CAUSE FOR CONCERN

An Opposition spokesman is calling for more disclosure about the financial position of the National Insurance Scheme (NIS), while suggesting also that the NIS be regulated by the Financial Services Commission (FSC).

Walters who is the first vice president of the Democratic Labour Party and Spokesperson on Business made the call in a recent release.

His comments come following a weekend news conference at which the NIS Chairman, Leslie Haynes highlighted some positives about the institution.

Haynes told the media the NIS is one of the richest institutions in Barbados and that it has assets in excess of Bds$4 billion.

“The Barbadian people, who are the investors and shareholders by way of contributions each month to the various NIS funds need to be given a look into the real financial situation at the NIS,” said Walters.

He also listed five queries about the NIS, including a call to government to say how much is required to recapitalise the unemployment benefit fund, when that will take place and how it will be done.

Walters said that clearly the asset base and revenue generating capacity warrant independent financial reviews, scrutiny and transparency to the stakeholders who are the citizens of this country.

The DLP member said that with the click of a finger, one is able to access audited financial information on national insurance schemes in other parts of the Caribbean. When last did the NIS produce audited financial statements, he queried, while noting this is not the case with the Central Bank of Barbados and the FSC which produce and publish audited statements.

Walters wants government to say how it goes about measuring the sustainability of the Fund in light of the one billion dollar estimated loss from the debt restructuring, the average drawdown and the decline in investments and contributions.

He also mentioned the $135 million paid as unemployment, and that some workers said they had received part payments while querying why it is taking so long to pay the remainder.

The DLP member reiterates his party’s support for employees getting the full dues.