The Barbados Association of Retired Persons (BARP) has welcomed the relief for pensioners from Government’s changes to how their investments will be disbursed.
“We appreciate the fact that the Prime Minister has done as she had said, by reviewing the pay schedule. She has improved it significantly,” said BARP President Ed Bushell.
Bushell told Barbados TODAY that he had no word yet on whether his members had started receiving the promised cash payments of up to BDS $20,000 which Government promised to start distributing since Monday.
However he is confident that the Mia Mottley-led administration would deliver as promised.
“I have no doubt it will be done. I expect that it will be done,” he said.
Over the weekend, Minister in the Ministry of Finance, Ryan Straughn, assured the public that Government had amended the repayment terms for people 60 years and above in receipt of pension benefits as of September 1, 2018.
The new terms for pensioners are intended to bring relief by cash payment of up to BDS$20,000, and a cash payment of up to BDS$30,000 in March 2019.
Straughn noted that persons with BDS$251,000 or more would receive identical payouts. .
“The next BDS$200,000 will be converted into a bond which will deliver 42 equal monthly payments of the principal, beginning April 30, 2019. Any remaining balance over $250,000, will be paid with interest over the remaining 11 years,” Straughn explained.