Economist: ‘Everything on track’ for bond scheme start

BOSS – the Government’s bonds-for-pay scheme – is on track to be rolled out next week, Senior Economic Advisor Dr Kevin Greenidge has declared.

He sought to give the assurance that everything is a go for the Barbados Optional Savings Scheme (BOSS) to commence at the beginning of July.

The initiative, which was announced last month by Prime Minister Mia Mottley, assigns a portion of public servants’ salaries to the purchase of Government bonds unless they choose to opt of the scheme.

The bonds which are tradeable, are set to mature in four years and carry an interest rate of five per cent.

BOSS is projected to create approximately $100 million in fiscal space for capital spending, according to Government.

In an interview with Barbados TODAY, Dr Greenidge said all of the logistics had been dealt with, paving the way for a smooth implementation of BOSS.

“We are still on target for the July start date based on our timeline. Workers are currently filling out the forms and submitting them as we speak, so we are on time for the July start date, he said.

“Everything is on track. I don’t see any hiccups at the moment. We are working the process, workers are filling out the forms, the information is being collated and compiled and everything is on track.”

Dr Greenidge said he would be unable to provide figures as to how many persons had signed up for BOSS so far.

The Barbadian advisor of the International Monetary Fund who was seconded to his homeland’s finance ministry discussed the details of BOSS to public servants in two days of meetings. He said from his gauge, more than 90 per cent of Government workers were interested in buy bonds.

“The last time I checked more than 90 per cent of public workers had expressed interest but I can’t give you a number as to how many have filled out the form as yet.

“Based on my informal assessment, because I did all of the presentations, I would say that more than 90 per cent of public servants have accepted it.”

With BOSS just days away from its start date, the Congress of Trade Unions and Staff Associations of Barbados (CTUSAB) has expressed satisfaction that it is a feasible option for public servants.

In a press release from its general secretary Dennis DePeiza, CTUSAB praised the Mia Mottley administration for involving the labour movement in the formulation of the programme.

DePeiza said: “CTUSAB is satisfied that the structure of the Barbados Optional Savings  Scheme (BOSS) meets with expectations of the labour movement. The fact that participation in the scheme, which is voluntary, optional and rests on what an individual public officer can afford to invest from the monthly salary, represents a reasonable offer for consideration.

“CTUSAB credits the Government for having fully engaged the labour unions and the Social Partnership in consultation on the details of the proposed BOSS programme.”

The union said it hoped every effort would be made to ensure the efficient management of the scheme, so as to eliminate the possibility of any public officer being disadvantaged as a consequence of system or procedural failures.

The Barbados Government Information Service (BGIS) has reminded those civil servants and statutory corporation employees who are interested in signing up for BOSS that they must complete and submit the Public Sector Worker Option form by Friday.

The option form is currently on government websites and has also been sent to the email accounts of eligible public officers. randybennett@barbadostoday.bb