By Sue-Ann Wayow
POLITICAL Leader of the Progressive Empowerment Party (PEP) Phillip Alexander says taxpayers have to once again pay for the mismanagement of State enterprises and that this time it was the National Insurance Board (NIB).
In a statement on Saturday, Alexander called for a complete audit of NIB and theNational Insurance Property Development Company Limited) (NIPDEC) using foreign investigators before any decisions to delay pensions could be contemplated.
There has been a suggestion by the NIB to move the pensionable age in Trinidad and Tobago from 60 to 65.
Alexander said that adding five more years to the qualifying age for pension was the equivalent of charging every elder in society $210,000 each for the mismanagement of NIB funds.
He said, “Instead of enquiries, investigations and prosecutions, the Government hands the bill for decades of corruption to the taxpayers that have foot the bill all their lives.
“Police moved in on DSS (Drugs Sou Sou) for a Ponzi scheme, but this is worse. Those people knew what they were getting into. This is a betrayal of trust. This is worse than a gun in granny’s face. This is not about rescuing the fund as it is about covering up a decades-long crime scene.”
Alexander added, “And it should be rejected at every level by every worker who now has to pay five more years of contributions to get less money at the end of it all.”
The only rescue should be similar to that of the bailout of CLICO, the PEP leader said.
On Wednesday, during a Parliament Public Accounts Committee meeting into the audited financial statements of the NIB, for the financial years 2014 to 2020, the Ministry of Finance acting permanent secretary Jennifer Lutchman said the ministry was considering changing the retirement age from 60 to 65.
The increase in the retirement age is one of the solutions being suggested by the NIB in order to increase insurance contributors, according to NIB executive director Naila Persad-Poliah.
Persad-Poliah recommended three major changes in order to keep the board sustainable; the increase of the retirement age, and increase of the contribution rate, which is currently at 13.2%, to 16% and that the minimum pension be frozen until it becomes relevant to change it.
Please help me with my retirement benefits which is long over due. I even agreed to sign the paperwork willing to accept what you are giving me. But for God’s sake! WHEN ARE YOU SETTLING this?
I was told by my employers that when you reach 60 you have to retire which I did in 2020. I already submitted my NIS retirement Benefits but was told that I did not make the 750 contributions so I don’t qualify for a pension. I have made 696 contributions and I was entitled to a lump sum payment. I have no income coming in and I have a wife and 2 children at home. We mostly live off of friends and family who help us out. But there are things that I URGENTLY need to be done doctor, dentist and living expenses which is a must do. Can The National Insurance Board please get my claim paid and over with it has been 2 years.
I’m already not to long5 turn 60 and reach my retirement why now try to change it after draining it dry. Well I can’t wait for another five year so I’m rejecting to that