Public servants who opt to be part of the proposed Barbados Optional
Savings Scheme (BOSS), will have “maximum flexibility” in terms of how
they want to participate in the programme.
This assurance came just yesterday from Prime Minister Mia Amor
Mottley as sensitisation meetings on the Barbados Optional Savings
Scheme continued at the Wildey Gymnasium.
“Economic enfranchisement will come not only through the ownership of
land which doesn’t spoil, but also through the ownership of financial
instruments that allow you the flexibility to make your money work for
you whilst you are not using it, and at the same time to ensure that
you are in a position to save for other business or other things,”
Mottley remarked.
“This programme however has benefited from the deep consultations with
the unions, to ensure maximum flexibility for you the individual and
that is because you can treat it as a blank canvass and as Dr.
Greenidge has said, you have the ultimate decision as to whether you
opt in or opt out, whether you opt in fully or opt in partially,
whether you opt out fully or opt out partially,” the Prime Minister
added.
“All of that is a lot of language just to say that you can decide that
you want it for all 18 (months) or none of the 18. For three, four,
five, six, eight, ten, whatever amount and if your circumstances
change, (you can adjust to suit),” she further noted.
“So if before you were coming in at the 12 per cent band and they were
taking ‘x’ amount from you when the month comes and you can now only
afford half of that, you can write and say this is what I will do and
this is what I want you to give me in bonds and this is what I want
you to give me in cash. So it is truly flexible to allow you to design
as is your need, according to your circumstances, not just now but as
your circumstances change going forward,” Mottley explained.
Such a system will allow public servants to be their brothers’ and
sisters’ keeper, she further stated, noting that Barbados now has over
41,000 applications for unemployment and this matter has to be
addressed.
“Our unemployment rate has gone from nine and a half per cent and it’s
probably closer now to 30 per cent. We don’t have the exact figures,
we are trying to get them, but based on the movement of the
unemployment benefits, that’s what it’s looking like. Now to have
three out of every ten people not working on 166 square miles of
working age, that’s too high, that’s unacceptable,” she maintained.
She also suggested that with the freeing up of fiscal space under
BOSS, Government can also have more flexibility, in terms of its
capital expenditure.
“After this, we will be looking to see what else we can do within the
context of both shifting some of that money that you are going to help
us shift from recurring expenditure, your salary, to capital
expenditure and in doing the capital expenditure, what are we going to
be doing? Fixing buildings, fixing schools, (dealing with) roads,
water, (etc.),” Mottley commented. (RSM)