National Insurance Scheme (NIS) Running out of Money?
Prime Minister Mia Mottley raised the alarm bell earlier in August 2022, that the National Insurance Scheme (NIS) needed an urgent fix. She did so after receiving a report from an actuarial expert Derek Osborne, who projected that the near $4 billion NIS Fund risks being depleted in about 12 years by 2034 if major reforms are not undertaken. The prime minister however stressed that while the NIS was currently not in crisis, if efforts weren't taken to assure it could keep providing benefits, it may reach that stage. Mr. Osborne, the Bahamian actuary expert tasked with assessing the health of the NIS, delivered the grim news Wednesday 10 August 2022, as he called on Barbadians to agree on a local solution to the threats facing the NIS. The announcement has been met with astonishment and disdain by Barbadians. Members of the public have been questioning the sincerity of government ministers who make statements like "we are in this together" while maintaining a pension arra...