est. 2007

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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.

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

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

    Bushman…the road to destruction is WELL DEFINED…

  2. John Avatar
    John

    DavidAugust 18, 2022 5:58 AM

    Surprised there are only 200 plus downloads of the presentation.

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

    It did not deal with who getting lock up and for how long!!

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

    lol…these are still not getting that the PUBLIC…the PEOPLE who were ROBBED….need to SEE that those responsible are HELD ACCOUNTABLE…

    apparently some believe that’s only a word used when they can blame the people for not HOLDING THIEVES ACCOUNTABLE and not when the THIEVES SHOULD BE HELD ACCOUNTABLE by everyone…

  4. Donna Avatar
    Donna

    Kudos to Caswell for reminding the public of the ridiculously generous pension arrangements the polutical leaders have voted for themselves.

    Thing is, if they did their jobs honestly, faithfully and in the interest of the majority, nobody would even care.

    But in times like these for Glyne Clarke to be asking for more is depraved. And worse so when the facts do not support it.

    Imagine, at fifty, these people get their pensions while still able to work, normally at professions that afford more than average earnings! Looka Chris Sinckler! He suffering?

    And now suggesting that average folk should work until 72 to get their little crumbs?

    Disgraceful!

    But…..the short-term shortfall seems to fall short of the cost of a haircut!

    So…..this is why the expected time of death of the NIS is now estimated at twelve years, worst case scenario.

    This is Miss Mottley’s obvious contribution to the premature demise of the scheme.. After she treats to her contribution, then we could discuss how to inject new life into the fund for future generations.

    Prescription No.1 would obviously be to refuse access to politicians unschooled in what constitutes a wise investment LIKELY reap dividends for the POLICY HOLDERS.

    ONLY professionals in that field should be allowed to manage the portfolio.

    Without the interference of successive governments, we would only be looking at manageable reforms to counteract the effects of our changing demographics.

    Instead, here they are asking people their opinion on working until they almost drop dead. So then, why should these people be forced to contribute to the scheme rather than handle their own money matters? What happens when the lifeline is withdrawn due to government using their money for questionable projects that would NEVER have been approved by a professional money manager?

    What happens when government then decides that it just is not paying back the money they forcibly took from ordinary people’s wages and then forcibly took again out of the fund?

    This is different from people who of THEIR OWN FREE WILL invested in government bonds, knowing the risks, however slight they were anticipated to be due to past experience.

    This money was FORCIBLY TAKEN FROM THE WAGES OF WORKERS,

    And therein lies the big difference!

    P.S. On another note, I don’t see any challenge to Bush Tea’s suggestion that if David wanted cover for the BLP, he could simply shut down the blog.

    It wasn’t so well-received when Lil Donna suggested the same weeks ago. Instead he allows ALMOST EVERYBODY to come here and tear his position and the governments to shreds for the perusal of all and sundry! If I were Mia, I would fire him!

    Some of you are totally without logic especially when under the influence of EMOTION.

    FIRST /LAST.

  5. William Skinner Avatar
    William Skinner

    Those who survey the socio political landscape at this time, note the frustration and disappointment of both those who support the Barbados Labour Party and those who support the Democratic Labour Party.
    The Bees are disappointed that their party seems incapable of delivering the promises made ;
    The Dees are disappointed because after two successive comprehensive defeats, recovery appears very slow.
    So, to both of them the following quote should jolt them into reality:
    “ You can fool all the people some of the time and some of the people of the people all the time , but you cannot fool
    all the people all the time.”
    Peace.

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

    Chickens home and roosting…

    …i don’t think they understand the significance….

    they are the ones who believe they are well paid prizes and don’t do shit to earn their keep…,,and have NOTHING TO SHOW where they injected progress, wealth or a better quality of life into the lives of the majority population in 56 YEARS….

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

    generational wealth or a better quality of life into the lives of ……..

  8. John A Avatar
    John A

    Once faith and trust is lost it is very hard to regain.

    The restructuring was done very easily and so was faith in government paper lost the same way as the last issue of bonds showed.

    Righting off $1 billion dollars in value of the Nis fund also occured by the stroke of a pen, now you want the public to support thr NIS and offer suggestions as well. Here is mine then. Inject the billion dollars back into the fund that was written off in cold hard cash and the 2034 problem is solved as its simple maths.

    Deficit by 2034 = 980 M
    Refund of 1 B. = 1000 M

    SURPLUS AT 2034 = 20

    Basic 11 plus maths.

  9. John A Avatar
    John A

    Finally let me make it clear here to ALL POLITICIANS B AND D that you have no right making any decision to right off any money from any plan that is owned by 270,000 local shareholders. It is not state money (which still aint wunna one) but the peoples money which they put there. Every month the employer and employee both contributed to that $billion dollars. At no time did the state match the imput of the employer and employee either, hence they had no right to touch the money. Were wunna in the USA and tried this stunt the shareholders would of long filed a suit against you for dem money in the court. Then you want to talk about having faith in the fund and supporting it going forward! For what so wunna could do the same dam thing down the road again? Stupes.

    Good I done talk bout dat too!

  10. John2 Avatar
    John2

    And where was he money come from to pay those Bonds ar maturity ? Must be Out of the piliticians pocket only

  11. William Skinner Avatar
    William Skinner

    @ John A
    This is the 500 Gorilla in the room. A simple question that nobody seems prepared to ask:
    How can a Minister of Finance cause the Fund to lose one billion dollars just so and nobody seems to give a damn.

    Peace.

  12. John A Avatar
    John A

    @ William

    That too is my question. But i will go further and ask is any minister legally within their rights to confiscate $1 billion dollars from shareholders in a pension fund when no part of the monthly contribution was made up by government? In other words all the money contributed was made by employer and employee only. Now before a fowl fly up and say well government is an employer too, that is irrelevant as the government was simply paying the employers share to the fund. So if you think that gives them the right, then Massy when cash tight should be able to go in and demand what they paid in too.

    This is nonesence of the highest order and has now crippled the fund as a result. What this has shown us is the board of the NIS is no more than a rubber stamp for the MOF and that it is really incapable of protecting the peoples money in terms of investments as it claims to do. This whole thing between Sinkyuhs printing and Mia’s wiping away has truly left me disgusted with both parties, or as you say William the duopoly.

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

    “Were wunna in the USA and tried this stunt the shareholders would of long filed a suit against you for dem money in the court. Then you want to talk about having faith in the fund and supporting it going forward! For what so wunna could do the same dam thing down the road again? Stupes.”

    the people on the island SHOULD FILE A LAWSUIT…that was OUTRIGHT THEFT and should not be accepted without MASSIVE EXPOSURE…..

    “How can a Minister of Finance cause the Fund to lose one billion dollars just so and nobody seems to give a damn.”

    TIEFING….both FRAUD governments…

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

    now yuh know why the world stage runner could not make any more recent whirlwind …..trips this COLOSSAL mess of one BILLION??? wunna sure dah is all…….other people int so sure yuh!! dem say iz even MORE …. was about to DROP DOWN ON TOP OF THEM..

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

    btw…Douglas Trotman knew all about this…..and so much more.

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

    William…..this is ONE TIME if theypeople don’t STAND UP, SPEAK OUT and hold these CROOKS ACCOUNTABLE…..and file that lawsuit, they will deserve whatever evil these generational THIEVES got cooking up for them and their families next….and we all know it’s something oppressive, suppressive and disenfranchising because THAT’S WHO THEY ARE…

  17. William Skinner Avatar
    William Skinner

    @ John A
    This shows why we can’t go forward. Once your party does it , it’s okay. That’s why I remain steadfast that the lack of accountability, transparency and corruption, is the problem and these two parties have been the engineers.
    In other words , the current thinking seems to be that every body is corrupt, nobody is transparent and nobody is accountable.
    This is a direct policy decision that cost the NIS one billion dollars.. The nation needs to be told why this decision was made and why the decision was made knowing full well that one billion dollars would literally disappear.
    Until that is answered the apologists and party hacks can continue with their charade.
    They ain’t fooling nobody with their fancy deflections and pseudo intellectual BS.
    Sinckler was a poor/ failure as minister of finance and we went after him as he deserved.
    Mottley as minister of finance should not be given a pass.
    The question remains: Why initiate a policy knowing full well it would have cost the NIS one billion dollars.
    After the nation is given a full detail of why this was done, we can then move forward. Until then all the palaver is an embarrassing waste of time normally practiced in Banana republics.
    As Harry Russell recently stated in his Nation column, if such behaviour is justified , we can’t be angry if we are called a banana republic.
    Not a failed state yet but………………

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

    “In other words , the current thinking seems to be that every body is corrupt, nobody is transparent and nobody is accountable.”

    them and their bullshit…. “it does happen everywhere”….so it’s ok for it to happen in slave society shitshow…….no matter how much social and financial damage it causes, young people committing suicide, killing each other…but the dumb don’t see a thing wrong with that….and that it can be DIRECTLY ATTRIBUTED TO THE BILLIONS STOLEN IN VAT, FROM THE TREASURY AND PENSION FUND that has reduced the island to poverty and the peopel to PAUPERS…

    now ya hearing “everybody born corrupt” in justification…

    …maligning those who have nothing to do with corruption and TIEFING BILLIONS OF DOLLARS from the people ……i would like to know who appointed these cretins who could barely string an intelligent sentence together, psychoanalysts..

    ..but the overwhelming, APPALLING IGNORANCE will leave EVERYONE IN POVERTY….including the IGNORANT….who live on the island…..and believe once lying politicians steal from them, it’s ok….and legal.

    “Not a failed state yet but………………”

    ya have gone way past that stage…if only you know what is OUT THERE ON THEM…

  19. Donna Avatar
    Donna

    So…. I guess I en nuhbody!

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

    William….this is the manifestation.

  21. TheOGazerts Avatar
    TheOGazerts

    Looking at the two active posts.
    None of the comment goes to the hall of fame.
    Bring out the porters for the hall of shame.
    Major yawn.

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

    Theo…that’s the best ya will get, after years and years, it’s time to wrap this up. Let those who care about their future, their destiny and families, deal with this, it’s that time..

    those of us who were ringing this bell for years and years got only abuse in thanks…no one is interested in hearing the crap from the usual suspects anymore…we don’t owe them anything..

    The more intelligent know what must be done and am sure are on it…self preservation and survival are powerful incentives.

  23. Artax Avatar
    Artax

    John A August 18, 2022 2:12 PM #: “That too is my question. But i will go further and ask is any minister legally within their rights to confiscate $1 billion dollars from shareholders in a pension fund when no part of the monthly contribution was made up by government?”

    @ John A

    Could you please explain your above comments?

  24. John A Avatar
    John A

    @ Artax

    My point is the money placed in the fund is made up of contributions from the employer and employee. There is no contribution made as a result by government on the PAYE form.

    For any government to therefore feel that it has the right to write off $1 billion dollars of the contributions of employers and employees begs the question, do they really have a legal right to do so based on how the money was sourced? In other words whose money really was it that got written off here and did government really have a right to do this?

    So if i had money say in a bank and the bank decided to right off a portion of the money on deposit what would the depositors rights be? Is this then no diiiferent than the Clico or Trade Confirmers scenario except at a state level? They are many questions that need answers here yet all that we are hearing is a deafening silence.

  25. Artax Avatar
    Artax

    John A August 18, 2022 9:34 PM #: “There is no contribution made as a result by government on the PAYE form.:

    @ John A

    You’ve gone from NIS contributions to mentioning something about a “PAYE form.”
    So, I’m not sure what point you’re trying to make.

    I know “money placed in the fund is made up of contributions from the employer and employee.”

    In the private sector – EE = 11.10%; ER = 12.75%

    For permanent government employees:
    EE = 9.80%; ER = 10.95%
    Temporary government employees:
    EE = 11.10%; ER = 12.25%
    State owned enterprises:
    EE = 11.10%; ER = 12.75%

    NIS contributions are deducted from the salaries and wages of government employees and are supposed to be remitted to NIS, along with the employer’s contributions.

    But, before the usual suspects PURPOSELY MISINTERPRET my comments…… please note I’m NOT SUGGESTING because government, as an employer, pays into the NIS, it “GIVES THEM THE RIGHT” to WITHDRAW from the fund to finance public and private sector projects.

    You, NorthernObserver and I have been ‘talking’ about the unavailability of NIS financial statements for a very long time.
    Yet, successive BLP and DLP administrations have been making business decisions in the ABSENCE of AUDITED financial statements, which can only be described as ‘reckless.’

    Among the only reasonable alternatives ‘government’ have is to audit the investments to determine ROI; value any assets; reconcile receivables and ‘go after’ those businesses and persons indebted to the scheme; replenish the fund in the amount lost as a result of the debt restructuring.

  26. John A Avatar
    John A

    @ Artax

    Yes reading back what i said was a but confusing.

    What i.meant was like the PAYE the NIS is a deduction made by the employee based on earnings. Difference of course being unlike the PAYE the NIS contributions are made by the employee and employer towards the pesion of said employee paid into a pension plan. At no time as a result can these funds ever be seen as belonging to anyone other than the employee. It is therefore from day 1 the money of the employee simply placed in trust with the NIS until that employee reaches pension age.

    Based on that I welcome anyone trying to explain to me how the state has any right to wipe a blind cent of these funds off the NIS books. The money clearly was not theirs to begin with.

  27. Artax Avatar
    Artax

    I’m sure the ‘T’ guy is fully aware that some people should be very careful how they use words such as ‘intelligent.’

    I’ll give you a recent example.

    A few days ago a particular individual posted information relative to Harlequin Boutique Hotel Limited, in Bankruptcy.
    That person proceeded to make certain comments on the issue, which were inaccurate and would’ve only served to mislead the forum.

    It clearly indicated the person DID NOT read the letter from the Trustee to the Claimants THOROUGHLY, nor did they understood bankruptcy proceedings as it relates to ‘secured, unsecured or preferred claims.’

    Unfortunately, this is not an isolated ‘incident.’

    ‘Less is more.’

  28. Artax Avatar
    Artax

    @ John A

    I now understand what you meant.

    And, I agree with you 💯%.

  29. David Avatar
    David

    Tudor insists NIS not in crisis

    Director of the National Insurance Department, Kim Tudor, is reiterating that even though the amounts being paid in benefits exceed contributions, the National Insurance Scheme (NIS) is not in crisis.
    She also assured Barbadians the state entity was committed to improving its efficiency and will do so “over the next couple of years”.
    Tudor was speaking on Wednesday night at Alexandra School in St Peter at the second NIS town hall meeting where discussions focused on the topi How Can We Revitalise The National Insurance Scheme – For Us, Our Children And Grandchildren? as well as its latest actuarial report.
    Structure ‘obsolete’
    The first in the series took place Monday evening at Combermere School in Waterford, St Michael.
    The director told the audience, some of whom had questions about pensions and reforming that aspect of the NIS, that the present structure was “obsolete”.
    “We’re paying out a lot more in benefits than we are taking in in contributions. Actually, this year we will pay out $300 000 more in benefits than we are taking in contributions and that is the system that we are dealing with. It is obsolete.
    “We, however, can shape the future that we want together. Something that is sustainable, affordable and equipped for all Barbadians across generations. We are not in crisis. We have been paying all our benefits. As I said Monday night, we are in the process of paying pensions up to September 28th, September 29th, because we process a month in advance . . . and they should be out shortly. So, we’re not in crisis,” said Tudor.
    She said that, as stated previously, it will be about 12 to 19 years before there is a crisis and assured those in attendance that “we are acting responsibly” and bringing the situation to the public as the desire is to design the NIS system “that would take us into the future”.
    Apart from Tudor, the meeting was attended by NIS chairman Leslie Haynes QC, his deputy Rawdon Adams and actuary Derek Osborne.
    Concerns voiced by the audience included pensions and the impact of increased contributions on the average person.
    Stephen Strickland, a former NIS employee, was critical of the board of the National Insurance Department, grounding his argument in the decision to increase non-contributory pensions in 2018, which later led to an increase in contributory pensions.
    Stating he has given lectures about the NIS, Strickland said he told people before that the pensionable age would not move past 67, but that it now would.
    “In 2004, I think I was told that if nothing is done in 2004, in 2020 or 2022 it (the fund) would almost be depleted. I’m in 2022 and I’m being told that [it’s] 13 years down the road. And in 13 years down the road the question is, the board and those that make decisions, what will happen?
    Pension increases
    “The decision in respect of the increase in pensions. There was a statutory increase as was stated just now since 2006. Every year they went up so there was no need in my opinion to give the pensioners that increase in 2018 because they were getting a statutory increase when other persons in Barbados were not getting in salary. And therefore, I think that something has to be done with the governance of the National Insurance funds in respect of the board,” he contended.
    Karen Jordan spoke about the impact of increasing contribution rates on someone earning $5 000 a month, for example, asking what he/ she would take home after requisite statutory taxes and contributions were deducted from their salary.
    “How are they going to survive? They have a family. They have bills and we know everything is going up . . . but nobody is talking about these people on the threshold and how hard it will be for them to pay an increased contribution rate.
    “You’re just telling me, ‘Oh, you’ve got to pay the rate because we want the fund to survive. I want the fund to survive too, but you can’t have it surviving at the expense of people living today,” she said to a smattering of applause.
    (GBM)

    Source: Nation

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

    more shite talk,….always seeing something they want to contradict so they can turn it into SHIT…….copy it and agree with it later…frauds…

  31. Artax Avatar
    Artax

    My problem is, anyone who can argue that a man is the parliamentary representative of a constituency BASED SOLELY on the fact he had a billboard bearing his photograph next to his constituency office and then continue to argue people in the constituency told the man is the representative…… is far from ‘intelligent.’

    Anyone who would ‘stoop so low’ as to ADMITTING to ‘lying and making up things just to make things interesting,’ is a lowlife liar and FRAUD.

    There ISN’T ANY PROOF to SUBSTANTIATE anyone EVER having ‘copied anything and agreed with it later.’ RUBBISH.
    Just another EXAMPLE of ‘MAKING UP THINGS just to make things interesting.’

    BUT, there is enough evidence in this forum that would clearly indicate what some people say is EASY to CONTRADICT, because more OFTEN than not, they DON’T KNOW what they’re ‘talking’ about.

  32. Bush Tea Avatar
    Bush Tea

    LOL… yuh gotta like Kim…

    ..One BILLION dollars gone with the wind.
    ..Outflows exceed inflows by 300,000 per year
    ..Public confidence blown
    ..60% of the Assets are KNOWN to be worthless
    ..Scheduled to die in 10 years

    But there is NO NIS crisis.
    This is business as usual….. ONLY bout hey!

  33. David Avatar
    David

    @Bush Tea

    They have to incorporate PR in the message. They need to buy time. It will be a rough ride.

  34. Artax Avatar
    Artax

    @ David

    AFTER making business decisions in the ABSENCE of AUDITED financial statements, they CANNOT AFFORD “to buy time.”

  35. David Avatar
    David

    @Artax

    The Director in her spiel was careful to say that the statements are completed, all that is outstanding is a coming together of the minds between the AG and Board in cash vs accrual matters.

  36. 555dubstreet Avatar
    555dubstreet

    “They have to incorporate PR in the message. They need to buy time. It will be a rough…”

    As Duopoly Willy would say Government are skilled propagandists..
    releasing bad news will only be a hot topic issue for one weeks news cycle and then it is forgotten.

  37. 555dubstreet Avatar
    555dubstreet

    Apologies..
    To whomever it pleases..
    “As ‘Non-Duopoly Willy’ would say..”

    Badman Dub

  38. John A Avatar
    John A

    @ David

    That is a load of crock. The accounting principles are clear on how such things are dealt with.

    Also if she is basing her asset value on say building cost of places like the grotto she is grossly overstating her asset value. What ever figures they end up providing need to be taken with a pinch of salt unless they have been ordered to have their real estate holdings booked at market value as oppossed to building cost. Also one must ask are the rents for all these buildings up to date? Are the receivables these financials will show collectable or has a bad debt allocation been made and will that be shown in the accompanying notes to the financials?

    In other words if these audited financials are ever made public kindly publish the notes as well seeing that the auditors concerns will be in there.

  39. John2 Avatar
    John2

    The goverment did not JUST write off 1 billion from NIS
    Goverment did a debt restucture the give gave All (persons / entities) Holding giverment debt a hair Cut

    B. When NIS purchased the giverment Bonds they became an ASSET for the 270k ( contributor and non-contributors)
    C. Since the goverment was responsable for paying the value of the Bonds + interest at maturity then it became a LIABILITY / DEBT for the goverment / tax payers
    D. When the 1b ASSET came off the books of NIS – The 1b LIABILITY / DEBT came off the books of goverment / tax payers

    Gloom and doom , gloom and doom.
    Note ti self : Let me throw a hit a sinckler to make them Think i am a neutral 😀

    Now gov bailed Out the clico pensioners
    They bauled the former hotel workers
    That assisted the the liar workers

    Now who would Think the if today NIS had problems paying the pensions that gov would not jump In?

    Another question – before 2018 how much money did NIS make from goverment Bonds?
    Was it legal for goverment to invest NIS money in goverment Bonds which seen as the safest. Investornyhed in the Island before 2018?

    Where would and injection of 1b or the paying of 1b ti honors the bonds come from beside the public purse ?

    Gloom and doom, gloom and doom and bare twisted BS

  40. John A Avatar
    John A

    Lol

  41. William Skinner Avatar
    William Skinner

    It is absolutely amazing how these paid operatives with fancy titles are out front trying to put lipstick on a pig. It reminds of those , I suspect non paid operatives , in both traditional and non traditional media, are coming up with all kinds of excuses that bear no reality to the dire straits we are in.
    We have a NIS fund that was ripped of one billion dollars just so and there’s no crisis.
    But a few years ago the entire country was told spending money on the fiftieth anniversary of independence was unwise and that money should be spent on the poor. Now the same people lick up one billion.
    The Duopoly is merciless but some come here with extreme bouts of amnesia.
    All of these town hall meetings and the question has not been asked: how can a minister of finance jeopardize the country’s pension and state fund , to the tune of one billion dollars just so.
    But we always have the option of getting into semantics.
    Peace.

  42. Artax Avatar
    Artax

    @ David

    Were the statements completed and available when the debt was restructured?

  43. David Avatar
    David

    @John A

    The bottomline is if 1 billion was burnt from investment holdings it is coming from the same pocket – government; taxpayers. Where do we go from here? This is why many are saying the obvious solution is cash injection from government. Bottomline, we all have to pay.

  44. David Avatar
    David

    @John2

    Save the PR BS. What we are discussing takes us forward from the mechanics of the debt restructure. We don’t need your abc explanation.

  45. David Avatar
    David

    @Artax

    Good question. If the blogmaster were to guess the answer is yes. Former Chairs Robinson and Marshall had indicated the preparation of the financials were at some state of being completed. The blogmaster notes a former partner of the accounting house responsible for auditing NIS now sits on the Board of NIS. Let us hope his involvement will speed the matter along. It has been too long.

    As you know audited financials is a strong signal to the market the financial health of the entity.

  46. Artax Avatar
    Artax

    John2 August 19, 2022 8:34 AM #: “D. When the 1b ASSET came off the books of NIS – The 1b LIABILITY / DEBT came off the books of goverment / tax payers.”

    @ John 2

    Surely you jest.

    The simple point being is that National Insurance funds is MANAGED by the state, but OWNED by current and future Barbadian pensioners.

    ‘Government’ shouldn’t have made a reckless decision to restructure the debt, which resulted in the fund being deprived of $1B, thereby jeopardizing the entire scheme in the process.

    Then, to add ‘insult to injury,’ ‘government’ is holding ‘town hall meetings’ through which they are seeking to solicit ideas from the same current and future pensioners, in an effort to rectify a reckless decision that was made.

    Can’t be “doom and gloom.”

  47. 555dubstreet Avatar
    555dubstreet

    Junior Soul
    Black reggae musicians work with an original song to make an instrumental riddim.
    Then a singer will come in and sing vocals over it.
    Then a chanting DJ will cut a version excursion for Rastafari brethren to jump up and dance making their dreadlocks fly.

    I have got proof..:

    Original soul song
    Give Me Your Love (Love Song)

    Reggae Song
    Give Me Your Love

  48. 555dubstreet Avatar
    555dubstreet

    Keep Your Dread
    DJ version

    the same principle or working and reworking a tune or riddim applies to systems of politics and narratives in a black man land (and black woman land)

  49. William Skinner Avatar
    William Skinner

    @ David
    Good point. Rather than admit it was wreckless and I’ll conceived to put the fund in further jeopardy, after accusing your predecessor of such, you then come and act just as irresponsibly.
    All that non partisan persons are saying, is , it was a major blunder of the minister of finance.
    But those with nothing but partisanship to offer can’t bring themselves to be as vehement in the condemnation of Mottley as we were of Sinckler , in relation to what is obviously a serious mismanagement of the fund by both ministers.
    But more to your point: in the end we the taxpayers will have to save the fund in one way or the other.
    At the end of the day , Sinckler is up in Washington with Mottley’s blessing and Mottley , has a large family law practice to return to and a pension guaranteed by the same taxpayers that are now missing one billion and the rest that Sinckler caused the fund . A similar pension awaits Sinckler.
    And we have to save the fund not Mottley and Sinckler.
    Let the partisans from both sides dwell on this reality.
    Shameful pack of Kool aid drinkers. All of them , Bees and Dees.
    Peace.

  50. 555dubstreet Avatar
    555dubstreet

    “Mottley , has a large family law practice to return to ”

    Family Law specialises in Divorce and Children matters
    which is different to a family of lawyers

    Family Dub

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