What would you call a social security fund that has not published audited statements in over a decade? – 10 marks
We should not take our eyes off the NATIONAL INSURANCE and Social Security Service (NISSS formerly the National Insurance Scheme (NIS). The late Walter Blackman, an actuary by training, allocated time to highlighting the importance of the fund. As a moderator on the popular VOB, Getting Down to Brasstacks, he was well positioned to sensitise Barbadians on the importance of the fund, its inadequacies and the importance of improving its governance.
Despite his best efforts it seems a majority of ‘educated’ Barbadian continue to be unconcerned about the fund. We need a modern day Clement Payne to fire Barbadians with another call – “educate, agitate, but do not violate”.
The transition from NIS to NISSS, occurred on Dec 1, 2023. As it is June 2025, and not a single Report, not even one to indicate the assets/liabilities transferred, confirms little has changed.
Northern Observer
While digital tools should aid in operational effectiveness, and should be likewise assessed in the public space, since the administration of OSA, the GoB has determined the NIS is “fah we to know and fah you to find out”.
The transition was largely to bury the past. An ugly period of mismanagement of the island’s largest asset. But once the people getting paid today, who worrying bout tomorrow? We will deal with that then.
The people don’t deserve one shiite, they deserve what they are willing to fight for. Thus far the NIS/NISSS is not something they seem willing to fight for. And the elected know this.
The Solidarity Allowance could have been a $50M contribution to the NISSS, as previously suggested. But money in yah pocket today, feels better. At least one is responsible for those funds, not some group who doesn’t report.
Do not buy a GoB Bond or TBill, until the GoB entities Report.
Some Barbadians have mismanaged retirement plans that prioritizes the NIS pension as a single lifeline it promotes the fund to be. The fact that the 17th Actuarial Review projects the fund to be depleted between 2034 and 2041 if nothing is done should be a concern. In simple terms successive governments will have no choice but to increase contributions- already one of the highest in the region- while lowering benefits.
Northern Observer and others on Barbados Underground have been strident about the violation of public trust regarding the unavailability of audited financials for over a decade. The MAIN reason for the NISSS requiring audit is that it is required by law, AND, making audited financials available ensures transparency, accountability and trust. Without audited financials can we confident how the fund is being managed? Without an audited statement how can those responsible for overseeing the fund be held accountably? Why would self employed Barbadians feel confident enough to contribute to the fund under the current circumstances?
It has not gone unnoticed to some that the transformation from NIS to NISSS occurred under the chairmanship of Leslie Haynes, who was elevated to the post of Chief Justice of Barbados for his stellar work. As recent as 2023 Chairman Haynes, indicated the records at the NIS was a ‘total mess‘. It is interesting that although the fund had not submitted audited financials since 2008, Haynes was quick to point out that Barbadians should worry about the fund. If those responsible have demonstrated unfathomable incompetence administering billions of public, isn’t this a good reason for Barbadians to worry? What would Walter Blackman urge us to do from beyond the mortal coil Chairman Reginald Farley?
Like sands through the hour glass, this blog has been strident in highlighting what many Barbadians refuse to see – Barbados’ social security fund is slipping away.
Here is how the above can be summarised.Barbadians have been paying into the NISSS every rh month for decades. Yet for over ten years, WE have been shown the courtesy of seeing a single audited financial statement. not even Parliament.
N.B: The blogmaster apologies for not including in more detail the decision taken in 2018 debt restructure to burn ONE billion of NIS investments.
The blogmaster invites you to join the discussion.