BARBADOS – There’s too much Government involvement in the National Insurance Scheme (NIS) with both of the traditional political parties dipping into its more than billion-dollar National Insurance Fund as if it was a piggy bank.
That observation, along with suggestions and mainly questions about the dire position of the NIS, came out of Starcom’s radio programme Sunday Brass Tacks dedicated to hearing home-grown solutions as authorities attempt to head off a financial crisis of the scheme.
The NIS and its nearing depletion of funds payable to citizens for a range of health benefits, severance and primarily retirement pensions – which can start from age 65 in the private sector and 67 in the public service – have been the burning topics for the last five days.
Kemar Sobers, a Barbadian financial consultant living in Canada, joined the horde of Barbadians calling or messaging the radio show yesterday or posting on social media as they continue to digest the news about the need for urgent intervention to stop the fund going broke in 12 years.
Sobers, who examined the 17th Actuarial Review of the National Insurance Fund, Unemployment Fund and Severance Fund as of December 31, 2020, said the fund needed serious restructuring and a diversifying of its securities to avoid being in a similar position in ten years.
