The Ageing and Elder Abuse…relationship between social security – Pensions
We continue our focus on elder abuse in Barbados – Blogmaster
Submitted by Cheurfleur
Pensions are paid to old people from the NIS Fund which is financed by contributions from the employed. That group of able persons ages 18 to 60, originally, i.e 42 years by 52 weeks plus plus 7 years by 52 weeks, i.e 67 years now.
With a population of 1000 able bodied persons paying $100 for 42 years or 49, using annuities calculation the pot makes X to support Y in 1900s but Z currently.
I shall leave the actual calculations to Mr Annuity. I am only concerned with elder abuse.
At its inception there weren’t that many people living far beyond 60 years of age. What we had was more contributors and less gobblers. By the turn of the 19th century with better health services, vaccinations and greater production and higher income people began living longer. No problem.
Then came the 20th century with women’s lib and all the other ‘liberations’ and fewer children were born ) per woman/family) thus fewer worker/contributors 20 years later vis a vis elders migrating out of the system plus more more men on the ‘block’. (It’s worse in Japan).
There is a dilemma now. How to balance this imbalance? Have governments done anything constructive to balance it?
They have raised contributions and extended the age of retirement by 7 years.
But contributors are actually living until retirement (originally 60s) and surviving way beyond 80s (not the prayer request) at time of conceptualizing the ‘scheme’. With the ‘rich man diseases’ prevalent, the plight of the fund managers is grave and great. This was not how it was supposed to be. You aren’t supposed to be there to get back 40 years of contributions. Never mind the presumption of interest gained from your investments. Ask Rockefeller or Rothschild.
Mr Annuity can tell you that there isn’t enough money to do business for these long-life, now ‘good-for-nothing’, ‘resource sucking’ retirees. Albeit some have worked and put aside extras in private pensions and endowments to make a better nest but they still have to give back what they took earlier. Mathematicians nor Actuaries can fix this.
Every man for himself and God for us all. Stay clear of hospitals
Forget your children and relatives who will prey pon yuh fuh yuh li’le pension and other valuables. The real abusers are the vultures who first took the contributions and are taking again. Notice how many of the aged population died during 2019 to 2020 and are still the most vulnerable.
I have to ask questions from here on.
- What profit it is to anyone faced with this quandary to put policies in place to protect you – old work horses?
- Why fight to save a life that is costing you on the down side when there is no income from the up side to make it feasible?
- Why expend resources on a population that is not giving any returns (at point) when the resource can be invested on a population to bring up resources?
If it would save some lives, won’t someone just propose that those who can fend for themselves, economically, do so and relieve the burden so that no one would want to move them out of the way, earlier?
It is not only family and the nearby public that are abusing the elderly.