The following was updated to the NIS Website today with the following notification:
The NIS wishes to advise that the 16th Actuarial Review had been laid in Parliament in March 2021. It is available on our website and can be found by clicking Actuarial Reviews under the Documents tab or https://www.nis.gov.bb/actuarial-reviews/. The 16th Actuarial Review of the National Insurance Fund, Unemployment Fund and Severance Fund covers the triennium January 1, 2015 to December 31, 2017 and also includes comments on the “subsequent events experience” up until 2019.
Tell them publish the up to date audited financials too!
One cannot miss the investment mix of the NIF read government securities, when you read these actuarial reviews.
The first thing which caught my eye, was the date of submission. December 9, 2019 !!!!
So the PM, in her role of MoF to whom the Review was sent, INTENTIONALLY withheld this document from public scrutiny until it was ‘laid in Parliament” in March 2021, an occurrence which apparently evaded all members of the local media.
No further comment.
under References you find the following
“Annual Reports & Financial Statements of the National Insurance, Unemployment & Severance Funds Barbados,
Selected issues, International Monetary Fund, 2017
Barbados: 2017 Article IV Report, IMF, 2017 and other reports and statements thru June 2019 National Insurance & Social Security Act & Regulations
It would appear the IMF is the keeper/producer of all such financial information
It had to be read and discussed at cabinet, then laid in parliament?
The financial reports referenced are management report?
I have no idea what “laid in Parliament” means exactly in the Barbadian context.
Who knows if they are management reports (internal), or reports generated by the IMF (external) who were given access to the inner workings of the NIS. In either case, they have been ‘relied upon’ (with standard disclaimers) by the actuary.
I really don’t know how one can perform an accurate actuarial report without up to date audited financals. The performance of the fund and its return going forward has to to take in its true current financial position and net yield on its current portfolio after its liabilities to the public are met.
This seems to be one big guessing game we are dealing with here.
Oh and don’t tell me they are working on “in-house ” figures cause all they do is carry forward the unaudited errors from one year to another. If they are errors in any of the in-house figures based on formulas they will also serve to compound the size of the errors over time.
Then again no RH body don’t care anyhow so why I worrying!
What else could the government/finance ministry be working with except management reports?
“Then again no RH body don’t care anyhow so why I worrying!”
Precisely. Hence my ‘no further comment’, a waste of time and effort. NIS fatigue has set in.
The blogmaster had a new term the other day, something about recalibration and ????
You can tell when an issue strikes home when the partisans from both sides are driven to silence. If there is one issue which exposes a lack of governance and civic awareness it is the management (lack of) the NIF.
@ David BU
The Actuarial report is dated. No real usefulness for future policy guidance.The economy is destabilised as well. What new is there to say that we have not already stated?
Last time I spoke with Walter here I think he too realises to really comment is pointless. Plus it really isn’t an issue that attracts any great interest from John public. Now if it was a bus crawl or something so you would have 300 comments by now. The leaders also know that so there is no real pressure on them to address it. Plus if the pressure ever got hot they could always float a non issue like same sex marriage or republic and that would shift the talk!
We truly are a sad people in terms of what we prioritise.
What is happening is what obtains everywhere, the extents to which individuals and groups promote behaviours to protect its narrow interest. This is a pervasive characteristic of humankind.
People don’t care at this point
They knew that over the years they have been taken for a ride by govt and employers
Only a few days ago I overheard a lady lamenting a sad story of being taken for a ride after years of paying diligently into the fund only to be told that after being on disability and reaching the age to collect that her NIS would not increase when the change over from disability occur to NIS
So what the hell people are sick and tired of being lied to and scam
So showing people what happens and what occurs throughout the years with the fund does not to fill an empty belly or pay household outstanding bills
Bills which the individual were lead to believe would become less strenuous when the individual reached the age where they can collect a sizable return of money after paying into the fund
Bajans tek things like these happenings easy
However one day coming soon the younger generation going send a harsh and stern message one which would open the eyes of govt and big business
The people will care when they reach retirement and unable to draw down on a pension to meet expectation? Will they care then?
What u don’t understand is that words without action is dead weight
The people are sick and tired of asking and begging their will come a point when action is the only answer to make govt officials care
So all those numerals and long-winded put together talking points call accruals only benefits and have benefited a few
What you do not understand is that individuals who allow themselves to be conditioned by groups with narrow/selfish interest will never be free to agitate for change. For example those who slavishly support a political party.
DavidSeptember 4, 2021 6:18 PM
What you do not understand is that individuals who allow themselves to be conditioned by groups with narrow/selfish interest will never be free to agitate for change. For example those who slavishly support a political party
And who are those
For with certainty I read no one talking points which makes cause for it to be a reason to speak my two cents worth nor care to be embolden by groups association
No matter how long we avoid getting th NIS audited financials filed, they are a few facts that will be there waiting for us.
The first is that since the debt restructuring the NIS holdings of govemrent paper will result in an annual income lost of just over 100 million dollars.
The second fact is that the massive claims by laid off workers due to covid coupled to the unemployed not paying in any contributions, will result in a seriously negative cash flow situation.
As for the return on their overpriced under performing real estate holdings that too will not help the funds position. So yes we haven’t seen an audited report for years, but when or if ever financials are produced the above will play a critical part in them.
The blogmaster observes DePeiza has appointed Richard Sealy to shadow tourism BUT the all important NIF has there been a similar appointment? Kudos to Ryan Walters for doing his best but better needs to be done by the government in waiting.
DavidSeptember 5, 2021 6:25 AM
The blogmaster observes DePeiza has appointed Richard Sealy to shadow tourism BUT the all important NIF has there been a similar appointment? Kudos to Ryan Walters for doing his best but better needs to be done by the government in waiting
Any suggestions for the govt in waiting towards betterment
Asking fuh a friend
They need to put forward to us from now what their plan would be for a diversification of our economy. The days of us standing on a tourism economy solely are clearly over. What will the dems do to implement.ent a major agricultural push along with an island wide alternative energy program for example?
Dont just criticise for the sake give me an alternative.
They will not because the traditional thought is it gives the government to copy.
I guess so then they will have to share it closer to elections. But even if they copy it like they did PLT’S idea, we would still know who the true owners were for the plan anyhow if they shared it publicly with us before hand as PLT did.
This is such a great and helpful post! I always have a hard time figuring out what to get my teenage nephews but this guide is so useful! Thank you!
Yup! NIS fatigue has set in. Sad but true.
“Dont just criticise for the sake give me an alternative.”
@ John A
My point, exactly.
They should also tell us their plans for the current and post COVID economy.
Or, if they’re going to implement a new healh policy with a specific concentration on COVID-19. What about research and development?
Government may use the Opposition’s policies, but, as long as they are documented, credit must be given to the original source.
We should be having mature political discussions, rather than the meaningless, one dimensional political ‘tit for tats.’
But, unlike you, when I make those suggestions, I’m ‘told,’ “Verla is stuck in my head.”
You know i really don’t get into the party talk and that is why on those topics I don’t even comment, but we really do need to forget the pettiness and focus on the economic reality covid has placed us in. For me I really don’t care who brings workable solutions as long as they come quickly.
For instance I heard last week that we are now going to encourage persons to make a go of alternative energy in a big way. That idea is 18 months late and one we have been discussing here for over a year, however that is pointless now once it comes soon.
You are wasting your breath. It is an addiction. The philosopher we have been discussing refers to how humans are limited in thought because of how the brain has been conditioned.
Lord David you telling me some regardless of the topic, are incapable of a discussion free of ” party fowlism”? LOL.
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