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Public workers to gain interest on ‘forced savings’ deal - by Barbados Today
May 27, 2020
Article by
Barbados Today
Published on
May 27, 2020
Article by
Barbados Today
Barbados Today
May 27, 2020
Thousands of public servants stand to earn substantial sums of money over the next four years through the proposed national meeting turn, a Government paper obtained by Barbados TODAY has claimed. The money to come from the plan diverts between seven and 20 per cent of public servants’ paycheques into Government bonds through a compulsory
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10 Replies to “Public workers to gain interest on ‘forced savings’ deal”
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Yeah! I had savings which were earning interest for my old age. Interest of $2,400.00/yr after tax is now thanks to this BLB Gov’t less than $400.00/yr and my money due in Dec 2021 will not be paid out until 2033, when I will be 75 – if I make it that far. Other savings from my Mom left to me to help me through retirement was in Savings Bonds at 5%. This Gov’t threatened these bonds so I did not re-invest them when they matured. They then said they would NOT be offering Savings bonds. The Banks are allowed to pay only fractions of 1%/yr.
My retirement fund is being whittled away by inflation and now with COVID my job with Tourism providers is gone so I have to use the original capital to pay the rent.
If I take early retirement to get something to live on I will lose 30% of my pension, thanks to Owen Arthur who moved retirement age to 67.
My Father died at 52. My Mother diagnosed with Cancer at 65, died before her 70th birthday. I may never see that money which has been taken from me by the Government just like Mrs. Ram’s business.
They use their Parliamentary majority to legalize snatching other people’s property and giving it to their favourites.
My Sister’s good job was pulled out from under her after 15 years because they want to move CBC to a Private/Public partnership. Another crony to benefit from Public funds.
WHY would anyone trust this Gov’t on promises about taking a pay cut now to get Bonds and interest in future when they confiscated the retirement savings and jobs of so many seniors leaving us with no resources to face this Pandemic and poverty in the future.
The hypocrisy of the BLP after their condemnation of previous administrations handling of Financial crises now doing even worse and excusing it when the 26 Ministers and unknown number of “Consultants” many of whom already have big Ministerial and Parliamentary pensions are too influential to have salaries cut?
Don’t believe their empty promises. Your money will simply disappear as mine, my Sister’s, my other Sister’s Husband’s and many other seniors’ savings did and the “Interest” evaporated.
At first glance this isn’t too bad an option. The questions I would have are related to whether the bonds are purchased with pretax or post tax income which makes a fundamental difference in how much income is finally received in hand. The alternate factor to query is whether the bond investment is being taxed and if so, when is it being taxed. Is it taxable yearly or at maturity. Those are some of the factors that would need to be answered in the white paper.
Capital works, well we all know the players..
After the pain experienced by bond holders and Clico policy holders no public servant i know will be taking this promise seriously..
Now which financial institution in barbados going take those bonds..all now people aint get a cent from central bank re reslife..
is the interest compounded or simple, is it compounded monthly or annually? devil is in the details. i hope these bonds are tax deductible as paying tax on money i cant spend is unreasonable, i would hope it is tax deductable for those who hold them for the full term
Will the monies be taxed after the 4years?
Light and Power taking these bonds?
Massy taking them so I can buy food?
Sol for Gas?
When the cashier ask how i’m gonna pay, can I say “Bonds from MIA”.
Otherwise, no bonds for me. Fire half your cabinet and all the advisors !
How are people going to eat with the rising food costs? How are people to pay rent and mortgages?
They will die from stress and
hunger before the bonds mature.
It may be a meeting turn because meeting turns don’t pay interest!
What selfish comments. Think of the thousands In Barbados who have lost there jobs because of Covid19 with no hope of getting any money. The Public Service Employees should be cut because of the drop in Government Revenues which will not be recovering for a long time. and the corresponding drop in economic activity. Air Canada is sending home 20 thousand employees to save the airline. Other companies all over the world are doing the same to try and survive. The Government of Barbados is trying to raise 100 million for public’ works to try and put people back to work and take the burden off the NIS. . If you worked for any corporation you would be getting sent home, Others work days shortened. Pay cuts not bonds earning 5 percent. Boeing, British Airways. Check just what is happening to their employees . No bonds paying 5 percent.
Just support your government
The country is seriously wounded and needs your help