Barbados’ National Insurance Scheme (NIS) needs urgent help. It is being weighed down by excessive Government debt, ineffective administration and deficient governance.
Failure to provide timely audited statements as mandated by law is also a major weakness.
Social security actuary Derek Osborne raised the alarm in the just-released 15th Actuarial Review of the National Insurance, Unemployment and Severance Funds of Barbados prepared as at December 31, 2014.
Prominent Barbadian actuary Charles Herbert called the report “damning”. He said the entire National Insurance Board (NIB) should go if it cannot fix the major issues raised and be accountable to the public. (SC)
Please read the full story in today’s Sunday Sun, or in the eNATION edition.
