Minister: Stop peddling fear about the NIS
Stop the fear mongering!
This is the call from Minister of Labour, Senator Dr. Esther Byer Suckoo, to those whom she says keep peddling fear in the public that their pensions under the National Insurance Scheme (NIS) are not safe.
Her comments came yesterday in the Upper Chamber as she wrapped up the debate on the National Insurance and Social Security (Amendment) 2018, where she directed her comments to the contribution made by Senator Wilfred Abrahams.
“We cannot afford to be doing this as responsible people,” she said, stressing that there is no evidence to substantiate the claim that the NIS investments have been irresponsible.
“This approach of driving fear for whatever the topic is, it has to stop! Because at the end of the day, it does not do our society any good and there are people out there who take what we say verbatim and they actually believe every word that is said in here and not able to realise or discern sometimes, fact from fiction.”
“The NIS of Barbados is sound. It is one of the soundest in the region. It continues to perform well. When we had the period of high unemployment and we saw that fund dip and the investments dip they’ve been able to turn that around that we have good investment returns even in that weaker fund, the Unemployment Fund. All the funds of the National Insurance are doing well. Your money is safe at the NIS and will continue to be so,” she said.
She said that employers, if falling behind on their payments, should come to the NIS to enter a programme in order to get their affairs in order. She said the NIS, like banks are willing to work out arrangements, but persons “just have to make that first move”.
The Labour Minister congratulated the Investment Committee of the NIS, saying that this group of professionals ensures that NIS continues to get good returns on its investment, which includes investments in government. “NIS goes after government in the same way as any other employer. The National Insurance has been sitting down with government to talk about how to clear off these arrears. And have created a plan,” he stated.
“The NIS has served us for 50 years and it is well poised to serve us for another 50 years. Even with the money that we have their now and the money that is invested now. In the worst case scenario … we still have enough money in there now that the National Insurance can serve us for many years to come,” she assured. (JH)