NIS stable

Byer-Suckoo: no need to worry over social security scheme

Barbadians are being assured there is no need to worry about the stability of the National Insurance Scheme (NIS).

Minister of Labour and Social Security Senator Dr Esther Byer-Suckoo said the social security programme would not come under pressure due to Government’s deteriorating financial position, which has led to the scheme’s increased investment in Government securities in recent times.

Questions have been raised about the financial health of regional social security schemes due to a number of factors, including widening fiscal deficit.

In its October 2016 economic review for the January to September 2016 period, the Central Bank of Barbados reported that the NIS had increased its investment in Government securities by $91 million.

Additionally, the International Monetary Fund recently raised fresh concerns that the social security schemes in the region could face increasing financial pressure in years to come due mainly to slow economic growth, increasing public debt levels since the onset of the 2008 global financial crisis, widening fiscal deficit, rising unemployment and unfavourable demographic trends.

It is expected that NIS expenditure on benefits could soon exceed income from contributions.

However, while Dr Byer-Suckoo said a detailed update on the state of the NIS and its ability to meet its obligations was yet to come, she dismissed any notion that the scheme was handing funds to Government, insisting the scheme was simply purchasing Government instruments.

“This notion that NIS pays the bills for Government, that the NIS provide funding for Government, is erroneous in that national insurance may lend money to Government at very high rates, national insurance doesn’t say, ‘here, you cannot afford it we will pay that bill’. National insurance may loan money to Government and national insurance is guaranteed in contract, a high return on investment when it lends money to Government,” the minister explained.

“So what does that mean down the line for national insurance and their liquidity and so on?  They are not at risk. It ensures they are not at risk in ensuring that loan agreement provides them with a sufficient return [and] the Government of Barbados does not default on its loans. The Government of Barbados has a record of paying back all of its loans, including loans to the national insurance,” she assured.

However, she admitted that Government was sometimes late on its contribution to the scheme, although she said Government employees owed benefits do get those benefits “at the end of the day”.

12 Responses to NIS stable

  1. Sandra Madea
    Sandra Madea January 17, 2017 at 1:54 am

    Lies all lies.

    Reply
  2. Leroy January 17, 2017 at 4:29 am

    Please dont insult our intelligence with lies.

    Reply
  3. Ali Baba
    Ali Baba January 17, 2017 at 4:39 am

    LORD GOD, HOW CAN WE TRUST ANYTHING THIS DEMONIC LYING PARTY HAVE TO SAY…..HOW CAN NIS BE STABLE, WHEN SO MUCH MONIES’ BEEN BORROWED OVER THE YEARS’ AND NEVER, EVER, EVER PAID BACK………COOKCOO GO TAKE AH HIKE….LIESSSSSSSSSSSSSSSSSSSS

    Reply
  4. Santini More
    Santini More January 17, 2017 at 6:54 am

    Thank you for that reassurance. I am so happy to hear this from you and not from some lying political stooge looking to bamboozle the public….Wait a minute.

    Reply
  5. Tony Webster January 17, 2017 at 6:58 am

    Dear lady: whenever any of wunna does tell me, “doan worry”…I gets- out my prayer beads, and two-three bibles. Let me explain how bad-luck does affect me: effin I was travelling in a ZR, on a bumpy road at 92 kph, in Rocky gully, in the dark of night, and and the driver was smoking a spliff the size of a Fidel cigar, in one hand, and in de uthuh hand, had a large glass of rum mixed wid a red monster or summuch… and he also suffered from cataracts ….and I heard a soft voice in de back, (yes, just like yours) , sing out and say “Driver, pull over and let me drive the rest of the way”…………………………………………………………..I would jump thru de window. Got it?

    BTW: Jes’ last nite, I sees a certain lady who nornally talks (mostly “talks down”) to her listereners who call in to a Radio Propaganda thing up a hill…well, DEM up dere on de hill, played a lil thing , evidently recorded from her big-time speech, at a eating-thing in george street, last Friduh…13Th January…yes about lunch-time. Now, she didnseh in effect, dat it din no big ting to speak with de invading Menacing Forces, ..causin’ deom does lend yuh stiff at 1% . (Dat is almosr her exact words). Well, if moreeen ( I cyan spell to good yeh) did seh DAT, on Friday, and de technicians on de Hill , only gets de OK to broadcast it pon de Monday, some four days later….well, dear Doctor senator…DEM musee be licking mouts and fathers in de cam all four days, deciding IF; and HOW; and WHO; and WHEN and WHERE…to lets s little black kitten…OUT OF DE BAG. Now …WHAT was it you wuz saying ’bout N.I.S. funds?

    Reply
  6. Anonymous0260 January 17, 2017 at 7:45 am

    Correction minister……”the government of Barbados has not YET defaulted on its loans”. Nothing from nothing equals nothing. Doh!

    Reply
  7. Anonymous0260 January 17, 2017 at 7:51 am

    Regarding the late payment of contributions – let’s see here, what you are saying is that you the government take from peter to pay Paul. That’s like an ordinary citizen with 2 crediT cards from 2 different banks, short on cash, takes from one and pays the other. Eventually that citizen declares bankruptcy.

    Reply
  8. Zeus January 17, 2017 at 8:14 am

    If what she is saying are lies can someone please state the truth…. Those who alleged must prove…. Talk is cheap

    Reply
  9. Ossie Moore January 17, 2017 at 11:42 am

    “I Ossie Moore swear and declare dat if National Insurance get brek! I Ossie gine go to de Parlament building and drop me hat fuh some dem ministerial dollars! Step pun de whire and de wire wont bend that’s de way my story ends!!!

    Reply
  10. Alew January 17, 2017 at 1:29 pm

    Dr. Byer-Suckoo…
    It is expected that NIS expenditure on benefits could soon exceed income from contributions.

    However, while Dr Byer-Suckoo said a detailed update on the state of the NIS and its ability to meet its obligations was yet to come, she dismissed any notion that the scheme was handing funds to Government, insisting the scheme was simply purchasing Government instruments.

    Your words are like a pillar of salt to me… absolutely useless and all peoples should walk away from you. Nitwit!!!. If I buy Government paper … is there any guarrantee that I can get them converted when I need them?

    Reply
  11. Gearbox1964 January 17, 2017 at 3:02 pm

    The members of the incumbent Administration should realize by now that very few people believe or trust anything they say anymore. Even in a DLP stronghold like St. John, many of the hardcore DLP supporters who I know and talk with on a regular basis are disenchanted with the current Administration. They may never vote BLP, but at this point they are more likely to stay home next election than to vote for this same lame, incompetent, and unreasonable bunch again.

    Fundel, you is de biggest transitive inconvenience of all…so please ring de bell!

    Reply
  12. Mr Mark January 17, 2017 at 6:31 pm

    Interesting comments

    Reply

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