NIS CRIME IN BARBADOS?
So-oo-oo…Owen didn’t just right NIS, he actually fully stabilized it. Then one bunch of not knows treated it like a piggy bank & depleted it, while the current lot wrote what was owed off because certain peoples’ fathers owed NIS; then wrote off corporate taxes outstanding because the same peoples’ fathers owed them too? Knighting some of them to boot? With NIS funds owed to the tune of a minimum of $2 billion & a ceiling of God knows what? Now after writing off well over $2 billion to save friends & family of both political affiliations, you come to hammer the public whose contributions were misused & tossed away like chaff, while your own pension structure paid via the Treasury & not NIS remains unaffected? All being done while the country has NO legitimate functional constitution so no one can ever be prosecuted for fiduciary mismanagement of public funds? Clearly, we are all in this together. Never mind though; we got a “free” party & an extra holiday, so… Author unknown
August 2, 2023
1. Discussion in Barbados on the NIS and Pension fiasco – Part 1 (2:48:09)
2. Discussion in Barbados on the NIS and Pension fiasco – Part 2 (2:07:11)
LETTER TO THE CITIZENS OF BARBADOS
Minister Colin Jordan has a certain faith in Barbadians being a reasonable people, stating that in the end, everyone wants to see the National Insurance Scheme around for others to use it. He wants good sense to prevail and that all of us realize that we have to rally around the scheme to make sure it survives and that it is better to act early than to act late.
Where was Mr. Jordan’s voice when the Mottley administration was taking decisions without consultation to place the National Insurance Scheme in further peril? These decisions include the refusal of the administration to repay $1.268 billion invested by the NIS in government securities, writing off just under $470 million in arrears to the NIS by private and public institutions, writing off the $124 million NIS loan to the Four Seasons project, and allowing new arrears to the NIS to accumulate during the Covid period. These decisions removed about $2 billion from the balance sheet of the NIS and accelerated the financial problems with the NIS.
The situation was exacerbated by the Mottley administration’s refusal to accept former Prime Minister Owen Arthur’s suggestion that increasing old age pensions after the 2018 general election would place the NIS in greater peril. Having done such extreme damage to the NIS, the Mottley administration, through fall guy Colin Jordan, wants innocent workers to be disadvantaged in order to save the NIS. Imagine what the status of NIS would be if the administration did not take unilateral action to deny it the chance of collecting almost $2 billion. Further, what is even more contemptuous is that Mr. Jordan and his fellow Members of Parliament serving at least two terms of any length are still entitled to pension at age fifty.
Barbadians recognize the importance of the NIS and want the scheme to survive. However, it should be incumbent on the Mottley administration to correct its ill-conceived decision through recapitalizing the NIS instead of appealing to the patriotism of struggling workers.
Author Unknown
ASSOCIATED TOPIC:
Real Estate Crime in Barbados? (Pending Court case to start in Florida against Bajan Attorneys)
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