Stuart: NIS funds are safe

Prime Minister Freundel Stuart is assuring Barbadians that funds in the National Insurance Scheme are safe following reports that money to pay benefits to the country’s unemployed could run out in about two years time.

“So far as the National Insurance Fund is concerned, no need to worry at all,” he told reporters while touring BMEX at the  Lloyd Erskine Sandiford Centre.

Minister of Labour and Social Security, Dr Esther Byer-Suckoo disclosed last week that Government borrowing from NIS  is way past target.

However, when questioned by journalists the prime minister said, “There has never been a time in the history of the Unemployment Benefit Fund in Barbados when it was not under challenge, because as I said, unemployment has been a serious endemic problem to Barbados. Our severance fund is healthy. The National Insurance department administers a number of funds and those funds are all in a state of robust health.”

“To segment or to segregate the unemployment fund, highlight that and to give the impression that all is danger, all is sadness and loss at the department of National Insurance is a monstrous perversion of commonsense. It is also a monstrous perversion of the truth.”

Placing the issues faced by social security fund in a regional historical context, Stuart said,”Employment has always been an issue here in the Caribbean. One of the features about Caribbean history after about 450 years to 500 years, is that we’ve only had full employment in the Caribbean during the days of slavery.

“We’ve always been trying to create an environment where our economies could have the absorptive capacity to provide employment for the wide range of young, and not so young people who want work.”

For this reason, he said, “the unemployment fund has always been the most challenged of our funds because unemployment, in these islands in the Caribbean, Barbados included, has always been a challenge”.


11 Responses to Stuart: NIS funds are safe

  1. Lynda Bonnett
    Lynda Bonnett June 8, 2014 at 8:39 pm

    Like the treasury

  2. David E Hall
    David E Hall June 8, 2014 at 8:41 pm

    The PM can give me no assurances because I no longer believe anything he says.

  3. Ryan Bayne
    Ryan Bayne June 8, 2014 at 9:10 pm


  4. Wayne T Griffith
    Wayne T Griffith June 8, 2014 at 9:34 pm

    Oh shoot. NIS in trouble….

    • Ryan Bayne
      Ryan Bayne June 8, 2014 at 9:54 pm

      The NIS in trouble already since last Christmas on Black Friday when Sinckler made the announcement that 3,000 people going home. Everyday it getting full up with unemployed people.

  5. Prince Nick
    Prince Nick June 8, 2014 at 9:37 pm

    I give up these ppl aint got no shame at all

  6. Ryan Henry
    Ryan Henry June 8, 2014 at 9:52 pm

    Prove it!!

  7. Ricardo Bascombe
    Ricardo Bascombe June 9, 2014 at 5:53 am

    all these warnings yet you keep saying everything safe,how cn you be so sure if you continue to sleep,you need to wake up

  8. Lorraine Lewis
    Lorraine Lewis June 9, 2014 at 11:44 am

    …as you hear them saying anything safe….trouble brewing….NIS funds in BIG trouble…dear Father help us!!!!

  9. james franks June 10, 2014 at 11:01 am

    Regret to say the jury`s still out on this one!!


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