NIS Town Hall – The Golden Chip

Today is the scheduled NIS Town Hall for a concerned public to share feedback to the revelation our National Insurance Fund (NIF) needs another lifeline. In recent days the buzz is a concern the eligibility age for NIS pension will be extended to 72 years old.

The blogmaster is willing to bet Prime Minister Mottley being the political animal she is anticipated that NIS reform currently being contemplated will significantly deflate her popularity, she needs the time to implement reform and win back favour BEFORE the next general election, the perfect political gamble. Especially if she is serious about demitting office at that time. Therefore one of the reasons for an early general election call.

Follow the NIS town hall at Combermere School, Waterford at 6PM.

412 comments

  • “Lotta shite!” I am not at all bothered that the colonists and co. are getting a taste of the hell they create for others EXCEPT INSOFARAS IT MAY AFFECT US AND BROTHERS AND SISTERS OF THE DIASPORA and the few white people who have been by our side calling for justice.

    I have seen NOBODY on BU who could HONESTLY be described as falling into the category of those suffering from any Stockholm Syndrome.

    NOBODY has expressed sympathy. Some of us have simply TAKEN NOTE AND HIGHLIGHTED the occurrences.

    With many rivers and water sources dried up, food production is being affected. Depending on food imports is indeed brassbowlery.

    But…we have a woman up here claiming she cannot get her crops sold because of cheap imports. I would ask her to hold tight. Soon come.

    It certainly seems that the perfect storm is brewing for planet earth and its inhabitants.

    We shall see what we shall see!

    “Hard ears yuh wun hear……..”

    De Country Cunt could live rough. After all, she is a country girl.

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  • @ David
    Can you please translate what the CAA lady has said? (minus the cliché)

    Then could you suggest what you think her intended message is … (that led you to post it)

    Finally, does the disclosure at the bottom mean that she is a mock president?
    Presidents speak for the ORGANIZATION… not to ‘reflect the views of all the members’.

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  • @Bush Tea

    She is the head of the Caribbean chapter of actuaries. She obviously represents the views of the collective. In the blogmaster’s opinion she checks a box having issued the fluff statement.

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  • Thanks Boss.

    Sounds more like they are embarrassed to have said absolutely nothing so far, on such a topical subject that should be central to their area of expertise, and now find themselves having to say something – even while still having nothing of value to say…
    She actually did quite a good job too.

    …just that Bushie is allergic to bovine doo doo. 🙂

    Any bets that the supreme leader has her eyes on this potential politician…?

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  • @Bush Tea

    Probably the case, do not forget all the social security schemes are at various stages of benefits paid outstripping contributions.

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  • @ David
    What social security scheme what??!! …the usual scheme…

    Boss, a defined benefits scheme, planned to be paid for by FUTURE contributors was an obvious exercise in idiocy from the get go.
    It is typical brassbowlery – constructed on the FLAWED idea of everlasting economic growth.

    Lotta shiite…
    Should have been based on defined contributions….
    By the sweat of a man’s brow should he eat bread, and the more he sweats when able, the more bread should he have available when he is no longer able to sweat…

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  • Sargeant

    “Is the revelation by Carrington a swipe at the AG? “Enuff” couldn’t have scripted it better imagine the AG wrote about missing millions and presto they turned up elsewhere almost as if the AG only looked at one area of the operation.”

    Me? I am not petty but I understand how hard it is to capitulate

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  • NIS boards taken to task
    FORMER HEAD of the Barbados Private Sector Association, Charles Herbert, says current and past boards of the National Insurance Scheme (NIS) must be blamed for the state of affairs within the fund, whose viability has become of major national concern.
    Herbert, a retired actuary, charged there was a lack of confidence in the way the NIS was being managed, and until this is rectified, selfemployed people will remain apprehensive to contribute to the fund.
    He pointed out that the writing has been on the wall for years and therefore the board of the NIS must be called to account for what he deemed a failure to take action.
    “This is being presented as a tsunami that is affecting Barbados, but the truth is that this has been a very slow tsunami. There are many of us who have been raising these concerns for multiple years and we have been kicking the can down the road for a long time . . . . Unless we regain confidence in the fund, we will never get self-employed people to contribute,” said Herbert, who was a panellist on a virtual discussion hosted by the Institute of Chartered Accountants of Barbados on Tuesday entitled NIS – The Way Forward.’ ‘Lack of confidence’
    Pulling no punches, he continued: “We have had a board at the NIS who don’t have to wait on a threeyear actuary report . . . . They did not notice the projections over the years? Where was the board of the National Insurance?
    I know you can’t hold the current board responsible for the previous one, but a lot of the current board have been there for the last five years . . . . They did not know that restructuring had taken a billion dollars out of the fund? So there is no pass for the board of the National Insurance, I am sorry. There are going to be no new contributors until they feel they have a board that is going to be held accountable.”
    Principal consultant for SAMDOR Services Ltd, Gregory Hinkson, said a check of the successive actuarial reports leading up to the now worrying 17th actuary report, will reveal that the NIS has been falling short of its projections for some time.
    “We saw this coming down the road but unfortunately, we did not make any adjustment based on changes that were taking place. The 13th actuary report, which was done in 2008, essentially said that in 2020, the population would be 295 000 persons, but the 17th actuary report is saying that the population is 271 000. It was also projected in that 13th report that total expenditure would have exceeded contributions in 2022 but the 15th report stated that we actually breached that in 2014, so that is eight years earlier than we projected,” he explained.
    Herbert also took aim at non-contributory pensions, arguing that the attractiveness of this benefit ran counter to the goal of bringing more people under the fold of the NIS. It was back in 2018 that Prime Minister Mia Amor Mottley raised the minimum non-contributory pensions from $155 per week to $225.
    “We cannot ignore the fact that the dramatic change to the non-contributory pension had an impact. I don’t really understand the rules for non-contributory pension . . . but I suspect that an attractive non-contributory pension gives the perhaps false impression to the self-employed that if they don’t contribute to National Insurance, they will still get a non-contributory pension, which is not a bad pension . . . .
    “If this is not true and there are rules to stop this from happening, then now is the time for the Government to speak up very clearly and explain that the non-contributory pension, no matter how many votes it attracts, will not be given to people who could have and should have contributed,” he said.
    (CLM)

    Source: Nation

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  • I am perhaps the only Bajan that has admitted that some stories/ideas are well beyond his grasp.
    Take this story for example, I think I get it, but with money leaking everywhere, projections of funds collapsing, government running around with cap in hand and at the same time urging us to put on our thinking caps, we cannot afford to be generous.

    https://barbadostoday.bb/2022/08/27/justice-prevails/
    From BT
    “In addition to ordering payment of the allowances, Justice Griffith ruled that the pension and gratuity of the claimants who have retired will have to be adjusted upwards, while those who remain in the system will also have their salaries adjusted upwards from September 2022, by as much as $1 108.08.

    The court also ordered interest on all of the amounts due to the claimants at the rate of 2.5 per cent from December 8, 2014, when the case was filed, until June 30, 2022, and thereafter at the rate of 6 per cent per annum on the reducing balance until payment is completed.”

    Now I am not an actuary, lawyer, judge or banker anly only claim to being a “bread and butter/meat and potatoes” man, but could it be that the judge was being too generous here, There are probably some rules the judge is following, but following rules is not one of our strengths …
    A $500 more a month and 1.0% interest may have done the trick. We need to start counting/hoarding pennies.
    A reduction can be considered.

    Have you noticed that I am not back home yet, but providing ideas and saving pennies? I have already hit the trail and running.

    Let’s get back to heaven
    Theo in 2027

    (and the leadership slogan)

    2027, there is only one way to go
    Protect Barbados future with Ronnie O

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  • @Theo

    Well I got a slogan for you next elections also and it’s this.

    6 of one and half dozen of the other
    so who you vote for really don’t matter

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  • There is so much going on, so many fires to fight and put out, but even as they struggle with one issue, a next ’emerges’. A good read.
    https://barbadostoday.bb/2022/08/31/be-cautious/

    Like

  • https://barbadostoday.bb/2022/08/31/get-on-board-with-boss-plus-urges-minister/
    I iz a man who follow de crowd” Wha wunnah doing? Leh me kno.
    From BT.
    The 2020 BOSS bonds and the 2022 BOSS Plus bonds are exempt from any restructuring that may take place at any time in the future, and if you listen to the experts from the Ministry of Economic Affairs, they will make it very clear that the circumstances which existed in 2018 in the first instance that led to a complete restructuring of Barbados’ international and domestic debt do not now exist, and therefore the notion of a domestic debt restructuring as was done in 2018 is an absolutely false narrative that does not exist in reality,” she said.

    Like

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