Say ‘No’ to BOSS

“Ill-conceived madness!”

This is how the Opposition People’s Party for Development and
Democracy (PdP) member, Scott Weatherhead, described Government’s
latest plan – the Barbados Optional Savings Scheme (BOSS).

The plan, which aims at extricating the island from a COVID-19 induced
fiscal crisis, will see those public servants working for more than
$3,000 monthly being given the option of converting part of their
salary into bonds.

Joined by the PdP’s voice on labour matters, Senator Caswell Franklyn,
Weatherhead, who is the party’s spokesperson on economy, denounced the
plan, which replaces the forced savings and National Meeting Plan
proposals mentioned initially.

During a virtual press conference yesterday, Weatherhead outlined:
“Under this scheme, whose name may yet change again, Government
proposes taking $100-$110 million per year away from a total of 14,437
workers, or 57 per cent of its workforce, money which these workers
would have spent in the local economy.

“This Government proposes to give this money to a select few rich
business magnates and construction companies in the form of contracts
to do capital works projects. The majority of that money will go
directly to imports of concrete, steel, wood and building materials
for those capital works projects. The next largest sum will go to
profits into the pockets of the few, already rich business magnates
and construction companies. The smallest portion will go to wages for
labour, and these projects will not employ the 41,836 people or one
third of the entire workforce who lost their jobs as a result of
COVID-19. So the portion of this money that will be spent in the local
economy will be far smaller than if it was simply paid to the public
workers instead, allowing them to spend it in the economy as they
usually do,” he added.

He also took issue with several other initiatives proposed by the Mia
Mottley-led administration, including the proposed $40 million VAT
Loan Fund and the $200 million tourism facility, saying these both
would place the island’s businesses in debt.

“Businesses that benefit from these facilities will have to repay this
money to Government. To do so, they will have to increase revenue, so
prices will increase. This will lead to inflation, which will further
reduce spending and further dampen the economy. The tourism businesses
will also have to repay that $200 million facility, which can only be
done through increased room rates and air fares, leading to Barbados
becoming a more expensive and less attractive destination for visitors
post COVID-19,” he stressed.  (JMB)