Clarke: Incentives needed

CHIEF Operating Officer and General Manager for Barbados Operations for Sagicor Life, Edward Clarke believes that the restoration of taxable allowances, particularly pensions, is the incentive needed by Barbadians to invest in their future.

 

Clarke said such a move should also be expanded to include medical insurance. “...In order to have more private care and take some of the burden off the State and allow people to get a tax deduction for medical insurance, those kind of things would be very helpful to the industry and to create less dependence on the State.

“I think pensions and health insurance are something that the private enterprise can do very well. We have done it for a long time and you just have to give incentives to some people to get them more involved and see the need for it as well.”

 

Speaking to the media after Sagicor Sales Department’s thanksgiving service at St. Peter Parish Parish Church yesterday, Clarke said: “I know government's policy is to reduce the number of allowances and to a lower band of tax but if you want people to invest in their future their pensions… I would love to see the pensions deductions restored.

 

“That is no secret to the Minister, he knows my position on that and the industry's position on that. We would like to see the pensions allowance restored to the taxable allowances,” he reiterated.

 

“People say… It doesn't cost me as much. It may cost me 25 per cent less because you get a tax deduction but you are doing something that you need to do so it is just a little ease of the financial burden of people at this time especially. So we are looking at that pension reduction to be restored in the near future.”

The general manager also lamented that persons are taking major risks by not insuring their properties. “I think one of the biggest disappointments in Barbados is that people haven’t been able to get more people with chattel houses to insure more, even people with properties that are not chattel properties, a lot of people haven’t insured because they don’t have a requirement to do so.

 

“A lot of people say I can afford to not pay insurance, my house isn’t going to burn down, we haven’t had a major hurricane since Janet, but it is a risk you are a taking and it is a big risk. So we hope that people can see the need and it is our duty of insurance associations around to region to encourage homeowners protect their homes and families and that's what we are trying to do,” he said. (JH)