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Time to hold former NIS Chairs Accountable

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Submitted as a comment by NorthernObserver

Under its economic reform programme and arrangement with the International Monetary Fund, Government has committed to submitting NIS financial statements for the period 2010 to 2021 for audit by the Auditor General by March next year – Nation

Nation Newspaper
Johnny Cheltenham
Sir Richard Cheltenham, Q.C.: 2005 to 2008
Jepter Innce - former Senator
Mr. Jepter Ince: 2008 to 2009
Sandra Forde - former General Manager Transport Board
Ms. Sandra Forde: 2009 to 2010
Tony Marshall - Former President of Barbados Cricket Association
Mr. Keith “Tony” Marshall: 2010 to 2011
Justin Robinson, UWI
Dr. Justin Robinson: 2011 to 2018
Minister of Tourism
Mr. Ian Gooding-Edghill, M.P.: 2018 to 2020
Leslie Hayne - lawyer
Mr. Leslie Haynes, Q.C.: 2020 to Present

This is the date by which a new entity must be up and operational, to avoid sending anything to the AudGen.

If the BTMI is any example, anything issued will be “unqualified”, meaning auditors have deemed the information incomplete, and hence cannot ‘qualify’ (have any minimum level of confidence in) their report.

BUT, the editor who penned for the Nation needs to also know, what the Act governing the NIS says.

33.(1) The Board shall
(a) in each year prepare a report on its activities in its last preceding year and shall furnish such report to the Minister no later than the thirtieth day of June

(b) submit to the Minister every account, certified by the Auditor-General pursuant to Section 30, together with the report of the Auditor-General thereon, within one month of certification; and

(c) submit annually to the Minister an account of the securities in which moneys forming part of the Fund are for the time being invested

(2) The Minister shall cause a copy of every report of account submitted to him pursuant to the Section to be laid on the table before both Houses.

Hence, there has never been any reason why audited (or otherwise) financials have delayed (a) and (c), albeit, without detailed specificity, the investments of the NIS funds have appeared on their website(s) from time to time (as reported by the NIS)

The Editor needs to contact those various Board Chairs from 2006 on, and seek explanation on 33(a). Did they submit such to the Minister? If they did not, why not? And if they did, we now have a legal issue (failure to comply with the Act) as to why such reports were not ‘laid on the table before both Houses’ by the Minister receiving them.

Sir Richard Cheltenham, Q.C.: 2005 to 2008
Mr. Jepter Ince: 2008 to 2009
Ms. Sandra Forde: 2009 to 2010
Mr. Keith “Tony” Marshall: 2010 to 2011
Dr. Justin Robinson: 2011 to 2018
Mr. Ian Gooding-Edghill, M.P.: 2018 to 2020
Mr. Leslie Haynes, Q.C.: 2020 to Present

NIS-Pension-Reform-2022-NISDownload

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190 responses to “Time to hold former NIS Chairs Accountable”

  1. David Avatar
    David

    @Sargeant

    A 64k question. From all reports there was a scrambled meeting yesterday after it was unofficially announced.

  2. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Some people need to go through the list of defendants again….the island’s reputation is irreparably RUINED….decades and years of buildup….there is absolutely NO recovery from that….and it can only get worse from here…

    There is only ONE remedy…not two..

  3. Sargeant Avatar
    Sargeant

    @David

    Perhaps he asked for his release, and it was granted, so they can save face and say it was mutual.

    I would think that such an early exit reflects badly on the powers that be who were responsible for the hiring, especially when they went out on a limb and hired someone from outside the region.

  4. David Avatar
    David

    @Sargeant

    The blogmaster believe this was the case given his super quick reentry to the workforce.

  5. NorthernObserver Avatar
    NorthernObserver

    The oddity is all his social media accts I can locate still place him at BTMI. If you jump, such things are usually taken care of?

  6. NorthernObserver Avatar
    NorthernObserver

    Did JT go to PATA?

  7. Artax Avatar
    Artax

    ‘Echoes of the Mind, What About the Half’ posted the following comment on another thread:

    “People get excited about pending court cases, but DEFENDANTS are INNOCENT UNTIL PROVEN GUILTY, in theory but that is not always the case in practice as often defendants are treated as guilty until proven innocent due to subjective prejudice and bias.”

    Although I understand and agree with the underlying principles of the civil law suit filed in a US Court against several Barbadian lawyers, I prefer to wait on how the case is adjudicated, before prematurely assuming if the defendants are guilty.

  8. David Avatar
    David

    Can John tell us if his family received any of that big settlement awarded by a Florida court?

  9. Artax Avatar
    Artax

    John, I know while ‘discussing’ Barbadian issues, you often make references to the USA. I suggest you read a US case, Dred Scott v Sanford, which took 11 years (1846 – 1857) to adjudicate.

  10. David Avatar
    David

    Finally.

    DLP boss blames Govt for NIS plight
    The blame for the state of the National Insurance Scheme (NIS) should fall squarely at the feet of the Mia Amor Mottley political administration.
    And it should be this Government that finds a better way to change around the fortunes of the institution in the form of a seven- to ten-year plan to repay the $1.3 billion which Government has waived.
    President of the Democratic Labour Party (DLP), Dr Ronnie Yearwood, made these suggestions during a live-streamed press conference held at the party’s George Street, St Michael headquarters yesterday.
    Yearwood said it was highly unfair for Government to waive the $1.3 billion owed to the NIS, while at the same time asking hard-working Barbadians to pay their money into the scheme for a longer period.
    The president said he also found it quite ironic that this current administration would speak about low population ratios affecting the NIS, when a few years ago, a former DLP minister was “laughed out the room” after suggesting that Barbadians get more children, which could eventually increase its employment pool.
    In addition, Yearwood reiterated that the DLP was not invited to be part of any consultation aimed at coming up with solutions to help the NIS rebound from its current financial position.
    “The simple fact is that the NIS is spending more than it’s earning. The ratio of reserves before this administration was over seven per cent. It is now down to 5.3 per cent. That is the reality,” the DLP boss said, with the party’s labour spokesperson Walter Maloney at his side.
    Citing the country’s 17th actuarial review of the NIS, Yearwood said the problems came when the Government went about dealing with the country’s debt back in 2018.
    “When you look at the review, it’s all about debt restructuring. It’s the elephant in the room, and this Government needs to own up to it. The truth is that the debt restructuring exercise has affected the NIS in a significant way. What gave this Government the right to wipe out money that is not theirs?” Yearwood asked.
    He also said it was unfortunate that some moderators and
    broadcasters had said the DLP was tardy in responding to the ministerial presentation by Minister of Labour Colin Jordan in the House of Assembly more than two weeks ago, when it was revealed Barbadians would be asked to make pension contributions to the NIS for a longer period of their working lives.
    “This isn’t about the DLP, this is about us Barbadians. What is there to show?” he queried.
    “The NIS is in this state because of what you did,” he said, pointing a finger directly at the current administration.
    Yearwood noted that despite the Government bragging about the job they had done in restructuring the country’s debt, social issues which they claimed they had removed, like a lack of garbage collection and transportation issues, still remained.
    The president said he was also concerned about the legality of the Government’s latest move, since there seemed to be some ambiguity about what would be expected from Barbadians and how they reach a pensionable age.
    “When you look at the legislation, there is no indication of the age ranges moving (from 67 to 68),” he said. (BA)


    Source: Nation

  11. David Avatar
    David

    @Sargeant


    EX-CEO SPEAKS OUT
    Thraenhart refutes claims he’s leaving BTMI for new job
    By Gercine Carter gercinecarter@nationnews. com
    Former chief executive officer (CEO) of Barbados Tourism Marketing Inc. (BTMI) Dr Jens Thraenhart is still in Barbados.
    He is refuting claims that he has taken up a new job with the African Asian Union (AFASU).
    Thraenhart sought to clear the air the day after the BTMI announced in a news release that it had parted company with the German/ Canadian tourism expert.
    An overseas news report stated he had joined the executive board at the African Asian Union also surfaced.
    In yesterday’s exclusive interview, Thraenhart said: “It is definitely not a job; it is not a full-time role; it is unpaid . . . . Therefore, the position that I am leaving the BTMI because of this job is simply incorrrect.
    “I do not have a job [right now].”
    Thraenhart was appointed CEO of Barbados’ top tourism agency on November 1, 2021, on a two-year contract, after beating out a field of 178 candidates from around the world, including 20 from Barbados.
    Thursday’s news release from the BTMI’s board of directors said the board had “mutually agreed to part ways” with the CEO, effective July 14, 2023.
    ‘My role’ Thraenhart said: “I have been in the role for nearly two years and my focus has been, one, getting the organisation out of the COVID-19 pandemic and rebuilding tourism. Two, was obviously focusing on sustainability, making sure to reposition the island from just sea, sand and
    beach to really looking at the destination with its diverse experiences; making sure that people understand that there is more than just beautiful beaches, but also experiences and the authenticity of the island.
    “All of that really was my key focus in addition to running the organisation.”
    He added: “We were very successful in the very short term to position Barbados in a different way and putting Barbados on the global map from a sustainability point of view.”
    He pointed out during his term in office, Barbados had won the Green Destination Award “which is very prestigious in the area of environment and climate resilience”, adding the island was also “one of only ten destinations in the Caribbean included in the Sustainable Travel Where Next
    documentary series”.
    Learned culture
    Thraenhart maintained that he had tried to pursue the work entailed in the job to which he had been appointed. He said when he first arrived in Barbados, he went into the local communities; talked to the local people; visited their shops; went to many of the local events, trying to learn from Barbadians about their history and culture.
    “I made sure I would be able to tell their stories to reposition Barbados not just as a beach destination. I think we have made a lot of advances together; we have made a lot of achievements and moved forward in really putting Barbados on the map in terms of sustainable tourism,” he added.
    Thraenhart expressed gratitude “for the hospitality of Barbadians” and indicated he would eventually be returning to Thailand with his family.

    Source: Nation

  12. Artax Avatar
    Artax

    David, based on the headline and ‘exclusive interview,’ I thought more information would’ve been forthcoming. Instead, what Ms Carter essentially reported that Thraenhart ‘refuted claims by an overseas news report that stated he had joined the executive board at the African Asian Union.’ And, then he gave a synopsis of how he achieved his planned objectives. Unless, this is ‘PR reporting,’ or Ms Carter is ‘testing the waters,’ hoping for the type of response that would give her cause to ‘drop the bomb shell.’ Or perhaps part 2 is to be published in the Sunday Sun.

  13. David Avatar
    David

    @Artax

    Based on reports he was let go since July 14, why Barbadians were not told? There is some PR stuff going on probably to protect reputations and image.

  14. Artax Avatar
    Artax

    David, what I find amusing is that a German was in-charge of Barbados’ tourism industry. Jamaicans ‘running Harrison’s Cave. Arabs will soon be controling the airport for the next 30 years. And, despite having a hotel school and UWI offering under and post graduate qualfications in cuisine, tourism and hospitality management, for several years, Barbadians are never ‘suitably qualfied’ for hotel management jobs other than ‘Front Office Manager,’ or employed as Bellmen, Concierge, Housekeepers, Pool & Beach Attendents, Gardeners, Security Guards, Front Office Clerks, Receptionists, Restaurant and Kitchen staff.

  15. David Avatar
    David

    @Artax

    You didn’t out a cherry on top your comment- John A wants to outsource the management of the NIF to an independent operator.

  16. Artax Avatar
    Artax

    Ironically, David, I rememered John A’s suggestion, but decided not to mention it, since I was ‘going down a tourism line.’

  17. Call it as it is Avatar
    Call it as it is

    6:47
    Excellent.
    Aren’t you saying the same thing as BT but with many more words.
    “David, what I find amusing is that we are a nation of brassbowls”

    Call it as it is.

  18. My Shiite is not copyrighted Avatar
    My Shiite is not copyrighted

    I think I will call myself AOPC2.
    I used to think the woman was half of a nut, but now I see it is just 10%.

    Have a great day all

  19. David Avatar
    David

    BTMI CEO departure handled badly, says former tourism minister
    By Sheria Brathwaite

    Former Minister of Tourism and presidential candidate for the Democratic Labour Party (DLP) Richard Sealy is angered by the way Barbadians were informed about the departure of chief executive officer of the Barbados Tourism Marketing Inc (BTMI) Dr Jens Thraenhart.
    He said he was concerned that had it not been for international media reports, Barbadians might have found out about the development much later.
    “This has been the worst kept secret in Barbados and I have to hand it to this government – they have some temerity. The [Barbados Tourism Marketing Inc] put out a release dated August 10 announcing Dr Jens Thraenhart has left the job and he did so on July 14. So you mean to say we are so undeserving to know what’s going on with a key position in our key sector for nearly a month?” Sealy said in an interview with Barbados TODAY.
    “It was the worst kept secret in Barbados and the Government didn’t think they shouldn’t say anything until they were exposed with their pants down by an overseas news outlet. If an overseas media outlet didn’t announce it, we would have to wait two or three months to hear that there is no CEO at the BTMI? Barbados, a nation state that is tourism dependent for virtually all its foreign exchange earnings? This is surreal; I can’t believe it. This government is bold.”
    In a brief statement on Thursday, the BTMI said that its board of directors “mutually agreed to part ways” with the German Canadian tourism practitioner on July 14, and the agency’s chief financial officer Craig Hinds is acting in his stead until a replacement is found.
    The release was issued a day after an article was posted on eturbonews.com, a global travel industry news website, revealing that Thraenhart had been appointed to the executive board at the African Asian Union (AFASU) for Tourism, Crafts, Research, E-Commerce and Development and is based in Bangkok, Thailand. AFASU aims to grow the tourism sector and improve people’s lives, according to the organisation.
    Sealy said he wished Thraenhart and his family well, and while he had some measure of sympathy for him, he raised concern about his performance and questioned how Barbados had benefitted with him at the top.
    “He was the most invisible CEO that we ever had and his departure has been just as invisible, apparently. He never spoke to any marketing initiatives, whether an existing one that was to be adjusted or whether he was introducing a new one. He never spoke to issues of the Barbados relationship with trade, with airlift, with marketing initiatives involving the distribution channels-how to move business to Barbados…. Frankly speaking, look at where he’s gone; he’s gone back to where he’s most comfortable. He’s a policy man, he’s administration, he’s not a marketer,” he said.
    Thraenhart was appointed as the CEO of BTMI on November 1, 2021.
    Sealy added that Government should also come clean about Thraenhart’s salary and benefits.
    “My understanding is that Tharenhart was supposed to get close to BDS$30 000 in remuneration per month, plus benefits. Was he given his performance bonus? And if he was given it, on what basis? That is information that should be shared in the interest of transparency and accountability.
    “When he was hired I opposed it. I felt there were people within the organisation who could have done that job and I still feel that way,” the former tourism minister said.
    Sealy added that there was a “clear lack of focus on the question of the tourism sector from the side of the Government”, noting that too much attention was placed on borrowing money rather than earning.
    “I think it’s time to focus on earning and getting the tourism sector right, and getting it settled would be a fundamental part of getting our foreign exchange earning capacity back on track and moving away from this strategy of begging and borrowing,” he suggested.
    Meanwhile, DLP President Dr Ronnie Yearwood said he wanted the “right person” found for the position and airlift issues resolved “so we can not only bring the international tourists back but our regional tourist market [can pick] up”.

    Source: BT

  20. Sargeant Avatar
    Sargeant

    According to the article penned by Ms Carter the former CEO beat out 178 candidates-they might have had 178 applications but not 178 candidates and for a position like this it is more likely he beat out a short list of 3 or 4 candidates. Some things just don’t make sense; why a 2-year contract? Did they want to go through the whole “178 applications” if he didn’t work out?

    The “going in a different direction” within 2 years doesn’t make sense either or only makes sense if the Board didn’t have long term strategic goals.

  21. Hants Avatar
    Hants

    https://www.visitbarbados.org/about-us?asset=3320-ig-17984575529109262

  22. NorthernObserver Avatar
    NorthernObserver

    I wonder, is this the same Richard Sealy who twice promised Barbadians an ‘update’ on Clearwater Bay Limited and never did?
    The entity which COST Barbadians $124M.
    And after not issuing a single Annual Report as required, now has the audacity to mention ‘transparency and accountability’. He hasn’t an effing clue what they are.
    Guh back under a rock, you have zero credibility.

  23. David Avatar
    David

    @NO

    Imagine if he gets the nod by DLP members for president which is a two year stint. What would it tell us.

  24. NorthernObserver Avatar
    NorthernObserver

    Sarge
    Didn’t the BTMI board change substantially since his hire?

  25. Artax Avatar
    Artax

    What is innovative or spectacular about Thraenhart saying he went into communities, visited shops and experiencing local culture. A perusal of BU’s archives would reveal that William Skinner and I ‘discussed’ community based tourism initiatives in this forum, on several occasions. ‘Government’ supposedly paid a German $30,000 + benefits per month, to offer the SAME recommendations Mr. Skinner and I offered for FREE. Yet, suitably qualified Barbadians are difficult to find for any ‘top class’ tourism related job.

  26. Artax Avatar
    Artax

    David, I won’t be surprised if Sealy wins. But, remember, Estwick has also entered the race. And, he is known fo distancing himself from the ‘status quo.’ The removal of Mascoll to make way for Thompson. Kellman vs Thompsom. His response to Thompson’s death. The ‘eagar 11.’ These are a few examples.

  27. David Avatar
    David

    If Sealy it would contradict what the party has been saying about a rush of young members. We will soon know.

  28. NorthernObserver Avatar
    NorthernObserver

    For the record, Mr.Richard Sealy former MP, was Minister of Tourism from 2010-18. In that role, Barbados disbanded the BTA in 2014, and replaced it with the BTMI and the BTPA. The BTMI was duly incorporated, owned solely by the GoB. It never filed a report, (sound familiar?) , until Nov 2021. Those reports can be found below for 14-15 and 15-16.

    https://www.barbadosparliament.com/uploads/sittings/attachments/5423a8f2c26c9f65a14799a55e49467c.pdf

    https://www.barbadosparliament.com/uploads/sittings/attachments/16a349f128133524642b6d6d1bacc756.pdf

  29. NorthernObserver Avatar
    NorthernObserver

    Note above
    The financial contents were ‘unqualified’.
    So Mr Sealy left office in May 2018, and the BTMI had never accounted for itself as required by company laws in Barbados.
    So when he talks about transparency and accountability, be very careful. Like a parrot he has heard the words, but it is doubtful he knows what they mean. He certainly didn’t practice what he’s now preaching?

  30. David Avatar
    David

    The average Joe in Barbados is not persuaded by a boring governance matter as you described NO. It belies our touted intelligence this we know but it is what it is.

  31. David Avatar
    David

    The better signature event to highlight his tenure as MoT would be his effort to encourage Bajans to take a dip with the late DLowe in the shitty waters in south coast seas.

  32. Yolande Grant - African Online Publishing Copyright(c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright(c) 2023. All Rights Reserved.

    Northern…..believe nothing put out by those liars about the BTMI horror show…more information is leaking that’s sounding more like what actually happened and the known low class behaviors coming from from such types……the teefs still in place so expect nothing better….it’s downhill all the way from here…

    Leaving that shitshow was the best decision that dude made..

  33. NorthernObserver Avatar
    NorthernObserver

    It is very obvious most don’t care. They just squeal like suckling pigs when it hits their pocket.
    Actually true in most places.
    Incapable of connecting the dots, others take advantage of that. C’est la vie.

  34. TLSN Avatar
    TLSN

    @ David,

    An archive from the Native son. Dr Robinson comes in for some severely harsh criticism. The poor man was in a comatosed state and was definitely asleep at the wheel during his reign from 2011 – 2018.

    https://barbadosunderground.net/2012/01/26/notes-from-a-native-son-four-seasons-the-end/

  35. David Avatar
    David

    @TLSN

    For whatever reason the Native Son disagreed with the recently promoted Professor.

  36. David Avatar
    David

    Changes ’could boost retirement savings’

    Money manager sees little incentive for companies
    PROPOSED CHANGES to the National Insurance Scheme (NIS) could force more Barbadians to invest more for their retirement, but there are as yet no signs that companies will do likewise.
    René Delmas, pension director at mutual fund company Fortress Fund Managers, gave this assessment yesterday while saying he did not believe what was on the table to fix the NIS would do so.
    He was speaking yesterday as Fortress held its regular Lunch And Learn media briefing via Zoom.
    Delmas said that for Barbadians, pensions should be like a “three-legged stool” – NIS, employersponsored pension plans, and individual personal investments.
    His hope was that the NIS proposals would help the social security scheme become financially stable in the future but said this was “up for debate”.
    “But be that as it may, the need for retirement, regardless of what National Insurance does, is still there, and that’s why we continue to preach our message of spending less than you earn and invest.”
    Delmas’ view was that with NIS pension qualification age being raised to 68, among other changes, this could “have the effect of forcing people to increase their investment in their private savings”.
    “If you now have to wait until 68 for your full NIS [pension], you now have to [go to] 63 rather than 60 before you can get it early, if you can afford to go early, all of this points [to] that you should be putting aside more money into your pension plan,” he said.
    “As to whether the employers will be encouraged to set up plans . . . we haven’t seen such a move from them as yet. But as individuals you certainly should start, if you haven’t started, contributing to your retirement pension.”
    Not optimistic
    He was not optimistic
    that more companies would start new pension plans and said there was a decrease in this since the tax allowance on pensions was removed in 2015.
    Minister in the Ministry of Finance and Economic Affairs and Prime Minister Mia Amor Mottley recently indicated that the tax relief measure would not be reinstated, pointing out that Government had given tax relief in other areas.
    Delmas called the end of the tax allowances unfortunate “because we certainly have seen a drying up of new [private pension] business from that period”.
    “But if that’s their tax policy then fine, but I am trying to rationalise why then if you’re not going to give the tax allowances on the way in, why maintain the tax on the way out. I think to double tax anything is just unfair. I would have hoped for the reintroduction of that tax allowance, but I think it is very clear that it will not come back in,” he said.
    “So given that’s the reality, at the end of the day the need for retirement is still there and no matter what National Insurance does, no matter what the tax policy of the Government does, the need for retirement is still there, and those other legs we just have to press on and as best as we can put money aside to fund for our retirement. To me, it is as simple as that.”
    Delmas said he supported the plan where the NIS would be permitted to invest US$40 million overseas and hoped such investments would be made year after year. (SC)

    Source: Nation

  37. David Avatar
    David

    PM defends NIS debt write-off
    PRIME MINISTER MIA AMOR MOTTLEY says a write-off of debt to the National Insurance Service (NIS) was among urgent initiatives taken by Government to stabilise the economy, save the dollar from devaluation and avoid imposing financial burden on Barbadians.
    She lambasted opponents of pension reform and critics of the NIS debt write-off at Tuesday night’s St Andrew Speaks parish town hall meeting at the Alleyne School.
    The Government leader also announced that a detailed report to the country on pension reform was coming in a matter of days.
    She charged that the Barbados Labour Party (BLP) administration, which came into office in 2018, inherited arrears from central government to the tune of $1.9 billion. This figure, she said, excluded the NIS debt.
    “Now, if we didn’t write it off, who in here would have to pay, and across Barbados,” Mottley said.
    She added: “Is it going to come out of the atmosphere? Like the atmosphere coming into water. Or are we going to find the tax payers who already were beleaguered and did not have the opportunity to save money for almost the better part of a decade.”
    “If you don’t restructure your debt when you are asset rich and cash poor, you can effectively become bankrupt.”
    “We had 23 downgrades. Now, since this Government has come in, the first thing we set about to do – not a loan – with the trade union movement, with the social partnership, the private sector, was to restructure the debt, the domestic debt,” she continued.
    The Prime Minister said the BLP inherited an economy with less than four weeks of foreign exchange while today it has between 37 and 38 weeks of foreign exchange.
    ‘The reality’
    Mottley added that she was hearing a lot of talk from a “certain section of society, as if all of a sudden those people in George Street are lily-white and hands clean”.
    She said there were calls to pay back the NIS debt.
    Mottley said if the debt was put on the backs of Barbadians still recovering from the COVID-19 pandemic, it would only lengthen the lifeline of the National Insurance Service by three years.
    “That sounds like something that any sensible Government would do?” she asked.
    “The reality is we did what we had to do to first and foremost – stabilise the dollar,” the Prime Minister added.
    She said there was a debt repayment due of $100 million which if paid in a few weeks, would have reduced the foreign exchange import cover to two and a half weeks.
    This coincided with the start of the hurricane season, she noted.
    Mottley asked “when people say don’t write off the debt, bring it back, which part of St Andrew residents, what percentage of the $1.3 billion are you all going to pay”?
    The Prime Minister said life expectancy was expected to rise to around 80 years while Barbados was faced with an ageing population.
    A planned increase in the age for pensioners to be eligible for a full pension, from 67 to 68 years, is a bone of contention for public protestors, who have called for a Bill on pension reform to be recalled. Opponents claim that the increase in age would require people to live longer to benefit from a pension.
    A Bill on pension reform was approved recently by the Senate but the Bill did not increase the pensionable age.
    Mottley said Government was acting with responsibility to reform the pensions Bill and was taking a gentle approach to pension reform, which was a global issue. She reiterated that she would be addressing Barbadians on the matter soon.
    (HH)

    Source: Nation

  38. David Avatar
    David

    You have to give it to the PM, like the Queen in shining armour she comes galloping in to the rescue.

    Mia: Age should go up
    By Barry Alleyne barryalleyne@nationnews.com
    The pensionable age of politicians should be increased as part of this country’s pension reform, says Prime Minister Mia Amor Mottley.
    However, Barbadians should also recognise that politicians do not have access to the same pool of benefits from the National Insurance Scheme (NIS) as employees or self-employed people, she added.
    Mottley made those points yesterday during a near two-hour nationally televised presentation from her official residence Ilaro Court that primarily dealt with the country’s latest moves to stabilise the NIS.
    She revealed that Government would soon be establishing a special committee to look at categories of people who might need their pensionable ages reviewed or changed going forward. “There are some categories of workers that need a look-in,” she stressed.
    Mottley said police constables would be one of the first categories of worker to be reviewed and that Attorney General Dale Marshall had already held initial conversations with the leader of the Police Association.
    Criticism
    Mottley’s administration has in recent weeks come under some criticism for its proposal to increase the pensionable age first to 67.5 years in 2028, then to 68 years in 2034, all in an effort to prevent depletion of the NIS, which has been affected by low population growth and increased payouts of contributory pensions to an ageing population.
    There were criticisms that politicians would not feel the burden as much as the average citizen, since they could retire at 50 years old.
    The Prime Minister made it clear she was not opposed to parliamentarians’ pensionable age increasing significantly, though she would not say to what number.
    “I feel it (retirement for politicians) should be more than 50. It should go up. I may not be popular when I say this, but I believe it has to go up significantly,” she said.
    Principle of equality
    “I will wait for them to decide. It will not be the same. There has to be equality among equals and proportionality among unequals is required. The mere fact that we are establishing a committee to look at other categories of workers is to ensure that that principle of equality among equals and proportionality among unequals is also reflected in recommended ages for any special category of worker, recognising that the burden placed on them is extraordinary or different, or there is a lack of security of tenure.”
    Mottley said it was important to put into context the situation regarding parliamentarians’ pensionable age since that select group was exempt from receiving certain benefits from the NIS, as if fired or relieved of duties, they will not have access to unemployment benefits.
    She said that in some instances, the Members of Parliament who were employed before being elected to the House of Assembly would have made a level of contributions to the NIS, but there would be no benefits once they go into Parliament.
    The Prime Minister said she had no problem with Barbadians taking to the street to protest her Government’s latest reform proposal.
    “For those who want to protest, I’m the first to say protest because a sign of protest is your right, and your rights in a democratic country. If they march every week, it is the biggest confirmation that Barbados is truly a democratic state. I encourage them to march if they so desire. It does put a lie to their allegation that we are undemocratic and that people are dictators,” Mottley asserted.


    Source: Nation

  39. NorthernObserver Avatar
    NorthernObserver

    Since I contributed several times on the NIS, I must admit when I make a mistake.
    For some time I have used the number of $320,000,000 to represent the sum of NIS contributions deducted from govt/SOE employees but not remitted to the NIS, by that employer(s), pre 2018. That was incorrect. The actual number given by the PM is $457,500,000.
    I have also stated that was a criminal act. That nothing in the National Insurance Act gave any employer the right to withhold from the NIS monies it deducted from its employees. The PM referred to this as “monies it {GoB} took on trust”. Apparently whether employers have the legal right to withhold and open Accounts Payable (on trust) to the NIS, the PM is willing to give the GoB “a pass”. As she was willing to do with other employers, just admit it and talk to the NIS.
    In context, this seems to be because a decision was taken to pay it back, and she was clear to state the full amount of $457,500,000 had been repaid via Bonds. She said series Series B, I thought it was Series J, doesn’t much matter.
    This then created the peculiar situation where it was OK to write off $1.3B in Bonds, but not $457.5M in unremitted contributions, which was repaid in Bonds, as if, the source of the money in both cases were not the same employee/employer remittances? The caveat being, the GoB will attempt to recapitalize both the NIS and the CBB as it can afford to do so.
    The PM also mentioned that certain talk regarding investments was “foolishness” because the NIS has Investment Guidelines. The actual term until now has been an IPS, an Investment Policy Statement, and for the record it WAS NOT followed, and that is how the NIS ended up with a mountain of GoB Debt as ‘assets’. Investment Guidelines or policies, are of NO VALUE is they are not followed, and there are NO CONSEQUENCES to those who decide NOT to follow them. Hence, anybody who has concerns about ‘Investments’ is not without some just cause.
    The PM also stressed the importance of the tri-annual Actuarial Report (likened to a medical check-up), while claiming the NIS was now current up to 2015, even though those annual reports have not yet been made public. She continued down the now well worn path of using the accrual accounting versus cash accounting method as the cause. However, said some modifications were being implemented so audits could be completed “in a hurry”. I have some difficulty believing it has taken them 5 years to arrive at this solution. It is interesting, that reports of a similar vintage from both the Caves, and then the BTMI did not mention this accounting dilemma, BUT, that information could not be found. Accountants could not verify/qualify that for which there was no tangible record.

  40. Prime Minster you are the one talking foolishness – Barbados Underground

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