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NIS Town Hall – The Golden Chip

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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.

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413 responses to “NIS Town Hall – The Golden Chip”

  1. Critical Analyzer Avatar
    Critical Analyzer

    That increasing the retirement is a definite no no based on current life expectancy of 74.3 for males and 77.7 for females (https://www.worldlifeexpectancy.com/barbados-life-expectancy).

    The only option they have is to immediately close the current pension fund and restart a totally new fund where pension is solely determined by the total monetary contributions (regular, periodic. or huge deposit) the individual paid in up-to claiming pension.

    Pensions paid to current pensioners would remain unchanged but new and existing contributors would be enrolled or transitioned to the new fund.

  2. David Avatar
    David

    @CA

    Sustainable reform must be implemented, the factors identified like reducing contributions etc will not go away. Then there is the talk about weaning from investing heavily in government bonds – this will reduce yield in theory. The elephant in the room is a poorly performing economy. If we are unable to generate jobs and by extension increase contributions what will we be doing?

    Then there is the prevailing ethos of financial indiscipline and incompetence.

    We have work to do.

  3. TheOGazerts Avatar
    TheOGazerts

    Confused again
    I thought the early election was a one-off (one and done). The writer seem to suggest that a ‘screw-up and run early’ is preferable to ‘fix, done and run’.

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

    so “It’s Our Scheme” only after YOU RoB it…

    but before that, it’s the piggybank of THIEVES…

  5. William Skinner Avatar
    William Skinner

    Amazing. Praise for perceived political cunning while the country battles with a multiplicity of unsolved socio economic problems.
    Why not call another election and win another 30 seats. That should take care of business.

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

    “Why not call another election and win another 30 seats. That should take care of business.”

    they gotta be comedians..

  7. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @David, is that statement actually VALID on its own or is it mere standard pension management ‘speak’ that really says absolutely ‘little’ of what’s required in a comprehensively successful insurance program!

    Let’s be clear that yes of course more contributions are needed to add ‘income’ to the insurance program but that alone would simply make it a Ponzi scheme, not so: that is, taking from the last investors to repay those who invested first.

    So just as simply, insurance has to be MUCH more than getting new investment income; as most importantly it must be about wise re-investment of funds to provide excellent interest/capital gains returns.

    My only point here is that our current situation CANNOT be clarified with a few catch phrases and certainly NOT with high faluting financial gymnastics.

    Our NIS mess is deep and frankly it’s currently more resembles a shambolic ponzi program than the national savings life-line it was meant to be!

    It’s facile and sounds pretty to speak of starting a new program but it’s NOT that easy.

    In very simple terms … that requires an ENTIRE new set of laws and structural modifications and it DOES NOT guarantee that the SAME ridiculous money raids and other corrupt financial shenanigans will not reoccur … nor does it re-finance the holes in the current system.

    As you allude to, the govt is sensitizing Bajans for big changes to their pension expections because otherwise all dis town-hall ole talk is freaking useless … it certainly is NOT about seeking advice to FIX actuarial or financial problems, now is it!

  8. Frank Avatar
    Frank

    Nov 2020 Barbados Advocate
    “With the National Insurance Scheme (NIS), I am proud to say that it is the richest institution in Barbados. We control at this moment assets in excess of BDS$4 billion,” Haynes told a news conference yesterday”

  9. Artax Avatar
    Artax

    @ David

    Noticed you mentioned Mottley’s “popularity.”

    Seems as though she is more interested in maintaining her popularity and has adopted a ‘play it by ear’ attitude managing the affairs of the island.
    “We’ll just have to play it by ear and hope for the best until we can get something definite sorted out.”
    In other words, the current administration does not have a ‘game plan’ and seems to be responding spontaneously or instinctively according to situations as they occur, rather than according to a specific plan.

    Some of the issues Mottley should’ve addressed during her first term were, accountability and transparency legislation; reforming the NIS, educational and legal systems.
    We should’ve been planning for the future development of Barbados.

    I disagree with any suggestion to increasing the official retirement age to 72 years old, which I believe would be counterproductive for the island.

  10. Vincent Codrington Avatar
    Vincent Codrington

    Do we need another Town Hall meeting that will contribute nothing to decision making? The remit of the NIS is already clear. It is a Social Security Scheme. It should make adjustments to maintain this mandate. The off the cuff remarks of nontechnical persons are muddying the populace perceptions and are for the most part short sighted and uninformed. The contributors expect a reasonable pension commensurate with their contributions. The disingenuous dipping into its reserves are now yielding their unintended consequences. The political red rag is a diversion. This is not a political issue. I hope the politicians will keep out of the discussion and listen to the pensioners and contributors to the fund..

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

    no one should accept a retirement age of 72.

    ..how bout these CROOKS giving up their pensions THAT THEY GET FOR LIFE AFTER ONLY 2 TERMS IN OFFICE….they should all give them up….to bring balance to the fund and what they stole…

    they know most people will not live to see 72, and those who do, the very few, will more than likely pass away soon after retirement…

    i would not even accept a 67 retirement age, let the thieves go to hell and find another way to RETURN WHAT THEY STOLE…

    the onus is on THEM and not on those they RoB..

  12. Donna Avatar
    Donna

    All uh we is de cuntsultants now!

    Murdaaaaah! De cat got pups!

  13. Pachamama Avatar
    Pachamama

    David
    You lionize Mottley even within a moment of national peril. When her ilk are the ones who created this tragedy.

    When will you see that she only has falsified political machinations for us.

    Centrally, it matters not whether retirement age is moved to 72 or 92.

    The truth is that a national compact, or a social contract, with the people has been long violated, decades ago!

    That neither Mottley nor any body else can reverse this existential cultural failure at the centre of the system.

    Mottley cannot save us. She can’t even save herself.

    You always seem to forget that systems or countries or people have no divine right to be.

    We are decades too late with her mealy-mouthed, Washington Consensus bs!

  14. NorthernObserver Avatar
    NorthernObserver

    The political mastery is a town hall to discuss the NIS, WITHOUT a single annual report.
    (My apologies to @Artax)
    So we can frame issues as we choose, without examination of how we got here.

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

    “The truth is that a national compact, or a social contract, with the people has been long violated, decades ago!

    That neither Mottley nor any body else can reverse this existential cultural failure at the centre of the system.”

    if the people would turn their COLLECTIVE RAGE and ANGER on these parasites, instead of on each other……and bigging them up with SHITE TALK….bout they “large and in charge” easily impress with the MEDIOCRE….they would NEVER IN A MILLION YEARS do the evil shite they have done for 100 years NOR believe they could GET AWAY WITH ANY OF IT NOW……

    the CENTRE HAS FINALLY DROPPED OUT…..it COULD NOT HOLD…as Pacha said REPEATEDLY FOR YEARS….

  16. 555dubstreet Avatar
    555dubstreet

    Fight the Right Fight

    Murray Man

  17. 555dubstreet Avatar
    555dubstreet

    For Your Rights Riddim

  18. David Avatar
    David

    @Dee Word

    Of course it is not comprehensive, the statement can be characterized as a ‘sound bite’. Haven’t you been following the discussion?

    Keep up!

  19. David Avatar
    David

    @Artax

    It will be interesting to see the measures government take. They are political animals with an eye on winning the next general election. Can you take a politician out of a politician? Probably not!

  20. Enuff Avatar
    Enuff

    Vincent Codrington

    In an island of self-appointed experts, the experts must go the self-appointed experts for advice. It is called transparency, accountability and consultation in Barbados. 🤣

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

    That’s exactly what they are trying to do…slither and weasel their way out of transparency about where all those BILLIONS OF DOLLARS DISAPPEARED…

    they never wanted the people involved in any referendum for their FAKE republic….

    never wanted the people involved or having any say in the medical marijuana industry….STILL DON’T…

    so wuh yuh wahn dem involved in a debate bout all de money WUNNAH TIEF FROM treasury…..VAT and PENSION FUND fuh..

    …..because at the end of the day…..when Karma surrounding the multi-BILLIONS missing from the treasury and vat show its face….dem gine wahn a debate too…

  22. David Avatar
    David

    @Vincent

    The Town Hall is to wrap the harsh solutions to come with democratic paper. It is a not necessarily to educate the public but to subtract the accusation that will come if it isn’t done.

  23. David Avatar
    David

    Good to see you were able to overcome Vincent.

  24. David Avatar
    David

    @Pacha

    The blogmaster will not be distracted by you, there is a reason why MOTTLEY won two elections and would probably win one if it was called today. What does it tell you? Facts are facts.

  25. Enuff Avatar
    Enuff

    David

    When the govt triumphs on all these issues, what gine happen to the opposers?🤐

  26. David Avatar
    David

    @enuff

    If such were to happen we will offer congratulations.

  27. 555dubstreet Avatar
    555dubstreet

    Bitter Pill to Swallow (does not win votes)
    BRB could implement harsher tax regime
    Block funds leaving Country
    Tax imports more

    Nuff Wolf / Wolf Dub

  28. 555dubstreet Avatar
    555dubstreet

    ⬆️ Dub Version

  29. Bush Tea Avatar
    Bush Tea

    These NIS games are designed to distract from the debate on the Light and Power Act in the Senate where the rights of Bajans to question how our last available local Assets in renewable energy, are about to be disposed of to foreign parasites.

    As Northern Observer points out, if Government was SERIOUS about NIS reform, they would insist on having up-to-date reports COMPLETED, so that we can ALL know the FACTS of what we are facing.

    How the Hell do you fix something when you have no idea where we are standing..?

  30. David Avatar
    David

    @Bush Tea

    Didn’t Sinckler state in the well of parliament many years ago that the internal management reporting gives government a good idea the current state of financial affairs. Audited financials is a rubber stamp. Don’t shoot the messenger.

    How is the NIS issue clouding the role of the FTC in the L&P debate?

  31. Pachamama Avatar
    Pachamama

    David

    So we’re a distraction. Wow!!!!

    Your obvious partisan determination makes you so caught up in shadows that you have no ability to see what is real.

    Mottley is no genius for becoming an elected dictator twice in a row. Hers are properly understood as a failure of your petite democracy

    The real truth is not about any genius of Mottley but what happens when corrosion is at the centre. Maybe Gearbox could have so won as well, such is the social desperation of a misguided people easily beguiled shadows and mirrors.

    And how can perceived electoral victories by Mottley be properly understood unless context is given.

    Desperate societies often resort to the benevolent elected dictator. From whom manna is awaited but never arrived, in the main.

    Don’t we, for example, have political buffoons ruling almost everywhere in your Western democracies, even Trump has massive popularity. Voting once every five years is for idiots. Resting one’s hopes on such is fatal.

    Again, this writer is admittedly in a miniscule minority. For people like you prefer to wait for decades before it becomes clear that Mottley is no departure from the other buffoons around the world.

  32. David Avatar
    David

    Like if Mottley is the focus of the issue here.

  33. 555dubstreet Avatar
    555dubstreet

    Music is the Healing of the Nation
    So let’s spread it to the world
    With consciousness
    Rasta Vibration
    Herb and Music is the Healing of the Nation
    When the people come into the session
    They come to hear some conscious teaching
    So let the music give you the feeling
    I’m sending this message to everyone
    Herb and music it never hurt no one
    Tells me to do what is right
    Calling everyone
    I feel the vibes
    The drum and bass
    My heart comes alive
    I can hear the music from far away
    Let the music play on
    Play roots music from dusk ’till dawn

    Scheming
    A lot of double dealing
    You get a bad feeling
    Jah gives us the meaning

    Model Riddim Danny Red, Murray Man, Dubcreator
    Double Dealing
    Double Dub
    Healing of the Nation
    Healing Dub

  34. NorthernObserver Avatar
    NorthernObserver

    @David
    You are forgetting that audited financials is but ONE part of an Annual Report. What about managements and the Boards discussion of significant events in the past year?
    The numbers are but a picture at a point in time, it is the discussion around decisions and what those decisions were that is more relevant.
    You dun know they decision makers already know what they are going to do.

  35. David Avatar
    David

    @NO

    Board books are never made public where management and other reports are contained. How does an inquiring public find out anything? We have former chairmen who should be able to speak honestly to these issues.

  36. Pachamama Avatar
    Pachamama

    Bushie
    What is this over-reliance on information. This writer makes a living based on information. People like you who don’t over rate information – up to date and complete.

    Everyday, decisions are made on insufficient data. And there is never sufficient information.

    If there are people who cant get pensions from the NIS when promised. This alone is enough to conclude that all is not well.

    There’s absolutely no need to give the authorities a reason to kick this can down the road for another five years under the pretext of data production.

  37. 555dubstreet Avatar
    555dubstreet

    W dusak/Drying source

  38. Pachamama Avatar
    Pachamama

    But you made her, by being a braggart about electoral victories, as if the ignorance of a population in supporting these victories has anything to do with fixing the NIS.

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

    Who was the lawyer for the four seasons SCAM again, and where is that lawyer now…

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

    Pacha…ya beating a dead horse….

    let’s watch, marvel and write about the UNSTOPPABLE degradation as it unfolds…

    while protecting those close to us..

    karma and retribution are on the march….give them a clear path to trod..

  41. David Avatar
    David

    What was the context of the reference to two election victories? Does not context have meaning when trying to explain anything?

  42. NorthernObserver Avatar
    NorthernObserver

    @David
    That is BS.
    The requirement is not that they share the minutes of Board or Management meetings.
    Under Part V Sec 33, they are required to report on their activities SEPARATE to audited financials and a report on the investments of the various funds.
    Sec 34 deals with the Actuarial report.
    This is standard.
    What they are doing is using issues related to accounting methods to explain away the audited financials. This does not eliminate the other two reporting requirements? Esp since we are told they have ‘meaningful internal reports’.

  43. 555dubstreet Avatar
    555dubstreet

    You should have some faith that your elected leaders will sort shit out instead of fucking it up when they make an effort, or perhaps not, regardless there is little you can do and your fate is in their hands, moaning is for the hopeless
    Report Dem
    Dub Dem

  44. David Avatar
    David

    @NO

    Don’t shoot the messenger.

  45. David Avatar
    David

    @NO

    You read Avi Persaud FB post? It looks like the government is taking your people to court to recover the paradise property that was conveyed to them by Sinckler?

  46. Paula Sealy Avatar
    Paula Sealy

    This NIS problem is one of the reasons why Mottley called elections early what were the other reasons. Jesus would have to tell me I am wrong.

    If and when public officers have to work to age 70 plus to qualify for a full pension will MPs still only have to serve in Parliament for a term and a half to get a full pension?

    Parliamentarians have raised the bar for government workers. In my lifetime they lowered the bar for themselves which explains a lot about Parliament. This government lowered the qualifications for Senators and the last one raised the qualification bar with the Public Service Qualifications Order. Only their pensions seem to matter to them.

    So what would you say if you knew that the Minister of Health was the Director of NIS not so long ago?

  47. Bush Tea Avatar
    Bush Tea

    How is the NIS issue clouding the role of the FTC in the L&P debate?
    ~~~~~~~~~~~~~~~~~~~
    Yawn
    This NIS ‘crisis’ has been publicly explored now for YEARS… in intimate details – largely led by Walter Blackman who has, IN GREAT DETAIL, explained every shiite now being ‘admitted’ by the BLP trumpets.

    Is this not passing strange just as they started debate on the Bill that seems aimed at handing over to Emera, licenses that will hand them UNKNOWN rights to our last available local resource -Renewable energy… the GOVERNMENT INITIATED this ‘crisis’ talk…?

    So …Instead of listening to the debate in the senate on this PIVOTAL bill, to see who else has been bought out by Interests…wunna rehashing old, stale shiite talk about the ALREADY killed NIS funds…

    As to Sinckler’s position on data from NIS…
    What the Hell can you tell Bushie about a man than does not even understand decimals…? How would the data help him?
    steupsss…

  48. David Avatar
    David

    @Bush Tea

    Who listens to senate debates? Do you see the number following? Should the media be able to report on the debate? Are we an intelligent people that we are unable to follow several issues at the same time?

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

    Pacha…ya see for yuhself…

    round and round in circular motion……around the mulberry bush ya forced to go…..all TALK, NO ACTION…

    glorifying, endorsing and enabling CORRUPTION AGAINST THE POPULATION…

    these types MUST BE BARRED FROM THE CONTINENT….they have TOO MANY neocolonial problems already, and need no more.

  50. NorthernObserver Avatar
    NorthernObserver

    @David
    Don’t do FB often. Who is ‘your people’?
    The Pharliciple owners?

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