
Solidarity Allowance Payments Begin Today
The National Insurance and Social Security Service (NISSS) advises that payment of the one-time $300 Solidarity Allowance starts today, May 14, for individuals 18 years
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The National Insurance and Social Security Service (NISSS) advises that payment of the one-time $300 Solidarity Allowance starts today, May 14, for individuals 18 years
Solidarity Allowance Registration Continues Until May 30, 2025 Registration for the Solidarity Allowance remains open through May 30, 2025 and is available at select Post
The National Insurance and Social Security Service wishes to advise that the following individuals do NOT need to register for the Solidarity Allowance: The National
ONE-OFF SOLIDARITY ALLOWANCE PAYMENTS TO START FROM MAY 14 Barbadians will begin to receive the one-off Solidarity Allowance payments as announced in this year’s Budgetary
Effective April 1, 2025 MANUAL SUBMISSIONS Please refer to the document Manual Schedule.pdf The following changes should be made: ONLINE SUBMISSIONS Continue Earning Submissions noting
1 thought on “NIS Pension Reform Suggestions”
I have listened to and read most of what has been put out about the NIS and comment as follows
The fund is failing :
The fund has at least 6 different categories
My question is
(1) What is the balance of the fund at present
(2) How is it made up …list the balance is each segment ..Show the detailed performance to each segment
(3) which of these segments is performing how they should and which are failing
Once these are determined we can then attempt to repair each part
(4) Is the pension part of the fund actually failing? I doubt this
Reason : Assumption :
(1) A person earns $ 1,000 monthly for 40 years(age 27 to 67 )
(2) The employee and employer each contributes 6 % of his salary =$ 1,440 annually
(3) Out of 6 % return as announced by the board assume 50 % to enhance pension and 50 % for Admin. costs
(4) $ 1,440 annually at 3% Interest compounded for 40 years = $ 111,833
(5) Pension at age 67 …60 % of salary = $ 600/mthly or $ 7,200 annually
(6) the fund will have in it 15.5 years of pension to pay the employee or until the employee reaches 82.5 years old
(7) This is higher than the average lifespan of a Barbadian…the figure given by the board
Therefore , from the above example , the fund will not require any input from any other employee to provide the pension for oneself
What then is the problem? It has to be failing due to overspending by the other segments
Which is why I asked for a detailed performance schedule for each segment
Then and only then can we begin to try to solve the plan’s problems since it CANNOT be the PENSIONS segment which is causing it to fail