Thursday, April 25, 2024

Actuary: Work longer


Share post:

The National Insurance Scheme (NIS) has been so negatively affected by Government’s “appetite” for its funds that Barbadians might need to continue working into their retirement years as part of a solution to this “habit of borrowing”.

Seasoned Barbadian actuary Charles Herbert made this recommendation yesterday as part of efforts to “keep our dependency ratios at a higher level and keep our cost of national insurance down”.

Herbert, who is principal at Eckler Partners Limited Barbados, was speaking at Hilton Barbados Resort during a panel discussion at the Caribbean Actuarial Association’s 24th annual conference.

“The number of people contributing to the number of people drawing is going to fall steadily in the future. Really, what we need is a new paradigm. People are not retiring at 60 and going home and doing nothing, people are not any longer reaching the peak of their career and suddenly stopping. What we need to do is to encourage a society which keeps working for longer but realise that they reached their peak before they reached their retirement; people like me,” he said. (SC)

Please read the full story in today’s Weekend Nation, or in the eNATION edition.


Please enter your comment!
Please enter your name here

Related articles

Shooting incident at Husbands Heights

Police responded to the scene of a shooting incident at Husbands Heights, St. James, having received a...

British Airways celebrates 70 years in Barbados

SEVENTY YEARS AGO, the first direct British Airways (BA) flight landed in Barbados. Yesterday, the Barbados Tourism Marketing Inc...

Body found near Culpepper

There are reports reaching The Nation that a body was found in the area of Culpepper, St Philip. Initial...

Time to focus on national issues

ARE THE DEMS united, or are they fragmented? The reason I ask though is because shortly after Member of...