Pension reform proposals with Cabinet

Barbadians could soon know what recommendations have been put forward regarding pension reform in this island.
Minister of State in the Ministry of Finance Ryan Straughn told a post-budget discussion at the Lloyd Erskine Sandiford Centre on Thursday morning that the board of the National Insurance Scheme had concluded extensive pension reform talks. He said the report was now with the Cabinet and the proposals should soon be made public.
“The National Insurance Board will go to the country in relation to what recommendations are to be moved forward, given that they are the ones who did the consultation with the public and it is their responsibility to be able to report back what are the specific recommendations to move forward on that.
“It is not that things have not been done, but given that the specific mandate is to transition the National Insurance to an independent body, we have to start to treat them in that way,” he said.
Straughn also said that discussions are well advanced between other boards of state-owned enterprises (SOEs) and trade unions regarding the reform of these agencies.
He pointed out that both Ambassador Dr. Clyde Mascoll and Oliver Jordan have been working with the management of SOEs to re-evaluate their mandates and to decide how these will be delivered.
“The reports have been submitted, discussions are with the unions at the moment, so whether it be the Queen Elizabeth Hospital, the National Housing Corporation or the Transport Board, which will transition into a mass transit authority…”
The minister explained that the move to the cashless system to change the operating model for the Transport Board and wider PSV sector are part of the transition process.
“Discussions are well advanced with respect to the unions in terms of what those opportunities will be in those very specific things.
“Having done the work with the consultants, the board will make the necessary decisions, come to Cabinet and that process will start,” he added.
The event was hosted by the Barbados Chamber of Commerce and Industry.
(JB)