Barbados Underground has been exhaustive in its prosecution of the mismanagement of the National Insurance Scheme (NIS). Government after government has mismanaged the Scheme. The issues range from faulty governance practices, late production and availability of actuarial reports, updated certified audited financial statements, appointment of incompetent individuals to the board, questionable IT decisions, questionable investment decisions…
As usual, taxpayers are left holding the ‘bag’.
The raging COVID19 pandemic has exposed the vulnerability of the NIS which has come has no surprise to some members of the BU family. To be expected the partisan political players will seize the opportunity to criticize to feed a rabid political appetite. The time has come however to have a mature discussion about the state of the NIS and what measures are urgently needed to protect the fund.
Is it possible for Barbadians to understand the importance of a dispassionate debate about the NIS?
Is it possible for politicians to understand the time has come to address structural deficiencies how the NIS is being managed?
Chairman of the fund Leslie Haynes declared this week the NIS Board has submitted a paper to Cabinet to approve the transition to a Statutory Board. Elsewhere in the press Leader of the Opposition Joseph Atherley has questioned how the NIS and Central Bank of Barbados are being managed.
- Atherley questions NIS fund’s use for jobless claims, governance
- NIB Seeking To Transition To A Statutory Entity
Discussed for 100 marks