The Congress of Trade Unions and Staff Associations of Barbados (CTUSAB) today issued a statement on the Barbados Optional Savings Scheme (BOSS).
According to Government, BOSS is aimed at providing public sector workers with a savings/investment opportunity.
It offers them an opportunity to take a portion of their salary in bonds, while receiving a five per cent interest rate per annum, to be paid semi-annually, with no withholding tax on the money earned.
Please see CTUSAB’s statement below.
“The Congress of Trade Unions and Staff Associations of Barbados (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 offiicer 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. In moving to the implementation phase, the Congress anticipates that every effort will 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 Congress advises that according to the law, and as cited in the Final Version of the Bill for the establishment of the Barbados Optional Savings Scheme, dated 2020-06-09, there can be no demand made upon any public Officer, or under any circumstances should a Public Officer be cajoled to commit to the allocation of any amount of their salary towards having bonds issued in their name.
“In ensuring that there is clarity on this matter, reference is made to Section 14 (1), (2), (3) and (4) of the Act which address the ‘Issue of bonds to Public Officers.’ Accordingly:
14. (1) Every month or other pay period a bond will be issued in the name of every public officer.
(2) Every public officer who wishes to receive his bond allocation shall so indicate in writing in the form approved by the Minister.
(3) Every public officer who does not wish to receive his bond allocation shall so indicate in writing in the form approved by the Minister.
(4) For the avoidance of doubt and in the interest of clarity, where a public officer fails or refuses to indicate in writing whether he wishes to receive a bond allocation or not he shall be deemed to have chosen to receive his bond allocation in cash.
Attention is called to Section 15 of the Act, re Payment of emoluments in bonds, where it is stipulated that: Notwithstanding any enactment to the contrary, for the purposes of this Act a portion of a public officer’s emoluments may be paid in bonds with the consent of the public officer.” (PR)
