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National Insurance Fund in Critical Condition

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…

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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.

Briefing on the state of the NIS Fund (10 Aug 2022)

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. 

17th-nis-acturarial-reviewDownload

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. 

Source: NIS

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.

236 responses to “National Insurance Fund in Critical Condition”

  1. Critical Analyzer Avatar
    Critical Analyzer

    The way to fix the NIS problems is to
    1) Expand the middle class through restructuring the entire tax system by eliminating taxes on product and service inputs like gas, water, solar panels and raw materials and earn those taxes with consumer taxes like VAT. This will allow us to be competitive on the export market expanding the entrepreneurial and Middle income class

    2) Add a nis tax to all consultant/lawyer/doctor invoices which can only be reimbursed if both employee and employer nis contributions are up-to-date for all employees.

  2. John Avatar
    John

    Interesting!!

  3. John Avatar
    John

    African Online Publishing Copyright ⓒ 2022. All Rights ReservedAugust 11, 2022 8:10 PM

    A real, real expensive wipe. John might be the first person to test out that toilet paper J Series..

    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    I’ve hiked in many countries with others from Barbados.

    There are no toilets, far less toilet paper!!

    So I won’t be the first!!

  4. Critical Analyzer Avatar
    Critical Analyzer

    @Wily CoyoteAugust 11, 2022 7:56 PM

    They can do it fairly accurately because the numbers are huge and they know the current assests paper value and a good estimate of retirees and workforce size year on year from demographic info gleaned from their own contributions and pensions data.

    Unless an audit shows significant fraud and pilfering of funds, a post audit estimate will only change it by a few years up or down at best.

    It is like if a contractor look at your house and land and say it worth 500,000 based on a quick look, a professional valuer will probably say 550,000 or 450,000 when he does a full inspection but it will still be in the range. That is all the actuary did. That is why he said 12 – 19 years in his estimate if I remember correctly

  5. NorthernObserver Avatar
    NorthernObserver

    Seems that fear….fear it is ‘nearly broke’ has fired up the blog.
    Nobody talking about cutting benefits?
    Truth be told it is the private sector’s fault. They should have been paying NIS contributions to an “escrow fund” to force action. But some asshole would have been sure to point out how big business was screwing the small man.
    Guess who is in the screw position now? Hint: it isn’t big business.

  6. Artax Avatar
    Artax

    Vons August 11, 2022 7:25 PM #: “The GOB do not pay in a cent for their workers, that is why when they are sick they cannot receive benefits.”
    ~~~~~~~~~~~~~~~

    Could you please indicate the source of your information?

    Firstly, permanent public sector employees are entitled up to one year paid sick leave from their respective Ministry, department, statutory or quasi government organization……
    …..after which they must have a medical evaluation to determine whether or not they qualify to retire “medically unfit.’

    Secondly, although an employer, whether public or private sector…… may remit NIS schedules without payment of the associated EE and ER contributions, the NIS pays claims for sickness, maternity and unemployment benefits.

  7. BAJE Avatar
    BAJE

    WHEREVER MIA GOES MARK MALONEY IS SURE TO FOLLOW

    NO MORE HYATT ON THE 2 X 3 ISLAND ADMID EMPTY PROMISES

    XXXXXXXXXXXXXXXXXXXXXXXXXXXX

    Barbados developer partnering with local businessmen for 186-room Embassy Suites

    Barbados developer, Mark Maloney is partnering with local businessmen for the 186-room Embassy Suites by Hilton which will be constructed on the Liliendaal Railway Embankment, Greater Georgetown.

    The announcement of the modern seven-storey hotel was made on President Irfaan Ali’s Facebook page on Saturday. The hotel will be constructed on 2.5 acres in close proximity to the Arthur Chung Conference Centre and CARICOM Secretariat.

    Chief Investment Officer and CEO of the Guyana Office for Investment, Dr Peter Ramsaroop told this newspaper that the developers are gearing up to turn the sod soon. He added that there have been some delays due to mud being dumped on the lands. He said that the developers have received all necessary permits from the Hilton franchise.

    https://www.stabroeknews.com/2022/08/10/news/guyana/barbados-developer-partnering-with-local-businessmen-for-186-room-embassy-suites/

  8. Frank Avatar
    Frank

    they know the current assests paper value…..
    Don’t they really need to know real asset value vs paper value?

  9. David Avatar
    David

    The prime minister is acting now but do we recall that in 2017 others were making the right sounds but were ignored?

    https://barbadosunderground.net/2017/04/21/nis-reserves-projected-by-imf-to-be-exhausted-in-2037-upp-candidate-craig-harewood-muted-by-vob/

  10. Crusoe Avatar
    Crusoe

    @Frank.

    Oh shirt. You now going cause bassa bassa.

  11. David Avatar
    David

    The prime minister and stakeholders were parroting as one that fixing the NIF must be driven by context, it must be nuanced. Then there is the question- don’t we have a cadre of local actuaries capable of leading the technical charge?

  12. Wily Coyote Avatar
    Wily Coyote

    Critical AnalyzerAugust 11, 2022 9:50 PM

    Theory is sound in a STATE structure that is not corrupt and makes up the rules as they go along. Four(4) financial defaults in 65 years of independence tells the tale(tail). Government figures lye and the political masters follow suit.

    Any finances by Barbados government will not remotely stand up under a creditable audit.

  13. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    Shameful, disgraceful,,,the only words to describe these types of fraud…at least the people knew all along they were mismanaging and RIPPING OFF…with the help of their LITTLE IMPS AND PIMPS whom they promote for these social crimes…of helping them divert funds to their crook friends..

    https://barbadostoday.bb/2022/08/12/barbadians-worried-about-state-of-affairs-at-nis/

    “When Barbados TODAY took to the streets to get feedback on Wednesday’s announcement that the scheme could be depleted in as few as 12 years, several persons admitted they were worried, while others blamed reckless spending of the NIS’s funds for the stark reality that the country is facing today.

    Winfield Clarke charged that successive governments have dipped their hands in the NIS to finance projects and written off millions in debt for big businesses, leading to the current concerns over the viability of the fund.

    Clarke said, in his opinion, it is not about drawdowns of pensioners, it is about abusing and mismanaging NIS funds by both Democratic Labour Party (DLP) and Barbados Labour Party (BLP) governments.

    “I am prepared to sue the state if they disadvantage me in any way for money that I have already worked for and which they deducted during my working days,” Clarke said.”

  14. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    Lets hope the people have finally transitioned to that place where they STOP LISTENING TO THE LYING FRAUDS that are politicians AND STOP TRUSTING THEM…,,even better stop VOTING IN YOUR OWN DEMISE, YOUR OWN ROBBERIES, YOUR OWN OPPRESSION AND DISENFRANCHISEMENT…

    they will NEVER STOP their criminality against those who propel them to the tainted parliament.

  15. Critical Analyzer Avatar
    Critical Analyzer

    @Frank

    The only way to know the real value of any asset is to sell it and convert it into cash otherwise you only have paper/book value.

    I think my house is worth more than a million dollars but if I put it on the market at a million I will get laughed at or some enterprising businessman might just come along seeing something I don’t see and offer me 2 mil because he sees an opportunity I missed.

  16. David Avatar
    David

    @CA

    There are acceptable guidelines upon which fair market value can be determined.

  17. Critical Analyzer Avatar
    Critical Analyzer

    @David

    That job of determining fair market and future projected value is why actuaries earn the huge bucks and are in demand the world over.

  18. William Skinner Avatar
    William Skinner

    Now we are being told to invest in our own pension plans. So, the well off will be protecting themselves while the poor will be left to the economic elements.
    Poor people scarcely capable of buying food have to now look at retirement incomes by buying insurance. Where the hell will they get the money from. Perhaps the Kool aid drinkers have the answer.
    The failure to address poverty, wages and the nonsensical political one upmanship have brought us here.
    All the pretty talk and pseudo intellectual posturing cannot ignore the simple fact that anybody , who was not interested in party bull shit would have seen this coming at least thirty years ago or before.
    What’s the latest score ?
    Poor people score zero !

  19. TheOGazerts Avatar
    TheOGazerts

    We will soon have 30-0 in BU. The one voice that could have been given to give a completely discordant note (rightly or wrongly)has been silenced

  20. TheOGazerts Avatar
    TheOGazerts

    been given = counted on

  21. Frank Avatar
    Frank

    @Critical
    List the assets, two categories will dominate….what is the current value of GoB paper …..10¢ on the $, 25¢? 50¢?
    The bulk of the NIS ‘assets’ are GoB ‘liabilities’.

  22. David Avatar
    David

    William your comments always amaze, you are very blinkered. Barbadians are being encouraged to complement NIS pensions with private and personal saving, this is the ideal scenario, even Walter Blackman agrees this is the best approach. At the briefing on Wednesday it was made clear there will be stakeholder meetings to assit government with deciding the best approach forward for the NIS. No decisions have been taken and the actuary was at pain to point out that the vulnerable will have to be looked at in any revision to the NIS going forward whether it is people being graduated from the NIS, means test etc. Be fair for crissakes.

  23. David Avatar
    David

    Good to see Atherley echoing the blogmaster’s views on this matter.

    Atherley wants ‘independent’ NIS
    By Colville Mounsey
    colvillemounsey@nationnews.com
    Former Opposition Leader Bishop Joseph Atherley is calling for an end to the days of governments having “liberal access” to National Insurance Scheme (NIS) funds.
    He is also advocating for a “truly independent” governance structure to manage the NIS, one that is not subject to political interference and pressure.
    “This discussion, while it centres around a problem that we need to immediately resolve, a lot of attention has to be placed on the policies that we are going to put in place to ensure that we do not walk this path again.
    “The NIS is critical to the future of all Barbadians. If we look at the historical practice, there has been too much political interference and subjugation of the National Insurance to political process,” Atherley told the Weekend Nation
    yesterday. His comments came in the wake of Wednesday’s press conference hosted by Prime Minister Mia Amor Mottley, during which it was revealed that the NIS’ 17th Actuarial Review, prepared by Derek Osborne, showed that based on the current trajectory, the stateowned social security net faces a worst-case scenario of running out of funds in 12 years.
    Osborne listed population decline, fewer workers, Government’s debt restructuring and a growing informal sector as some of the reasons for the state of affairs with the state-owned social security.
    He said the NIS was paying out more pension benefits than it was receiving. This was to such an extent that during 2020 and last year, all of the NIS’ investment income “has been needed to help pay benefits”.
    The actuary noted that due to the Government’s 2018 debt restructuring, the NIS lost $1 billion, a factor that would have only fast-tracked the current trajectory by three years.
    However, Atherley said that while he acknowledged all of the above as major contributors, the “fast and loose” approach to the NIS funds by some previous administrations must also be blamed. He maintained that any reforms to the NIS’ structure must include ironclad policies that put the NIS out of the reach of any political agenda.
    “I have repeatedly called for a more independent governance structure around the National Insurance Scheme and around the Central Bank of Barbados. In both instances, under the last administration, we have had these missteps that have resulted in undercapitalisation of the Central Bank and a depletion of National Insurance.
    “I don’t support the actuary’s position that if Government had to pay back on the investment in bonds by the NIS, that taxpayers would have to pull their pockets. The fact is that you can’t say one and not the other, that by having that type of liberal access to National Insurance funds is part of what has contributed to our problem today,” he said.
    “This Government has recently been talking about avenues of investment for National Insurance funds and it is something that I would have raised as an issue. We need to be very clear in our steps as to where we are going to invest National Insurance funds and what are the regimes that are going to govern those steps towards investment. The last administration had a rather ad hoc policy.
    “If you are going to invest NIS funds overseas, it is going to involve foreign exchange. If it is going to be invested domestically, then it has to be clear who benefits because this is the people’s money that you are using.”
    Atherley also took the NIS to task over its failure to produce audited reports for several years, stressing that this was inexcusable and must not continue.
    “How could you have the National Insurance Scheme, which is responsible for the social security of all Barbadians, not file
    proper audited reports for a number of years? It does not matter to me if the blame rests with the systems. At the end of the day the NIS is the people’s fund; they are managing billions of dollars that account for people’s futures.”

    Source: Nation

  24. NorthernObserver Avatar
    NorthernObserver

    TheO
    Surely you have seen enuff to play the role 😂😂😂
    Just hours prior @Bushie mentions Sinckler and the response was ‘who (is) Sinckler’?

  25. David Avatar
    David

    @CA

    Does the actuary play a role in determining market value for government bonds?

  26. 555dubstreet Avatar
    555dubstreet

    All the World’s a Trap House

    I Walk on Guilded Splinters

  27. TheOGazerts Avatar
    TheOGazerts

    With the absence of my fearless leader I am left to carry on the fight.

     

    I will not be engaging in the ‘advance calculus’ that some specialise. I believe it is pointles and akin to verbal masturbation. First, I will copy a few phrase  from articles in BU and will ask you to let me know if it is overcast or a day of sunshine and then I will get to my main point.

    Please note the use of spin, pace, full tosses and the usual “ya think we bad, others are worse off” (as if that is a solution to anything)

     

    Excerpts (BT)

    (1) ‘Barbados’ National Insurance Scheme (NIS) is under severe stress and there are limited options to fix it.’, ‘a worrisome situation in which the NIS was collecting 18.25 per cent in contributions and paying out 24 per cent in benefits and pensions”; “onsider eliminating the option for workers to choose early retirement at age 60, moving that first option up to age 65.”Osborne floated the idea of smaller cost of living adjustments on NIS pensions.”

    (2) “We want to see the full report so we can see the real state of affairs and what options are available for the Government, and there has been no indication as to what those options are and what Government will choose”; ‘reform was too serious to be seen as a “one-off” thing’

     

    (3) situation merited “a call to action”; General secretary of the National Union of Public Workers (NUPW) Richard Green; general secretary of the Barbados Workers’ Union (BWU) Toni Moore and chairman of the BPSA Trisha Tannis, all agree that there is a need for a more stable and sustainable fund”

    (4)Barbados’ National Insurance Scheme (NIS) is not in any crisis.”; “There are countries in the Caribbean that are five, six years away from the moment that we are talking about.”

    A bad idea

    For those who often rush in to rubbish or ridicule let me state that “reductio ad adsurdum” is a tool that is often use to poiint out the weaknesses in an argument.

    Hinted at, but not directly stated is the ‘importation of 80,000 people.  Let me give you simple arithmetic and you can comment on if I am wrong or right.

    These would probabaly be 80,000 sexually active people who will probably have 1.5 children each.

    80,000+80,000 spouses+120,000 children=280,000. In  20 years the black majority will be a minorit asking “What the hell did we do?”

    No land,

    Nojobs

    No water

    Hopefully one of them is smart enough to turn sargassum weed into food.

  28. TheOgazerts Avatar
    TheOgazerts

    Typical Typo Thursday treat

  29. NorthernObserver Avatar
    NorthernObserver

    @David
    You should ask @WB?
    My guess is if the actuary values GoB Bonds Bonds at any discount they are unlikely to get ‘more work’ 😂

  30. David Avatar
    David

    @NO

    Naughty boy.

  31. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    Nice to see they can’t blame those OUTRIGHT THEFTS of pensioners money on Covid, nor monkeypox, nor on internal or external economic fall outs or on any of the bigger countries.,,,they have run out of distractions, sleight of hand….AND MASSIVE LIES,,,

    ..it’s THEIRS AND THEY HAVE TO OWN IT…them and their criminal friends

  32. 555dubstreet Avatar
    555dubstreet

    I was listening to BDP when suddenly…
    Believe me or not…
    This is a remix…


    https://www.youtube.com/watch?v=zw-2CTx4YgY

  33. TheOGazerts Avatar
    TheOGazerts

    I would prefer the friendship of a liar and thief over that of a yes man. The liar and thief you can protect yourself from and will even get a second opinion. The “yes man” will say yes if you are right or wrong.

    I do not need or cannot give that kind of support.
    ⠀⠀⠀⠀⣀⣀⣀⣀⡀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
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    ⠀⠀⠀⠀⠀⠀⠀⣿⡄⠸⣿⡇⠀⠀⠀⠛⠻⢿⣷⣄⠀⠀⠀⠀⠀⠻⠟⠀⠀⠀⠀⡀⠀⠀⠀⠀⢸⡇⠟⠋⠁⣸⣦⣭⣴⡿⠋
    ⠀⠀⠀⠀⠀⠀⠀⠘⣷⠀⢿⣿⡄⠀⠀⠀⠀⠀⠙⢿⣿⣶⣶⣶⣶⣤⣄⣀⣀⣠⣼⣿⣧⠀⠀⠀⣾⠀⡤⠶⠛⠋⠉⠀⠀⠀⠀
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    ⠀⠀⠀⠀⠀⣴⣟⣵⣧⠙⢷⣄⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠈⠉⠉⠉⠁⠀⠀⣀⣤⣤⣤⣤⣔⠋⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
    ⠀⠀⠀⠀⢸⣟⠺⠋⢀⣠⡶⠙⢷⣤⡀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⢠⡴⠟⠉⠻⠛⠻⠏⠻⣧⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
    ⠀⠀⠀⠀⢈⣿⣄⠀⠈⢹⣿⣆⠀⠉⠛⠷⣦⣤⣀⣀⠀⠀⠀⠀⠀⠠⣯⣀⣀⣠⡞⠁⠀⢀⣀⣽⣤⣤⣄⡀⠀⠀⠀⠀⠀⠀⠀
    ⠀⠀⠀⢰⠟⠉⠙⠃⠀⠈⣰⡟⠀⠀⠀⠀⠀⠈⠉⠉⠛⠛⠛⠒⠀⠀⠈⠉⠉⣿⠁⠀⠐⠋⠁⢶⡶⢶⠙⣿⠀⠀⠀⠀⠀⠀⠀
    ⠀⠀⠀⢸⣆⠀⠀⠠⠴⠞⠋⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⣿⡦⠀⠀⠀⠀⠀⠀⠀⣼⡟⠀⠀⠀⠀⠀⠀⠀
    ⠀⠀⠀⠀⠉⠁⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⢻⣧⡀⠀⠀⠀⠀⢠⠾⠋⠀⠀⠀⠀⠀⠀⠀⠀
    ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠈⠉⠉⠉⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀

  34. 555dubstreet Avatar
    555dubstreet

    This is a remix of the remix
    Dead Homiez

  35. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    It’s the yes men and women COLLECTING FREE SALARIES for being bobblehead dolls..,,,greedy, unethical and IMMORAL..are the biggest contributors to what is happening…..and they cannot reverse any of it..

  36. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    If any of them had a drop of INTEGRITY or CREDIBILITY, like can be found in others like Caswell…the island could never be SINKING THIS RAPIDLY….or took over 50 YEARS for the ENTIRE population who are not pimps and cult fowls TO SEE where it’s now leading..

    William…remember how they and their fowls treated Caswell…all he had to do was wait them out..

  37. NorthernObserver Avatar
    NorthernObserver

    TheO
    #4 is only used IF your party is in power.

    #3 needs banning, as Ms Moore is one of the longest serving Board Directors of the NIS and cannot make comments.

    #2 Maybe. The ‘dream’ any report will be half-full versus full, makes this option full of the fairy tale options required.

    #1 You tried to turn a long hop into a Yorker.? “smaller cost of living adjustments” however needs work. It means reduced benefits. Something like a ‘recalibration of benefit payments to ensure Barbadians maintain their standard of living’ is preferred. The latter is 🌺🌺 but says not one shiite.

  38. William Skinner Avatar
    William Skinner

    @ WARU
    “William…remember how they and their fowls treated Caswell…all he had to do was wait them out..”

    Like I said , the jokers can tell us how poor people who can’t feed their children during the summer, will find money to invest in pension and retirement plans.
    When they answer that, I would get back to them. They will not trick me into any back and forth and their peculiar form of “balance.”
    Peace

  39. 555dubstreet Avatar
    555dubstreet

    “80,000+80,000 spouses+120,000 children=280,000. In 20 years the black majority will be a minorit asking “What the hell did we do?”

    check you numbers and revert back with some facts
    what about race mixing and black on black procreation
    stop being so paranoid like a #throwashadecrew cunt

    Serious

  40. TheOGazerts Avatar
    TheOGazerts

    I was debating if to let it pass, but part of the reponse is so silly that I will add a few words
    “black on black procreation” Isn’t this the problem we are trying to solve?

    sniff, sniff
    Suggest using weaker stuff before you engage
    (I get cussed again)

  41. Lord Benwood Dick Avatar
    Lord Benwood Dick

    My fellow Barbadians,

    The obvious solutions is the raising of money to boost the NI funds.

    My proposal is to legislate a Wukup Tax, whereby anyone wukking up, jukking or showing any form of sexualisation in any manner, pay $100 per wuk up forthwith.

    This shall be admininstered by a new police arm the Wukup Police.

    The levy will only be lifted each year for the two days of kadooment, Kadooment and Foreday.

    However, on those days, anyone not wukking up will be fined similarly.

    Our (Special Economic Considerations Study) research had shown that this will raise $14.3million dollars annually to augment other measures.

    The economic group also praises the government for the brilliant move of enhancing business facilitation with removal of visa requirements, allowing an influx of youthful ladies coming in for ninety days, which will reduce the number of male pensioners with great effect. Those fellows life expectancy will be reduced in the actuarial analysis to match the level of business activity.

    This should save an additional estimated $12.6 million per annum.

    All told, these measures extend the program an additional eight years.

  42. 555dubstreet Avatar
    555dubstreet

    “Suggest using weaker stuff before you engage”

    you are anal and repetitive like your bitch who got got
    get over it bitch


    https://www.youtube.com/watch?v=Xy3Lwk1S_a8

  43. Hants Avatar
    Hants

    Any of you bloggers depending on a NIS pension now or in the future ?

    I always believed that joining the civil service was a path to a lifetime job and a liveable pension when you retired.

    Am I wrong ?

  44. David Avatar
    David

    Steuspe

  45. Crusoe Avatar
    Crusoe

    Hants,

    I suspect that most Barbadians, except the wealthy few, were expecting to rely on the money from the NIS, even if they have a private plan.

    As for the career civil service, no doubt many are now very worried.

    There is no doubt in my mind that the official pensionable age will increase. Among other measures.

    Of course, that is a double edged sword, as it leaves less vacancies for youngsters to fill.

    A lot of hurt in any case.

  46. Bush Tea Avatar
    Bush Tea

    Every damn body who can read would have heard Walter Blackman explain the CHAOS of the NIS now FOR YEARS…

    so…
    This whole NIS shiite story is a simple-minded diversion from the REAL story of government’s vile and disrespectful tirade against a number of outstanding citizens who DARED to challenge some of their now-endemic idiocy.

    Sounds like a typical PLOY by Enuff and his gang…

    …and then they have the GALL to invite citizens to ‘offer suggestions’ to fix the NIS……
    …For the CRASS, low-life, Symmonds to cuss them too…?
    STEUPSSS!!!

    Lotta shiite
    Unfortunately, simpleminded brass bowls are EASILY led by the noses to the slaughterhouse…

  47. TheOGazerts Avatar
    TheOGazerts

    Gee, that’s good stuff.

  48. David Avatar
    David

    @Hants

    It is that perception and attitude attached that is part of the problem.

  49. David Avatar
    David

    @Bush Tea

    We know Bajans are a reactive people. The blogmaster recalls very well when Craig Harewood of the UPP tried to discuss this matter with Glynn Murray on the talk show and was shutdown. The blog is posted above that reflects the blogmaster’s irritation at the time. A people deserve what they get, every time.

  50. Bush Tea Avatar
    Bush Tea

    @ David
    A people deserve what they get, every time.
    ~~~~~~~~~~~~~~~~~~~~~
    100%!!!
    And what we deserve is at hand….

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