The People of Barbados will be severely affected by the proposed changes to the National Insurance Scheme. They have noted that last March 2022, the Prime Minister stated that it was her intent to:
1. Make the National Insurance Scheme (NIS) a Statutory Corporation more independent from Government by the end of 2022.
2. Recapitalize the NIS.
3. Add a requirement to diversify investments both locally and abroad.
4. Ensure that when private projects SEEK PUBLIC SUPPORT, they give the NIS the choice to invest.
However, the People of Barbados not having been privy to any report on the consultations regarding the National Insurance scheme, not being provided information on the Actuarial Review of the Pension Fund, not having knowledge of the assets of the Scheme or how the tax payers monies are being spent or invested or government’s action to recover funds that are being owed; are now being faced with a Bill that has already passed in the House of Assembly without discussion when this Bill will have profound effects on the lives of the dwindling middle class and all of the persons from the lower echelons of society and Barbadians yet unborn. The Bill is now before the Senate the step before it becomes the law of the land.