After the dust settled yesterday evening at the Lloyd Erskine Sandiford Sandiford Centre (LESC) Prime Minister Mia Mottley confirmed in flowery language what some in this medium and elsewhere have been alerting the public. The National Insurance Fund (NIF) on its current trajectory will be unable to honour its obligations to persons eligible for benefits from as early as 2034 – that is a short 12 years.
Was Prime Minister Mottley quoted in the press correctly that she was alerted to the danger faced by the NIS in June 2022 by actuary Derek Osborne? Surely the Prime Minister does not believe some of us are so gullible? That aside the blogmaster is pleased on the occasion of the availability of the 17th Actuarial Review of the National Insurance Fund, Unemployment Fund and Severance Fund as of December 31, 2020 it has finally been positioned on the front burner.
A bone of contention has been the inability of the NIF to produced up to date financials. We learned yesterday during the press briefing at LESC the challenge is linked to reporting cash and accrual items and is being addressed by the NIS Board and Auditor General’s office. Again the promise of when current financials will be available is cloaked in non committal language. Although the NIS continues to struggle to produce current audited financials the prime minister’s message is correct, the structural problems afflicting the NIS looms large and must be the priority 1 concern.
The key takeaway from the briefing yesterday is that in a short 12 years the NIF will not be able to pay benefits to those eligible IF reform measures are not taken in the short term. With an ageing AND shrinking population there are limited corrective options available that will not be ‘painful’- add an underperforming economy to the mix and houston, we have a problem.
That it has taken so long to get to where we are today is bound up in politics but we are here now. Better late than never some say. Deputy chair of the NIS Board Rawdon Adams appears to have a grasp of the problem and seems earnest in his comments to move the matter along. We wish him and his Board of Directors well. The NIS is our rh life line.
John A @6:46 AM “Truth is none of the medicine to fix the fund will be pleasant.”
This is not so.
From my days of baby making I seem to recall that the act of copulation typically engaged in to begin baby making is a great deal of fun, and not at all painful. In fact it is more pleasurable. more fun than anything else in this world.
I can’t believe that we Bajans have become so lazy that we are unwilling to make our own people, and now looka we will have to import ready made people from abroad, like we import Canadian flour and Turkish sunflower oil. In the good old days we knew how to make babies, cassava flour and coconut oil.
We do not have an economic, political or financial problem.
We have a sex problem. Perhaps we have come to prefer imported virtual sex instead of the local warm, messy, old fashioned thing which gained my parents 9 children, and 70 years of companionship. But we don’t need messy human companionship anymore, not when we have our imported “devices”
Tell me wise guys which political party has ever advocated pro-family/pro-natalist policies????
Which party???
Tell me.
tief not, want not..
https://www.facebook.com/100658688816800/videos/480824807188980/
@David August 11, 2022 7:33 AM “The blogmaster is going with what is trending”
Shouldn’t the blogmaster be going with what is the TRUTH?
What the PM admitted to be advised in June was indicated in the previous actuarial report and commented by Walter along with several blogs posted. You may have the last word.
@Donna August 11, 2022 7:37 AM “As for mendicancy? Don’t only look down, look up! They must be following the leaders, ent dat wuh yuh suppose tuh do?”
It was Pierre Trudeau, I think, who referred to the “up” class as corporate welfare bums. A man ahead of his time maybe?
Does Barbados have any corporate welfare bums?
William Skinner August 11, 2022 9:40 AM “The taxpayers were saddled with paying a man for at least six months, to do a job he was given by the PM. The man quit and not a single word as to why.”
Maybe he quit. Maybe he was fired. Neither he or the PM is saying.
But clearly there are some people who do not wish to work with the PM. This has always been the case for every single PM, and will ALWAYS be the case.
We are born, we pay taxes, we die. Nobody says that we have to love any PM.
Some of us don’t love our parents/siblings/spouses/children.
So why do we act surprised when a PM is not beloved by all?
@David August 11, 2022 8:24 AM “There has been discussion here and elsewhere if too fleeting that the NIS and Central Bank should be ring fenced”
So David as the old saying goes “who will guard the guards?”
So will be the guards at the fence to ensure that “thieves do not break in and steal?” Another old saying.
Looks like dishonestly had long been endemic in human societies.
William Skinner August 12, 2022 7:48 AM “anybody , who was not interested in party bull shit would have seen this coming at least thirty years ago or before.”
I worked as an enumerator in the 1990 census, and I certainly saw it coming. I enumerated 500 rural households, and I was surprised at the low fertility rate, but back in 1990 the talk was all about “dem young girls getting tummuch children” and “women getting babies in order to rob or entrap men.”
Nope.
None of that was true.
We could have fixed the NIS then, but Bajans, wunnah overseas ones too, are too disrespectful of the fertility of working class women, NOT UNDERSTANDING that in EVERY country of the world the workforce is reproduced and raised by the working class, and in Barbados’ case by working class women, NOT by the white [and brown and black] male captains of industry. None of you respect that re-PRODUCTION is WORK.
Now let the captains of industry run their companies without workers, let them sell their products and services to non existent people, let the politicians and economists run their data without people.
@TheoGazerts August 12 at 9:40 “80,000+80,000 spouses+120,000 children=280,000. In 20 years the black majority will be a minority asking “What the hell did we do?”
Who says the 80,000 importees have to be white?
Who says they can’t be African?
Who says they can’t be the children or grandchildren of overseas Bajans?
Who says they can[t be St. Lucians, Grenadians, Vincentians, Jamaicans. Because if we are looking to create new Bajan children black people are just as capable of making good children as white people.
Who says that whether white or African that all or most of them will stay? Who says that Barbados won’t just be a stepping stone to “better” places such as that great immigrant magnet the great US of A?
However I won’t know the answers to these questions because hopefully I will be dead by then.
Cuhdear BajanAugust 12, 2022 8:07 PM
@David “Was Prime Minister Mottley quoted in the press correctly that she was alerted to the danger faced by the NIS in June 2022 by actuary Derek Osborne?”
How else could she know until she had the FACTS, the actuarial report?
By guessing?
+++++++++++++++++++++++++++++++++++++++
I heard the same pronouncement when Herbert and Steinbok did their thing years and years ago as Eckler Partners.
If Ms. Mockley now picking it up she can’t be too sharp.
“The findings of the 15th actuarial review, made public last month by Minister of Labour Dr Esther Byer-Suckoo, revealed that reserves in the National Insurance Fund (NIF) could be depleted “as early as 2045 under the pessimistic scenario, or as late as 2074 under the optimistic scenario”.
https://dev.barbadostoday.bb/local-news/nis-blackout/?amp
Who the hell was Byer Suckoo?
Anyone remember her?
…. and she was a Doctor, Ms. Mockley is only a lawyer handling such clients as Four Seasons and who had no influence in the writing off of $124 million and property disappearing into a black hole!!
Donna No doubt the shorter workday will assist in some areas if lifestyle.
The reason I prefer the four day week, an extra full day is better to work on a project. Set up time etc etc morning and evening for two ventures in a day is obviously longer. It can be done, but also, one less working day will reduce transport fuel etc…for one venture.
That said, the aim should be productivity, not attendance.
And no, neither do I believe in employee assessments that tick boxes and skin teet, to monitor productivity, nor keystroke monitoring.
Any manager with a brain knows who is productive and who is not. All the other crap is politics (run by HR departments).
I have a problem too, that children can go to school for eight hours every weekday and not pass three CXCs.
On top of that, they get obese from eating crap and sitting on their posteriors all day.
Boys especially are not made for that.
A student can do a lot in five hours, if taught right and is willing to learn.
Overall for adults and students, a reorganised work week can result in a far better society healthwise, mentally and with a better outlook success wise.
The psyche thus far is exactly quoted above. Getting a pick and sitting the posterior in perprtuity.
And the school curriculum ingrains this mentality.
This needs to change to a productive outlook.
Not aproductive from a unit if production mindset, but contributing to output in a real way, while enhancing personal development in all manner.
@cuhdear
I do not know how you decided I thought the immigrants would all be white.
They definitely will not be straw men that can be set up and knocked over.
A next person thought I was attacking Asians.
Crusoe August 12, 2022 2:23 PM #: “In my initial comment I said raise the pension age, along with other measures.
So yes, the sliding scale for early retirements will need adjustment to compensate.
But that alone will not be enough and the age of full benefit retirement will still need to be increased.”
~~~~~~~~~~~
All ‘fancy words that sound good pun paper.’
A individual can officially retire at 67 years old, voluntarily retire at any age between 60 and 66 years, 9 months, or opt for late retirement at 70 years old.
Any increase in the official retirement age would have to be between 67 1/2 and at least 70 years old.
Therefore, at what age do you believe official retirement should be increased to?
What would be “the sliding scale for” voluntary retirement?
Would you also increase the age of late retirement or abolish that option?
What are the “other measures” you mentioned?
Let’s assume, for example, the retirement age is increased to 69.
Would you increase the late retirement age to 72 years old?
Assuming the terms and conditions of voluntary retirement remains the same, then, a person opting to retire at 60 years old would be somewhat at a disadvantage, especially when one considers the adjustment rate is set at 0.5% for each month earlier.
Also, pensionable employees contribute 0.60% of their salaries/wages to NIS, which comprises of: Training Levy = 0.50% and Catastrophe Fund = 0.10%.
Did you consider the reality of health issues associated with aging and a probable increase in claims for sickness benefits?
After all, everyone is not going to be in good health.
When one looks at a scenario in which ACTUAL AGES are quoted, then, in MY opinion, it doesn’t make any sense increasing the retirement age, for people to continue working after 67 years old.
I can’t image me, at 68 or 69 years old, getting up every morning to go into somebody work place and ‘marching time’ until retirement age…… or ‘drop dead pun de job.’
@Artax,
The reality for many is that there will be no reasonable retirement option.
There is another factor affecting this, that no one has yet mentioned.
Not just fancy words I clearly stated the other measures, which you sre ignoring.
Artax,
What a person can and cannot do now, as you keep repeating, is irrelevant, as it will change.
Around and around they go…..deal with the REALITY…..for the last 100 YEARS…parliamentary generational CROOKS and their crimunity CO-CONSPIRATORS have maliciously kept the Afrikan population in GENERATIONAL POVERTY, OPPRESSED, IN BONDAGE and SUPPRESSED….so that the SCUM OF THE EARTH….THEMSELVES INCLUDED, can RoB them generationally…if you don’t ACCEPT THE TRUTH you are going NOWHERE…
normally you would NEVER get the head of the private sector with their arrogant colluding faces expressing any concern, but the face and skin texture has changed…..as the front for these parasites…new talk, now that they look bad before the world…..they should ALL GO TO PRISON for those MASSIVE THEFTS…that’s what people on and OFF ISLAND are saying…and they ARE RIGHT…after hearing that a government minister gets a lawyer because he did not want to answer questions to the PAC about discrepancies re billions of dollars…..as a SERVANT OF THE PEOPLE….lowlife VOTE BEGGAR..
“The Barbados Private Sector Association (BPSA) has sent a strong message to Government that it must face and fix the troubling findings in the Auditor General’s report as a matter of urgency.”
“BPSA Chairman Trisha Tannis did not mince words as she placed on record the group’s deep concern regarding “the glaring deficiencies in financial accounting management, the lack of proper internal controls at many state entities as reported by the Auditor General, and the need for greater accountability on the part of public sector officers who are charged with the management of public funds”.
“This state of affairs as reported by the Auditor General is, and continues to be, a perennial blot on the good reputation of Barbados as a well-governed state. The need for urgent corrective action cannot be overstated,” she declared.”
Dub Colors · Wackies Rhythm Force
Dub Marshall
https://www.youtube.com/watch?v=lYP1dutdxrk
This World
https://www.youtube.com/watch?v=_lA_mSmIgfM
Down By The River Side
Milton Henry
Caterpillars are just the larval stage
Butterflies
when crooks turn on each other..
the biggest beneficiaries of those massive thefts…now pretending it’s all on the TWO CORRUPT GOVERNMENTS…..and they know nothing…
wannabes pretending to be millionaires and billionaires, but are nothing more than COMMON CLASS THIEVES….as birthed, and HAVE ALWAYS BEEN…
Willy has looked over the report with his usual grain of salt attitude, the conclusions, even the worst scenarios are highly optimistic. Wily thinks the fund will be in trouble by 2028 and insolvent by 2030 unless the contributions and expenditures are significantly adjusted. Hard love is in store for present and future pensioners, unemployeed, severed etc. Just watch government come forward with some miraculous chest thumping sheme to save the day, yew we got this.
Before we get into what race, ethnicity or geographical location they will come from , we ought to ask: where or how they will be accommodated.
According to the Housing Minister , we are going to build about 10, 000 houses; according to Mr. Hoyos from the HOPE housing project, to build 1000 houses a year is a stretch. He also said , even if that is achieved the current back log will take four years and it will be growing during that time.
So we don’t have enough houses at present but we are going to import 80, 000 people.
We need to really come down from this pie in the sky nonsense and deal with the serious socio- economic challenges that are confronting the country.
Peace
The discussion about the need to increase the population is taking place against a background our death rate being higher than birth rate. Therefore with an ageing population that equates to increase drawdown on pension benefits, we have a problem as it relates to our negative birth rate and inadequate contributions to the fund to ensure it’s solvency. Instead of bringing emotional perspectives there is a need to be dispassionate. Are we there yet?
Who will come to Barbados
Young people may wish to start up
Old people may wish to retire on the beach
Business people may come to invest
William……chickens are HOME and ROOSTING…
The Gates of Hell – Roots Radics feat. Max Romeo
The Gates of Dub – Lee “Scratch” Perry meets Roots Radics feat. Max Romeo
Full Moon, Plant a Tree – Sly & Robbie feat. Lee “Scratch” Perry
There is a live program in the diaspora outlining this and that……
@ David
The discussion about the need to increase the population is taking place against a background our death rate being higher than birth rate.
~~~~~~~~~~~~~~~~~
Like most other ‘discussions bout here’ this perceived issue is misguided and uninformed.
Population science is a complex area of study, largely around the concept of dynamic equilibrium.
Typically, the reason for decreasing trends in population is that the existing population is unsustainable on balance.
When conditions are suitable, populations will either grow, stabilize or reduce, to maintain dynamic balance.
Barbados has become a place over the past 20 years where all the indicators suggest that the population should RIGHTFULLY be reducing…
– We have run out of resources such as productive land, water and crucially, common sense
– Foreigners now own EVERY SHIITE in the place, and they are are TAXING our donkeys to death (debt) as a result.
– Our damned children can only get work as laborers and security guards…or gang enforcers.
This foolishness from the PM about artificially increasing population “in order to protect the NIS” is the height of IDIOCY
Clearly from someone who obviously has no idea what the Hell she is talking about.
The NIS was ill-conceived in the FIRST place …when politicians CHOSE to place themselves in charge of the fund, instead of finding INDEPENDENT PROFESSIONALS to manage the people’s assets.
We ALL know that if we put our shiite politicians in charge of sewerage they will even F**** that up (fowl)
– oh wait – WE DID THAT ALREADY TOO!!
The SOLUTION to the population issue is to create a society that is CONDUCIVE to growth and stability – and this can ONLY be achieved through top class LEADERSHIP, VISION and WISDOM….. NONE of which we now possess.
Our donkeys are grass…!!
@Bush Tea
How does your thesis link to reducing contributions to the NIS correlated with an ageing population? You know the blogmaster has a more pragmatic mindset.
On another note David…
Bushie is missing ac….
Who the Hell does the bushman cuss and insult now…??!!
There must be something that you know that Bushie missed, but if ac is banned, then the bushman is hard pressed to understand some other factors….
…such as some UN-banned regulars.
@Bush Tea
Ac’s comments are being moderated. If she posts the blogmaster will release using best judgement. As you know this is done when some believe they can do as they like on the blog. Sometimes it is necessary to flex. You still have enuff don’t you?
Bank on BOSS bonds – Duguid
Barbadians have been chided for “not letting their money work for them”.
It has come from Senior Minister with responsibility for Infrastructural Projects and Town Planning Matters, Dr William Duguid, who said the fact that Barbadians have over $3 billion sitting in commercial banks that offer little to no interest was proof of this.
Speaking today in Parliament during debate on the Barbados Optional Savings Bond (Offer to Public) Bill, 2022, Dr Duguid urged those persons to take up Government’s bond offer, which he said had much more generous interest returns.
Government’s BOSS Plus bonds, which will become available in September, offer an interest rate of 4.5 per cent and will mature in five years.
nd the freak storm,” Dr Duguid said. (RB)
@Hants
Can you ask Duguid who were some of the Individuals who cash government bonds before maturity BEFORE news of the debt restructure was made public?
David’s money cap is complaining and his funny boots are listening
Gwan run up yuh mouth – Roots Radics feat. Pablo Moses
How does your thesis link to reducing contributions to the NIS correlated with an ageing population
~~~~~~~~~~~
Aging population Bushie’s burro!!
The fall off in NIS contributions stem from the fact that ALL of the productive sector now belongs to damn FOREIGNERS.
who the hell will pay the NIS contributions? the people in France/ Ireland/ Trinidad/ Canada/ Jamaica that now own SOL, Sagicor, BNB, BS&T, BL&P etc etc?
How much damn NIS contributions can local clerks, ‘porters’ and ‘security guards’ pay?
The shiite politicians get in Parliament and sell off all the country’s assets AND the children’s futures, and now complaining that they need to import more patsies to fleece..?
Bushie is hard pressed to understand YOUR inability to see that the SIMPLE problem we face is the LACK OF VISION of the shiitehounds in Parliament.
If YOU cannot see the jobby – and if YOU are trying to justify the idiotic assessment being made, then what hope is there for ORDINARY brass bowls?
Ten years ago, we had NUMEROUS up and coming executives in many LOCAL businesses who paid MAXIMUM NIS contributions and who would probably NEVER draw a cent in pensions….
The only ‘high level’ executives now are the skeleton staff who are ‘local messengers’ for the foreign owners – and the thousands of shiite ‘consultants’ being used by the politicians to reinforce their foolishness…. how much NIS do you think they pay…?
Steupsss!!!
@Bush Tea
Fair comment. Walter estimates about 85% of contributions are below the NIS cap.
@ David,
I would like Duguid to tell us how much he has invested in these government bonds.
He should set the example for his constituents and invest at least 75% of his cash.
2 Hants
Bank on BOSS bonds – Duguid
~~~~~~~~~~~~~~~~
Another boss idiot!!
He was adamant about the $28 million spent on Chinese metal houses too… That turned out GREAT did it not!
Steupsss…
This is EXACTLY what the Moron from Moontown and Stinkliar used to say about the NIS funds, and it is now what the supreme leader and her cuntsultants are hinting about the savings of ordinary Bajans.
Being a FOOL is one thing…. but it takes a REAL BRASS BOWL to be fooled over ..and over ..and over ..and over….
Go buy some BOSS PLUS and keep quiet do. Brass bowl like you.🤣🤣
@enuff
Hope the government you unswerving support is not mulling over a ‘bail in’ which NO has been hinting at for a while now?
” Dr William Duguid, who said the fact that Barbadians have over $3 billion sitting in commercial banks that offer little to no interest was proof of this.”
and that’s what itching their backsides, and got them can’t sleep at night…the people’s savings….to turn it all into J Series = JUNK..
were i them, would be more concerned with the varying PRISON TERMS THEY ALL DESERVE….
@ Hants
I would like Duguid to tell us how much he has invested in these government bonds.
~~~~~~~~~~~~~~~~~~~
What Duguid invest what!!??
Probably more than 75% of his worth – but that is not likely to be much – given his propensity to keep hanging on to the political purse strings after REPEATED indications that he wanted to leave.
Bushie would be surprised if he has $1000 in bonds.
Lotta jokers – who cannot even run their own professional practices half decently, coming to offer ‘advice’ to citizens and to mess up the damn Treasury.
Duguid could really keep his damn mouth closed until he can speak about the Chinese houses and the funny company involved.
Duguid has sone well by investing in rental properties.
Bushman…they believe everyone is like them….DEVOID OF COMMONSENSE and can’t see the TRAP they are trying to set……..their set-up skills are wanting after 4 generations….overused and massively ABUSED…
@ Enuff
You done KNOW that Bushie would NEVER buy a single BOSS bond – for the VERY SAME REASON that the bushman did not buy CLICO’ 8% policies….
BEWARE – IDIOTS at the wheel……
David
Who else should I support, certainly not the BU egofowls?
No all of them are enuff. In every segment of life all types will exist. BU is a reflection of wider society.
Bushtea
🤣🤣🤣 that’s your right.
Duguid has done well by investing in rental properties.
~~~~~~~~~~
A clear sign of genius….(not)
Clearly not well Enuff to be able to follow up on giving up the political nipples… 🙂
Re the ‘Bail in’….
That is ALREADY a fait accompli …. just the implementation strategy now….
But the brass bowls will DESERVE it….
Have a look at what Straughn said in the House two weeks ago…
the BU “egofowls” aren’t likely to go to PRISON FOR GRAND THEFT anytime soon….unless they start joining forces with the usual suspects to RIPP OFF the VAT, treasury and pension fund…
People are free to channel ac
A bird in the hand cannot fly like a bird in the tree, NIS funds have gone away
Mia is a big bum, the rich get richer and the poor get shafted,,
Ronnie Obama runs social media and is Christ in his Kingly character
“BEWARE – IDIOTS at the wheel……”
AND …THIEVES at the wheel….
the people better WATCH their SAVINGS LIKE HAWKS…
we have been smelling the STENCH OF DESPERATION for quite some time..
…..they have run of distractions, sleight of hand moves and OUTRIGHT LIES…
the banks are doing the most to frustrate people FOR THEIR OWN MONEY….that’s just the start…
*they have run OUT of….
can’t believe they are advertising that SCAM…
Same thing most of us were wondering. How are we to accommodate the 80,ooo people? Space wise, water wise and otherwise.
Where are the jobs from whose proceeds the NIS contributions will be made? The only way the NIS contributions would be increased is if they created jobs.
So….it is citizenship by investment?
@Donna
Government does not create jobs.
People are obsessed about 80,000 which is the number stated as the population gap.
People will come 1 by 1.., 2 by 2.., 3 by 3…, 4 by 4.., 5 by 5… so there is a long way to go for 80,000 suckers who cannot find better opportunities elsewhere like the Bajan diaspora abroad
Which Numbers would you want to be in
🇧🇧 Barbados 284,589 (2014)
🇺🇸 United States 65,653 (2013)
🇨🇦 Canada 37,780 (2016)
🇬🇧 United Kingdom 18,762 (2011)
🇧🇷 Brazil 5,000 (2016)
Me with my pea brain always thought that lower birth rates was a standard feature for developing and developed countries, and immigration policy helped with workforce requirements and the 1.5 children. We can accommodate a larger population and it would provide vast opportunities.
@ David
Actually, one VERY SIMPLE answer to many of our problems would be to have general agreement that politicians will NO LONGER be required to talk UNLESS they actually have something specific to say.
This situation where these losers HAVE TO SAY SOMETHING when ever invited out, and at EVERY cockfight, is a SERIOUS problem…
It is hard Enuff for an intelligent person to put together a coherent speech when he/she has something USEFUL to say, so can you imagine the challenges for a piece ‘o idiot who HAVE TO SAY SOMETHING every time he turns up…?
No wonder these people talk so much shiite…
LOL
ha ha ha
@ Enuff
Where will we accommodate them?
Wha tare these ‘opportunities’ that currently elude our unemployed and under-employed young young people?
Thanks..
@Bush Tea and NO
Your concerns register BUT the structural problem has to be solved in a short time frame?
There are many (backward) Nationalists in the world but Immigrants add value and diversity to countries societies.
There are no Barbadians. There are just International World Citizens.
Africans from Africa could teach some Roots and Culture and nice up the dance.
Good To Be There
The DJ Rap
This may be an overreach but can Barbados become a hub to world in a new dimension down the line in the faraway future or even in an alternative universe in a parallel world on the dark side of the moon where things are the same but different
I’m trying to keep the music from dying
@SS
This issue of population is a red herring.
Throughout the life of any such fund there will be periods where the contributors vs the beneficiaries are ‘not ideal’.
The herring avoids having to deal with the fund acquiring PAPER in exchange for its CASH, and the management of it’s investment portfolio.
It also avoids any discussion of other GoB ‘management strategies’ such as withholding deductions from public employees to fund central government. For this, the NIS got at least, $250M in Series J Bonds to add to it’s outstanding collection of GoB paper.
This is the next scam waiting to happen, where certain issues of GoB paper is essentially worthless, but somebody acquires it at a huge discount, and then the GoB settles at a higher price, but less than face value, with the acquirer, who makes millions on the transaction.
It will be explained to you, that by the ‘settlement’ of say $100M in Bonds for $75M, the GoB saved $25M. What they don’t tell you, is the NIS loss at selling the same Bonds for $10M. And somebody made $65M !!! While the NIS lost $90M.
These politicians will explain the money was ‘only written off from an accounting perspective’, which means shit, this IS HOW money is written off. The question is, how the f++k was EVERY loan guaranteed defaulted on? That is the source of the write off.
They will also tell you shiite about cash vs accrual accounting methods, while FAILING to tell you the missing Annual Reports have THREE components. One is financial, another is a report from the Board on the activities in the past year. Has the NIS ceased functioning, did they do nothing? Where is that report? Oh I forgot, until we have ALL three parts it cannot be released.
Meanwhile they like to tell you they have “internal reports” and as such the Funds are functioning well, ‘we know’ what is happening, ‘we just can’t tell you’.
The ‘breeding’ is happening TO the people, not between them.
A few years ago, a number of Guyanese , more like 800 but certainly no where near 80, 000 were in Barbados.
It was claimed that they were charging less for services such as plumbing, carpentry and masonry and this caused great irritation to Barbadian workers.
They were also finding work in agriculture.
Even a former prime minister said he had employed them.
Now if a handful of Guyanese caused so much discomfort within our Labour force , can we imagine what several thousand from all over the word would do.
Let’s paint a little scenario here:
The economy picks up. The hotels are overflowing with guests. Barbadians are earning $400.00 per week. The importees with similar skills band up and work for $350 or less. How will Barbadians compete.
Construction is booming and a similar scenario occurs. How will we handle such a development.
This can be extended to university graduates, retail workers, etc.
Who came up with the 80, 000 figure.? Perhaps it was calculated by some international agency that doesn’t have a clue about our economic culture outside of reports done by contracted professionals.
What we need is a highly professional manpower department that can adequately identified what we have in the workforce and what we need.
I don’t think that Bajan workers who have been holding strain for almost three years will take too kindly to a massive influx of foreign workers undermining the cost and value of their skills.
I have chosen best case scenarios. Imagine if the economy is still in the doldrums. It will be a disaster. It will probably lead to disaffection or to be more blunt: violence.
Peace.
Work your bum off and die while working to make others richer, it is the capitalist way.
Africa is backwards or so they say.
(there is no movement without rhythm)
What structural problem?
NIS abuse?
That unfortunately, due to Covid and climate change GoB paper is not worth what was anticipated?
Don’t worry, be happy.
An external body will be found who will loan us $250M to ‘re-capitalise’ the various funds of the NIS. It is actually $300M but we had to pay a $50M finder’s fee to White Oak. This is value for money, as we don’t have to pay service fees for 10 years, and then have another 15 before the loan is due. And it is at very low concessionary interest rates.
The structural problem is the mismanagement. What you going to do? Outsource Parliament. Murdah!
@NO
You place no credence in reducing contributions, level of benefits and investment yields available outside government paper?
@David
I’ll leave that to you.
You can provide the blog with all the precise numbers so all can appreciate the relative merits of the various factors you noted.
Artax at 2:52AM “When one looks at a scenario in which ACTUAL AGES are quoted, then, in MY opinion, it doesn’t make any sense increasing the retirement age, for people to continue working after 67 years old. I can’t image me, at 68 or 69 years old, getting up every morning to go into somebody work place and ‘marching time’ until retirement age…… or ‘drop dead pun de job.’
I would increase the retirement age for WOMEN, but not for men. Bajan women live an average of 5 years longer than men, so why shouldn’t WE be required to work longer, perhaps 12 to 24 months longer, since on average we collect pensions for many more years that men do. I know that more is already required of women. Years in the paid work force + much more time spent in child care, house keeping and care of elders. But since the life expectancy of women clearly demonstrates that we women have more in us, then I think that more should be demanded of us, and I am sure that we can deliver.
See problem fixed. Easy so.
But will anybody have to courage to say this out loud, and furthermore to implement it.
And yes I am a woman.
@ David
“Your concerns register BUT the structural problem has to be solved in a short time frame?”
~~~~~~~~~~~~~~~~~
What structural problems solved what Boss!!??
Who gwine solve them? de same people that can’t even handle drivers licenses, or shiite ID cards? …steupsss!!
Shiite David, they cannot even get a straight story on the 11 Plus… They seem to be guided by ‘Petra the French feline’…
Perhaps Mia is correct about the approach of importing people to Barbados…
Just that we don’t REALLY need 80,000 … Just Thirty …who can be sourced without the damn BRASS …to replace the current lotta sh**** in the Parliament… (show offs)
In a matter of MONTHS, under SANE leadership, things would turn around DRAMATICALLY….
LOL@ David
NO is right
You can see EVERY possible ‘solution’ except the elephant in the room…. or in this case, in the HOA.
Boss, if you trim expenses, increase income, and even stop the thieving under pressure from the Auditor General … those morons will find some other way to waste the damn money…. like handing the profitable enterprise over to foreigners…
“A brass bowl and OUR money are soon parted…”
Unless we can cure the brassbowlery, our donkeys are condemned to the rough grasses….
How does Singapore accommodate 5.5M on 283 sq.m., NYC 8.8M on 300 sq.m. and others?
@enuff
The island can hold 100,000 more.
Next
As @JohnA frequently reminds us WE TOO LOVE A DISTRACTION.
Population is a distraction.
It is to distract from the issues facing the NIS. So we can say, NIS issues are nobody’s fault, lewee add more contributors.
These wealthy newcomers will be able to build their own houses, build a newer hospital and schools, several new deal plants, and ensure more electricity is deliverable. They will also be farmers, increasing the local food supply. And since these come from law abiding countries they will be more likely than locals, to contribute to both the tax and social security systems.
They dont have a scintilla of the intelligence of others have, but love to compare…wuh if dem culd do it wuh we could do it too….without understanding the level of intense focus and skillsets required to pull off these long term projects that REQUIRES DAILY MAINTENANCE…. skills THEY DO NOT POSSESS….Singapore and Manhattan’s populations have been around for decades and decades. These can’t even get the over-talked about Singapore model off the ground that Barrow spoke about in the 1960s…this is 2022..
And maintenance of even baby incubators is one of their several main weaknesses and presents a real challenge. So imagine i tightly woven population.
How does Singapore accommodate 5.5M on 283 sq.m., NYC 8.8M on 300 sq.m. and others?
~~~~~~~~~~~~~~~~~~~~
Singapore has had intelligent, competent, and disciplined leadership now for 60 years.
Perhaps we can ask them lend us the 30 we need …eh Enuff?
Also Singapore has people who are not unfamiliar with being disciplined.
@African Online Publishing Copyright ⓒ 2022. All Rights Reserved August 13, 2022 5:22 AM
“Around and around they go…deal with the REALITY…for the last 100 YEARS”
So nothing bad happened in Barbados between 1627 and 1922?
My grandmother born in 1879 told me differently. Plenty of bad stuff happened between 1627 and 1922. Plenty of labour, plenty of MONEY’S worth, plenty of time was stolen from the black majority population in Barbados by people white just like your husband. My grandmother’s thieves resided at Mangrove, St. Peter plantation.
How come you can NEVER open your mouth to mention this thievery? Are you a beneficiary of the 300 years of stealing? Is that why you have so much time to be on BU? You don’t have to WORK for your living? You living on stolen money?
There you go with your dishonesty again Cuddear……and reading everything i post…
I told you to read the 4 issues of Kush Quarterly…..the 5th issue is even more educational..but wont publish until October..if you can read and obsess about my posts ya can read my magazines like other people do….they are free.
Have you spoken to those European ancestors in your bloodline yet about your concerns….you said you found them…so why are you addressing me about things i had nothing to do with..When they are the best people to discourse with..
wuh i speak to mine all the time. Dont need to ask you a thing..
Don’t know what am living on got to do with you…wuh none of it int yours and you can’t show any proof where it it is..
My laptop, my internet, my electricity….you got a problem with my websites too….too bad, so sad..
@Bush Tea August 13, 2022 8:50 AM “Ten years ago, we had NUMEROUS up and coming executives in many LOCAL businesses who paid MAXIMUM NIS contributions and who would probably NEVER draw a cent in pensions…”
Since the maximum NIS pension is currently about $2,500 every 2 weeks, are you trying to fool the blog that there are former Bajan executives who voluntarily forfeit their $32,500 annual NIS pensions?
Can you please introduce me to these folks. I want to start a “charity” and if I can find 100 of these people and persuade them to turnover the $32,500 annually to me in a few years I would have a few tens of millions and I am sure that I could put the lil money to good “charitable” use.
Or do you mean that the fellas and their widows are, and their minor all dead before the age of 65/67???
I seem to recall that one of our late captains of industry revealed that drew his NIS pension and “donated” it to one of his grandchildren, not to one of your grandchildren or mine.
People love money.
Even or especially people who already have a lot of money still love to have more.
@Northern at 10 something AM “The question is, how the f++k was EVERY loan guaranteed defaulted on? That is the source of the write off.”
I am old fashioned. I pay my debts. I’ve never defaulted on a debt. So I cant answer “how the f++k was EVERY loan guaranteed defaulted on?”
Do you thing that any political party would permit me to sit on the NIS board?
The last “friend” of mine who told me “you do not understand” principally because I did not go to HC/QC/Cawmere or study account/finance/numbers or anything so is now bankrupt.
I still don’t understand.
Lol!
@NorthernObserver August 13, 2022 10:44 AM “@SS. The ‘breeding’ is happening TO the people, not between them.”
With a rea-reall biological phuck, there is the possibility that a healthy, intelligent human being will come out of it.
What is the benefit to the people when they are are financially/politically phucked?
To compare NYC 8 million to Barbados population is silly. Of course a large city in a major country would have a high population density.
The comparison to Singapore may be a
fair one.
Also, Barbados is like a closed container whereas NYC < NY < USA.
The NYC school budget is several times larger than our national budget.
“Overall, its budget will be $31 billion, down from $31.6 billion in 2022.”
The population density in Barbados is 668 per Km2 (1,731 people per mi2).
“In 2018, the population density of New York State stood at 414.7 residents per square mile of land area.”
New York has the highest population density of any major city in the United States, with over 27,000 people per square mile.
And let us look at the number of tourists
In 2019, New York City attracted 66.6 million visitors from across the globe, keeping a tenth-consecutive annual record. Tourists in New York City account for over 25% of all tourists in the entire state of New York
Not going to compare Broad Street or Offshore street with Wall Street.
Straughn said that as a holder of BOSS bonds he could attest to adding up his interest payments to ensure they were accurate.
he say
https://www.nationnews.com/2022/08/13/barbadians-urged-invest-new-boss-plan/
@Hants
Deja-vu all over again.
All we need now is. for one of the party supporters to pull an Alvin Cummins and endorse Boss+.
Like the former admin the interest rate story line is identical.
The next Bond issue is the VAGAbond, finally it will be aptly named.
Oh shirt, I didn’t even read half the posts
EnuffAugust 13, 2022 9:00 AM
Go buy some BOSS PLUS and keep quiet do. Brass bowl like you.🤣🤣
@SS
The benefit is SOME do extremely well….why else would you throw a financial phuck into those whose vote you need? You have to be benefitting bigly.
“Go buy some BOSS PLUS and keep quiet do. Brass bowl like you.🤣🤣”
ignorant, arrogant, backward and DECEITFUL….trying its best to lead everyone into a CLICO-like TRAP to get ROBBED AGAIN…
he could not even HIDE IT…..had to be his Judas self for everyone to see.
Northern
Not me! I ain’t encouraging a fella to buy a ting. If that were true, there’s no way I would have directed my comment to Bushtea. Unless he’s David Thompson.🤣🤣
Salemite
Did I refer to you? See how I does ignore you and you still duz need to come for me? Then when I drag you, I the worst person in the world.
“To compare NYC 8 million to Barbados population is silly. Of course a large city in a major country would have a high population density.”
It is only silly when one does not understand what is being compared. High population density is high population density! It simply means the number of people living in a defined area; and the question raised and being discussed relates to CAPACITY. Unless the maths in NYC is different to Buhbaduss’, then your non-point is irrelevant. If yuh doubt me, tell me why in both NYC (a city) and Singapore (an island) high density residential and commercial buildings and mass transit are standard? You go Sir!
@ Enuff
It IS silly. TheO is right.
Which is why Bushie ignored your NYC reference initially.
A City is supported by the surrounding countryside, so that its ‘density’ is a transient number as persons, resources, materials, goods and services can EASILY flow and merge into the larger area.
This HAS to be different to a closed COUNTRY where everything HAS to be concentrated.
NYC can routinely access water, power, and vegetables from the wider State, and can also dispose of its waste etc outside of the City.
Obviously one would not compare the populations density of St James the Parish, with West Terrace the housing area….
Boss, Save your licks for Bushie …when you have a better chance of success – although still slim…… LOL
“A City is supported by the surrounding countryside, so that its ‘density’ is a transient number as persons, resources, materials, goods and services can EASILY flow and merge into the larger area.”
where are the resources in Barbados,…never mind….
.. ya can’t get a bus on time although they reportedly TRIPLED THE FLEET…..what goods wunnah talkin bout doah……
“NYC can routinely access water, power, and vegetables from the wider State, and can also dispose of its waste etc outside of the City.
and where are THE LANDFILLS to deposit the waste of an additional 80K people….even NYC gets challenges in that regard….but they have tons of states to truck them to….
..we have not gotten to the sewage yet have we…more shit in the sea…
“Salemite
Did I refer to you?”
did i call your name…who the cap fits……..try dragging me, see what i will do with you;..
“A City is supported by the surrounding countryside, so that its ‘density’ is a transient number as persons, resources, materials, goods and services can EASILY flow and merge into the larger area.”
Whaaaaat? Sir, the facts are clear that the population of the world’s leading cities continues to rise due to the movement of people internally and from overseas. So that transient number you refer to is forever increasing, yet city boundaries are not expanding. What is happening instead, is that the supporting infrastructure continues to expand to accommodate the increasing demand–taller buildings/innovative land optimisation, technologically-driven self-sufficiency, higher environmental standards, expanded public transportation, the promotion of walking and cycling etc. By the way, though not as easy, islands can also import resources. All now we’re eating imported fruits and vegetables. We also have a sea around us that is larger than our land mass and capable of providing water and electricity that with a larger tax base would become more affordable for the state. My argument remains, B’dos has the capacity to accommodate more people, just like Singapore and major cities, through a similar approach–densification. Whether the examples I provide are big cities or Singapore, how the high population is accommodated remains the same. Your sophistry ain’t wukkin. 🤣
Enuff August 13, 2022 9:00 AM
Go buy some BOSS PLUS and keep quiet do. Brass bowl like you.🤣🤣
African Online Publishing Copyright ⓒ 2022. All Rights ReservedAugust 14, 2022 6:59 AM
“Go buy some BOSS PLUS and keep quiet do. Brass bowl like you.🤣🤣”
ignorant, arrogant, backward and DECEITFUL….trying its best to lead everyone into a CLICO-like TRAP to get ROBBED AGAIN…
he could not even HIDE IT…..had to be his Judas self for everyone to see.
African Online Publishing Copyright ⓒ 2022. All Rights ReservedAugust 14, 2022 7:28 PM
“A City is supported by the surrounding countryside, so that its ‘density’ is a transient number as persons, resources, materials, goods and services can EASILY flow and merge into the larger area.”
where are the resources in Barbados,…never mind….
.. ya can’t get a bus on time although they reportedly TRIPLED THE FLEET…..what goods wunnah talkin bout doah……
“NYC can routinely access water, power, and vegetables from the wider State, and can also dispose of its waste etc outside of the City.
and where are THE LANDFILLS to deposit the waste of an additional 80K people….even NYC gets challenges in that regard….but they have tons of states to truck them to….
..we have not gotten to the sewage yet have we…more shit in the sea…
“Salemite
Did I refer to you?”
did i call your name…who the cap fits……..try dragging me, see what i will do with you;..
When you tell too many lies, you start to forget the ones you told. I am tired dragging you. 🤣
Enuff
If you really cannot see the flaw in comparing population densities between population CENTERS and overall country or county, then yours can be the last word.
https://barbadosunderground.files.wordpress.com/2022/08/government-response-to-ag-2022.pdf