The top Management of the State Insurance Company and the Chairman of its Board have been told that the company’s pension plan is untenable.
They were invited to Cabinet to explain the troubling impact of the firm’s pension plan on the survivability of the company.
Payout of pensions under the plan would require more than one-half of the capital of State Insurance to meet obligations to retired employees, at this time. In less than twenty years, all of the assets of the State Insurance would be consumed by pensions, if the desired pension plan were to be implemented.
The Cabinet advised the Manager and the Chairman of the Board that the end result of the plan is untenable, and the Cabinet cannot agree to allow the plan to subsist.
The conversion of the firm from a statutorily-based firm to a private company spelled the end of the pension plan, and the reversion to a plan that is customary among private firms: The retiring employee becomes eligible for the contributions made by both the employee and the company when the age of retirement is achieved.
The employee would also be entitled to Social Security monthly payouts.
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What about the pension plan for government ministers? Is that not untenable for the country? While we the subjects get a percentage, a small one at that, of our salary as pension, they get their entire salary at retirement. I think as well that they only need to be elected to office twice for that to come into effect. WICKED!!!
I too want to hear Parliamentarians talk about their pension.
Amen Beef!
If this article is accurate, what is being proposed is b***s***
The question is how much monies has the gaston brown administration taken from the board that forced this kind of a situation, just asking.
Thank you! NYAMCO is leaving this organizations broke!
No fake news here!
This Administration created a problematic situation for State Insurance.Now they are crying foul.Just blame it on the UPP Administration for this fiasco you created.Just like the Peter Virdee matter in Barbuda.
Parliamentarian’s and Govonor General’s pension plan are crippling the Treasury.
All these pension plan should cease immediately and the public service pension plan should be applied to them by year end.
No more two terms and a year, no more frebes, no more full salary as pension either.
Level the playing field, each endeavouring all achieving living equally in harmony.
Why is it all these politicians go to Cuba and the one thing in Cuba that keeps it going they ignore it. Equal salary work is work. Politician, lawyer, doctor, clergy, teacher same pay. Tell them adopt that nah.
Some people only know that ‘they should be taken care of with taxpayers monies’ then they talk all kind of crap. If parliamentarians believe that poor people should contribute to their pension, how come they are not RUSHING TO THE HEAD OF THE LINE TO PAY THEIR WAY? I say it is wrong and I will continue to say it is wrong. I WILL NOT TALK FOR NINE (9) DAYS. If I have to put a mega phone on my vehicle, I will (and that is not a bluff).
I am awaiting October when I go in to State Insurance to demand my pension. I have been contributing for over 40 years, having stating contributing as a teenager(17). Now that I am due to be retired, I am not accepting any nonsense that I will have to wait another 2 years to get my benefits, when: I will no longer be contributing-so why wait, no longer be working and no one can tell me what will happen to those 2 years, if I live long enough to get benefits. This was not the arrangement when I started working and I do not accept that the goalpost can be arbitrarily moved. Honestly, I believe the idea is to stress some persons to death so that they will not have to pay benefits.
This thing was supposed to improve the quality of our lives in our latter years! The fact that it has now turned into a nightmare when so many board members and administrators have benefited so handsomely needs to be investigated. Persons need to go to jail if it is found that they played fast and loose with the Scheme’s funds and /or otherwise fail to uphold the purpose of the scheme.
In any event, I intend to take this matter to the courts if I cannot get my benefits as I expected when I started to work and contributed, so powers that be, fix it before October 2019.
I smell a court case leading all the way to the Privy Council
Next election vote every last one of them OUT!. They have done nothing but profit from the citizens hardships and yet still continue to give away,trade and sell what little is left to foreign investors.
The fact here that government employees receive a ‘noncontributory pension is the main reason for people to want to be employed by the government. And this is a huge liability and cash burden that the government is carrying. if the government want people to seek employment in the private sector first and let government be the employer of last resort than this policy needs to be scrapped. In the past the argument was made that government doesn’t pay well. This is not so anymore. Government employees live on the same footing as private sector employees. It is only a hand full of private sector jobs that pay well and I mean very well . 90 percent pays minimum wage or a little above. And many do not offer any pension plan. So private sector employees are only to count on their social security contribution. In the hope that their employer has paid in the monthly withholding. Therefore in the end government employees are much better of. They receive many other benefits such as salary advances at a very low 2% interest rate. The get advances to buy a car, to pay for medical expenses, or personal. And the government also assist with social housing. And since this is all done with tax payers money it seems as if one class of people are being favored above another class.
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