Govt. coercion to invest in Berbice Bridge broke NIS, not pensioners living too long

Mar 21, 2021 Letters

DEAR EDITOR,

A letter by Neil Adams, “Restructuring the National Insurance Scheme” on March 19 is lacking in perspective and omits the primary reason for the dire straits the NIS finds itself in. Adams sees the NIS as a welfare organisation on welfare principles and in such a mode, “it’s viability would soon be in jeopardy” unless it (NIS) can receive funding from multi-sources. I would like to think that Neil does not know that NIS is multi- funded, because when a worker contributes, say $10, the employer has to contribute a matching $10 for him/her – making it $20 to NIS to make it a legitimate contribution for that worker. Employers find it profitable to deduct workers’ contribution and keep it rather than match that sum and contribute it, despite such action or non-action is deemed a criminal offence by NIS laws. I am inclined to believe that NIS inspectors facilitate this by virtue of kickbacks from employers. How else can so many complaints for Employers deducting and not submitting workers contributions pervade the NIS landscape and no employer is ever prosecuted?
Adams is suggesting that the age of retirement be increased from 55 to 60 to garner more contribution (cash) from contributors. My understanding is that while some class of workers has the option of retiring at 55, NIS payout or pension to contributors commences at age 60. I am certain that NIS continues to collect contributions from working people up to age 60. Adams seems unaware of the above.
It irks me that Adams does not know or conveniently forget to mention that in 2006 Jagdeo induced NIS to invest 29 billion or 87 percent of its 34 billion investment portfolio on the Berbice Bridge. Who remembers Maurice Arjune who became collateral damage at the hands of Jagdeo for refusing to invest more than New Building Society investment figures on the Berbice Bridge? It was a bad investment that catapulted NIS into the dire financial straits it now finds itself in. NIS is broke on account of the Bridge investment while Adams closed his eyes and amble through his missive with a dust canister- citing pensioners living longer as the reason for NIS to go broke and calling for more contribution to raise money for investments to make NIS viable. Can you believe this Guy?
NIS was sitting on large sums of monies – contributors monies – I have no problem with NIS making investment but it should not be done by coercion by the Governing party.
Now that NIS is broke it is imperative that the Government bail them out of the jinx they put them in since 2006.

Respectfully,
Rudolph Singh

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Govt. coercion to invest in Berbice Bridge broke NIS, not pensioners living too long

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