PARK.

    Who needs A water park???? The workers want their money. And another thing , Brandon’s Beach is where the poor people go, you mean that too is being taken away from them by the Barbados Labour Party and their friends???

    WHAT IS REPORTED ABOVE IS VERY VERY SAD
    DOES THE BIG BLP LEADER OF BARBADOS HAVE A HIGH IQ AND EQ TOO………..OR IS SHE ONLY FILLED WITH BAR B Q
    (BY THE WAY I AM AND ALWAYS BEEN BLP, AND SO HAVE MY RELATIVES)

  36. David Avatar
    David

    You should ask your dear loving party.

  37. Hal Austin Avatar
    Hal Austin

    @ John A (11.02)

    Well observed. We try to discuss serious matters about the future of Barbados and it quickly becomes a party political issue or fabrications for cheap laughs.
    We talk nonsense about a crap presidential election in the US and tens of hundreds roll out with their silly, semi-informed comments, got from watching CNN and reading websites.
    At the same time, the mess created by the CXC is still unresolved, while in other nations they are talking about the 2021 and 2022 exams; this bogus government still has not got a post-CoVid economic strategy, but wants to do a bilateral deal with Scotland and crime is running rampant while the attorney general is lost at sea.
    Everyone is now an expert on US constitutional law. Some Bajans are jokers. Can you imagine having to spend an entire life living in such a limited intellectual universe?
    It crossed my mind today to ask how have books sales gone in Barbados since CoVid? What books are Barbadians reading in this period of the plague?
    This is a reflection of the mass ignorance that politicians depend on to get away with their corrupt and half-baked policies.

  38. Mariposa Avatar
    Mariposa

    Why should i asked past govt when this govt gave approval for the park
    My observation going by lenght of time tells that past govt might not have been sufficiently satisfied to give the approval
    Now present govt having a 30-0 mandate( it) was more likely than not that present govt having no one to oppose their policies went ahead without a deliberation which would take into a crucial consideration of a due process by way of public input

  39. GP Avatar
    GP

    WELL SAID HAL WELL SAID
    I MUST CONFESS THAT THE PABLUM ON BU IS QUITE ENTERTAINING

  40. David Avatar
    David

    No bigger ass than you on the blog Barbados Scholar.

  41. Hal Austin Avatar
    Hal Austin

    @ GP

    Have you noticed the blog’s favourite predator comes out to hit at you? Not a decent argument in sight. Just personal abuse. This is called the Bajan Condition. It is predictable.

  42. GP Avatar
    GP

    I AM LEARNING FROM YOU SIR
    AS A Barbados Scholar. I LEARN FAST DONT I

  43. GP Avatar
    GP

    BET YOU CANT PUT UP MY LAST POST HERE LOL

  44. Carson C Cadogan Avatar
    Carson C Cadogan

    Was an environmental study done on the “water park”?????

  45. Carson C Cadogan Avatar
    Carson C Cadogan

    When you cant answer a man’s comments, reach into the Sewer for a reply.

    GP, People more in listening to you than him.

  46. Mariposa Avatar
    Mariposa

    My observations on this blog serves purpose to say that there are those who take it upon themselves to act out as intelluctual buffoons
    Carrying on as if they are the rightful owners of the encyclopedia Britannica and would go to any lengths to demean those who does not agree with their point of view.
    The blog master included

    Be that as it may i am trying to wrap my mind for the past months on the word funding and its application to COVID hot spot patients arriving in barbados and receiving medical treatment
    Where is govt availing the funding to treat these people
    Also why cant govt find money to upgrade basis needs like beds for QEH
    One hear govt chastizing family members for neglecting old people at the hospital
    However dont hear govt pleading or asking family members of the hot spot Covid person to compensate govt for medical cost

  47. Carson C Cadogan Avatar
    Carson C Cadogan

    should be “interested in” on line two.

  48. GP Avatar
    GP

    HAL
    WHAT YOU HAVE SAID BELOW CAN NOT BE REFUTED EVEN BY A BIG ASS BARBADOS SCHOLAR LIKE ME

    We talk nonsense about a crap presidential election in the US and tens of hundreds roll out with their silly, semi-informed comments, got from watching CNN and reading websites.
    At the same time, the mess created by the CXC is still unresolved, while in other nations they are talking about the 2021 and 2022 exams; this bogus government still has not got a post-CoVid economic strategy, but wants to do a bilateral deal with Scotland and crime is running rampant while the attorney general is lost at sea.
    Everyone is now an expert on US constitutional law.

    I AM HERE LISTENING TO A MAN PURVEY SOME PABLUM IN CHURCH WHILE I READ PABLUM IN THE BU CHAPEL
    THE MAN WAS TO TALK ABOUT BREAD, AND THE HUNGRY LOOK UP AND WERE NOT FED…….THEY GOT NO BREAD
    ONLY PABLUM JUST LIKE ON BU

    YOU MUST NOT TELL THE TRUTH ON BU

    THE SLOGAN JOIN IN THE DISCUSSION, YOU NEVER KNOW HOW EXPRESSING YOUR VIEW MAY MAKE A DIFFERENCE IS AS MUCH A SHAM AS THE RECENT US ELECTIONS.

  49. David Avatar
    David

    We know you all by your fruit and for awhile will uphold the unyoke humor of your idleness…

    #barbadosscholar

  50. David Avatar
    David

    The blogmaster is on his patio drinking a glass of sorrel.

    #cheers

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