Govt to clear $200 million in arrears to NIS

Government is to clear over $200 million in arrears to the National Insurance Scheme (NIS), after the two sides signed a long-awaited deal.

Minister of Finance Chris Sinckler this morning announced he had inked the agreement over a week ago, under which the administration would pay some of the arrears in cash and the remainder in Government papers.

Sinckler had announced last July that he would begin discussions with the NIS and the Central Bank on a plan to clear the arrears, owed to the social security scheme by statutory bodies.

Wrapping up debate this morning on an amendment to the National Insurance and Social Security Act, giving legal teeth to an amnesty granted to delinquent individuals and companies between October 15, 2017 and January 15, 2018, the minister said the way was now clear for the execution of the plan.

“We have arrived . . . [at] a full arrangement to ensure the full and complete liquidation of all monies owed by the Government of Barbados to the National Insurance Scheme and to have that done as expeditiously as possible,” Sinckler said.

“It would be a contribution of cash injections  . . . and of course some Government paper which they would determine with the committee that sets out the pieces of Government papers, which portions of that would go to where,” he added.

Sinckler said once the arrears were cleared, efforts would be made to ensure that all Government departments and agencies were up to date on their NIS contributions.

“The accountant general is seeing to, certainly from this calendar year, to ensure that each and every period that everybody is current that we don’t build back up any of those arrears. I think that should put the National Insurance Scheme back on the appropriate footing that it needs,” said Sinckler, who had indicated last July that the NIS held about $1.9 billion in Government papers.

5 Responses to Govt to clear $200 million in arrears to NIS

  1. Pat Clarke February 6, 2018 at 11:22 pm

    All you did in the last ten years was build up the arrears and all of a sudden you can find $200 millions dollars to clear arrears. We know the only place it will come from is printing from the Central Bank. Hurry up and ring the bell.

    Reply
  2. hcalndre February 6, 2018 at 11:33 pm

    Bro. Akanni McDowal; money in the land, civil servants you will get 20% of what you bargain for but should they retain the government there will be chop more that they did last time.

    Reply
  3. Roverp February 7, 2018 at 5:08 am

    Election gimmicks!!!!! Preparing to fool Bajans yet again!

    Reply
  4. Bajangranny February 7, 2018 at 8:20 am

    You and your gang just get out – Barbadians have had enough of your lies.

    Reply
  5. Mark Rosmar February 7, 2018 at 8:23 am

    What about CBC’s debt?

    Reply

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