est. 2007

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NIS Needs Lifeline

This week government approved a $50 million boost to the Unemployment Fund, the first tranche of a $143 million recapitalization of the NIS Unemployment Fund planned over 3 years. Government’s decision comes as no surprise in the wake of over 52 thousand claims filed in 2020 as a result of the displacement of workers caused…

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This week government approved a $50 million boost to the Unemployment Fund, the first tranche of a $143 million recapitalization of the NIS Unemployment Fund planned over 3 years. Government’s decision comes as no surprise in the wake of over 52 thousand claims filed in 2020 as a result of the displacement of workers caused by the pandemic.

We must not forget contributors over many years have posted concerns about the questionable governance framework National Insurance Scheme has been doing business. Protracted delays of published Audited Financial and Actuarial Review reports continue to shroud the business of our most important statutory agency. If the NIS is to satisfy its mandate to pay pension benefits, it means government has to show greater transparency and implement effective governance measures to protect the fund. Both major political parties when in government have operated the NIS Fund to use the popular analogy like an ATM. Unfortunately in a dysfunctional system of democracy practised, we continue to fail at finding ways to hold successive governments accountable except at 5 year intervals.

Source: NIS Website

It is encouraging to observe government taking some action to protect its mandate to stabilize the Unemployment Fund to honour claims from Barbadians. It is unfortunate the Mottley government has not been able to replicate the same urgency associated with the transition to a Republic by 30 November by addressing long-standing issues affecting the NIS Fund promised on the 2018 election campaign platform. This is another example of another government kicking the can down the road because of political damage considerations. This is another example of a member of the duopoly showing no trepidation to over promising during an election campaign knowing there will under deliver in office.

Source: NIS Website

There is no need to be prolix prosecuting this matter, read the several blogs posted in the BU Archive by entering ‘NIS’ in the SEARCH BOX at the top of the page. That is, if you are interest in discussing an important matter that should concern all Barbadians devoid of the usual political partisan claptrap.

76 responses to “NIS Needs Lifeline”

  1. WURA-War-in-U Avatar
    WURA-War-in-U

    “All social securities systems have been threatened for decades under this neoliberal economic model.”

    In the 00s warnings came out that Social Security funds only had a shelf life of 25 more years….we are nearly there,

    I for one am extremely pleased that the parliament rats ARE NO LONGER IN CONTROL to do further damage to the island itself with their corruption….with grants to the tune of 150 million in place over a timespan…they can no longer play fast and loose with that money or INVITE every local and foreign crook to partake in scams to relieve the treasury and pension fund of BILLIONS of dollars..without having to account for any of it like they did before and broke the island driving thd Black population into more poverty, they and their minority criminal friends have to keep their PILFERING hands at their sides…

    all is left now is for the people to SAVE THEMSELVES and their families and stay FAR AWAY from the lying TRAITORS….the sensible ones know this only too well.

  2. WURA-War-on-U Avatar
    WURA-War-on-U

    I for one am extremely pleased that the parliament rats ARE NO LONGER IN CONTROL to do further damage to the island itself with their corruption…and have no choice but to act like the public SERVANTS that the Black population HIRED them to be and they refused for 55 YEARS, elevating themselves instead with bullshit titles, and hoisted themselves so HIGH ON THEIR OWN PETARD…..as Bushman and Miller said for years….that now we can only rack back and wait for the colossal CRASH…

  3. WURA-War-on-U Avatar
    WURA-War-on-U

    Pacha…had they done as they were supposed to do….am sure the dude who created the concept left them a blueprint for SUSTAINABILITY that they ignored….and instead of tiefing, tiefing without end…the fund would be in a much better place had they followed it….water under the bridge now…they gotta DO AS THEY ARE TOLD…..dumb people don’t like freedom and ALWAYS FIND A WAYS TO SCREW IT UP….now they have to tow an even LONGER
    LINE..

    Am just happy to see them where they belong.

  4. Pachamama Avatar
    Pachamama

    Waru
    David
    It is all well and good to talk about tapering expectations for the whole country but in the worst of economic disasters elites seem always to escape cuts. Indeed massive consolidations continue at the top.

    These are the very people who saw nothing wrong with transferring NIS funds to all kinds of misadventures. Social security money should have never been so used.

    When we look around the world there are no obvious solutions to any of the intractable problems encountered. How would Barbados, for example, productively increase the population by 80000 people so that enough working people could pay into the NIS. And this is only one of the large problems it faces. A problem not even expectations tapering can remedy.

  5. Donna Avatar
    Donna

    It is not a solution and surely we will talk about it again. But for me that day is not today.

  6. WURA-War-on-U Avatar
    WURA-War-on-U

    “Social security money should have never been so used.”

    LOUDER for those in the back, i don’t think they heard it in the back where the CORRUPT in the parliament and their tag team cockroaches aka white shadows sit..

    “How would Barbados, for example, productively increase the population by 80000 people so that enough working people could pay into the NIS.”

    they were warned by EVERYONE including myself to BROADEN THE TAX BASE….stop stagnating Black businesses and progress so the economy can grow by leaps and bounds, but the bad minded negros saw that as a bridge too far, them and their TIEFING COVETOUS MINORITIES…just don’t want to see Black progress…

    anyway,, funny enuff…heard that 80,000 number called only this week regarding the Irish, don’t know how accurate yet, but if 80,000 Irish are allowed to work, that should do it, and since the sellouts in the parliament are no longer calling any shots….they will HAVE NO SAY…and they CAN’T TIEF NOTHING…mfs..

  7. WURA-War-on-U Avatar
    WURA-War-on-U

    They are going to reap exactly what they sowed…plant potatoes reap potatoes..as William tells them ALL THE TIME…….and the only people who will shed tears are the bottomfeeders, yardfowls/Slaves and the corrupt….just as they all deserve..

    ..i already warned these parasites about OUR CONTINET….keep disrespecting our ancestral holdimgs and there will be HELL TO PAY…we are THE SURVIVORS..

  8. WURA-War-on-U Avatar
    WURA-War-on-U

    Pacha…as we knew, private entities, universities and private businesses like Lloyds etc are liable to pay reparations quicker than countries…but do they know they need a conservator for the known crooks…to oversee how the money is spent….thieves will be thieves..they don’t take vacation. Am sure they are already salivating at the prospects and organizing cocktail parties for fools.

    http://barbados.loopnews.com/content/us500000-private-reparations-payment-uwi-more-making-0

  9. WURA-War-on-U Avatar
    WURA-War-on-U

    “Vice-Chancellor of the University of the West Indies (UWI) and Chairman of the CARICOM Reparations Commission, Professor Sir Hilary Beckles, has advised of a reparation payment of US$500,000 to the university from a United Kingdom philanthropist, Bridget Freeman.

    The development comes on the heels of the University of Glasgow’s agreement to enter into a £20 million reparation programme with the UWI after apologising for its financial participation in the Caribbean slave economy centuries ago.

    Freeman agreed to pay reparations for her family’s involvement in slavery, Beckles indicated. A British citizen, he said she agreed to contribute US$500,000 to the university’s development fund through its 2021 Global Giving campaign.

    A release from Beckles on behalf of the UWI, said Freeman described being “horrified and touched” by discussion on the impact of slavery on the region today.

    “She agreed that reparations should be paid by those who benefitted from the crime against humanity,” said Beckles.

    “It is not right (to deny reparations). We owe it… the giving back just seems so obvious,” Beckles said Freeman stated.

    “Bridget’s family married into the Barbados slave-owning class and became involved in its development. As an accomplished musician, she has also declared an intention to contribute to the newly established Faculty of Culture, Creative and Performing Arts at the Cave Hill Campus in Barbados,” Beckles added.

    “It’s a seminal moment in the regional reparations movement. Bridget Freeman should be celebrated as a citizen who has broken ranks with British white supremacy, conservatism, and has become an activist ‘reparationist’,” said a clearly animated Beckles.

    “Bridget has accepted her responsibility and willingness to be held accountable. In this regard, she is a reparations hero, and we hope that the millions of other British citizens in her position will step up, come forward and participate in the healing and development that is reparations.,” he elaborated.

    Beckles said the reparation investment is to be directed to needy UWI students “in order to sustain the access revolution that is central to Caribbean development and to the university’s strategic plan.”

  10. William Skinner Avatar
    William Skinner

    @ WURA
    In one breath we talk about ensuring opportunities for the small black businesses. And then , abracadabra, we are about to import houses from Japan, to replace those damaged in the recent hurricane.
    Now everybody visit knows that construction is a great agent of economic growth. Here was a real opportunity for a properly planned construction opportunity for the small contractor but……..
    Well , the Barbados Lumber Company is black owned but who cares………….
    Those who have eyes to see let them see.

  11. WURA-War-on-U Avatar
    WURA-War-on-U

    Yes William…i just commented on that on the other thread, China also has to build the frames for the houses, which take time, just as it would locally, and they do not have the best record for sturdy builds anyway..

    depriving local contractors…in the Black population….is more important to these clowns than creating conditions for the economy to thrive and allow citizens TO PULL THEMSELVES out of the economic morass..

    , but as i said, incompetent manufactured negros are always on the look out for the next slave master and never believe Black/African people are capable of doing anything for themselves….wilfull IGNORANCE well structured and unmoveable…they are NOT working in the best interest of the Black population who hired them, never did and obviously NEVER WILL…

  12. David Avatar
    David

    Extracted from the latest IMF Consultation.

    Structural reforms are ongoing, and structural benchmarks under the EFF were met. The government developed plans to recapitalize the Central Bank of Barbados and address medium and long-term challenges for the National Insurance Scheme (NIS) stemming from the debt restructuring and the COVID pandemic, and recapitalization of the NIS has started. A medium-term fiscal framework was tabled in parliament to enhance transparency and accountability in fiscal policy, while retaining sufficient flexibility to respond to the pandemic and other economic shocks.

    https://www.imf.org/en/News/Articles/2021/08/27/pr21250-barbados-imf-staff-concludes-virtual-visit-to-barbados?cid=em-COM-123-43551

  13. NorthernObserver Avatar
    NorthernObserver

    I have no words. The IMF have now become a mouthpiece of the GoB.

  14. WURA-War-on-U Avatar
    WURA-War-on-U

    As long as projections are on target…..let anything go south and you will see, they are calling the shots anyway…so it’s easy..

  15. WURA-War-on-U Avatar
    WURA-War-on-U

    https://barbadostoday.bb/2021/08/27/imf-says-barbados-economy-remains-severely-depressed/

    call it mixed messages if you will…with poor Covid being blamed for everything…either way, who is lending and lending and granting and granting call the tunes and they gotta dance to every note.

  16. David Avatar
    David

    @NO

    How do you mean?

    Barbados is in an IMF structural program, wouldn’t you expect the IMF to comment on the progress of performance to signal to the market?

  17. NorthernObserver Avatar
    NorthernObserver

    @David
    “stemming from the debt restructuring and the COVID pandemic”,……”A medium-term fiscal framework was tabled in parliament to enhance transparency and accountability in fiscal policy”
    The challenges did NOT stem from the debt restructuring and Covid, rather they exacerbated the poor decisions previously made in investment decisions and loan portfolio management.
    How is the “framework” going to enhance T&A, when successive administrations have deliberately chosen to flaunt the law, (reporting requirements etc)
    The IMF is to help the people. Not promote sound bites which have clear political messages AND are inaccurate.

  18. David Avatar
    David

    @NO

    Why would the IMF be vested in supporting an economy policy that will lead nowhere? All it does it to enhance the image of being an unhelpful support agency.

  19. NorthernObserver Avatar
    NorthernObserver

    I didn’t say some of the IMF policies would lead nowhere?
    My comment is their short blurb was too political. The narrative the NIS challenges are the result of a partial default and Covid, masks the causal factors of the NIS issues.
    The IMF got a bad rap for being too dictatorial and with questionable economic policy. So now they seek to be more cooperative, promoting the “home grown” narrative, which they approve and oversee.
    It is one thing to be positive and keep your sterner comments in person, yet to publicly state what they did is very misleading, and IMO they are better to say nothing, than pen bullshit.
    Now you will hear the NIS challenges are the result of Covid, in fact, the IMF said so? The opposition will say the result of the debt default, the IMF said so. And around the mulberry bush we go.

  20. David Avatar
    David

    @NO

    Fair enough.

  21. angela cox Avatar
    angela cox

    Govt borrows money to pay the workers what govt owes them
    But the story does not end there as in the long run that money which was borrowed to pay workers would be handed back to the workers in form of debt
    Kiss my monkey backside

  22. Artax Avatar
    Artax

    @David

    FOUR (4) MONTHS after pension payments were ceased, without prior warning, NAB officials called the retired former employees last week, to tell them they will no longer receive pension.

    I’m now hearing NAB is supposed to hold a meeting, at which they are expected to give them an official explanation.

    And, Minister of Elder Affairs, Cynthia Forde who, at 69 years old is also a senior citizen, has REMAINED SILENT on the issue.

    Mottley and her administration were INHUMANE in their handling of this situation.

  23. NorthernObserver Avatar
    NorthernObserver

    Min Forde welcoming back NAB staff members last year, after a forced Covid break.
    “And so I want the rest of Barbados and the world to know how much we value the contribution of these hardworking, dedicated members of staff here, who do not only look after their own families, but they go out into the trenches and into the households and communities across the length and breadth of Barbados to be able to bring service and care, particularly to our elderly folk.” (GIS)
    @Artax…the consolidated find brek?

  24. NorthernObserver Avatar
    NorthernObserver

    Fund

  25. Artax Avatar
    Artax

    @ NorthernObserver

    The consolidated fund can’t be brek and de Chinese getting big money.

  26. NorthernObserver Avatar
    NorthernObserver

    Still awaiting the source of the Chinese “financing”. Betting it isn’t the CF.

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