Prime Minister Mia Amor Mottley.
The Barbados Optional Savings Scheme (BOSS) is not a pay cut.
Prime Minister Mia Amor Mottley made this clear yesterday morning as
she led off debate on the Barbados Optional Savings Scheme Bill in the
House of Assembly.
Mottley, who in addition to Finance, Economic Affairs and Investment
portfolios also has the Public Service under her purview, told the
Lower House that the Bill is “not constrained by any other piece of
legislation on the laws of Barbados”.
“It is also being passed consistent with Section 49 of the
Constitution, for the avoidance of doubt, because while we are here
doing this, we are conscious that there may still be some who want to
question or dispute, and we are making it clear that the people of
this nation through this Parliament have determined that they want to
work together as each other’s brother and each other’s sister, in
solidarity, to allow us to get to the point next year with our heads
above water,” she stated.
Her comments came as she indicated that they expect “reasonable”
uptake of the bonds, with the unions reporting favourable responses
from their members.
“In some instance, one union when they did the poll at the end of the
session, had 95 per cent of the people there supporting it – I think
that was the Barbados Secondary Teachers’ Union. I’m told that the
National Union of Public Workers had a general meeting last week and
they had 497 people on the call for the general meeting – at the end
of the day they had three abstentions and 494 people voted for this.
These are the kinds of numbers and the kind of support that cause us
to know that this is truly a BOSS programme for a boss people,” she
maintained.
With that in mind, she said the Bill is the perfect example of the
creativity, commitment, confidence and compassion of Barbadians for
each other.
Her remarks came as she added that the Bill provides a framework for
public servants to decide if they want to opt in or out of the
programme fully or partially, so long as it is not more than 25 per
cent of their net salary.
She added, “This BOSS Scheme is intended to last only for 18 months
and is intended to allow workers to opt for bonds, each of them as
strip bonds. Each month typically is a strip bond, so it gives you
ultimate flexibility as to what you want to keep [and] what you want
to sell. You get full, full money on the day that your salary is due,
so that it is completely at par and the reality is that if a person
says I need all of my money, they get it all. If they say I am
prepared to allow X amount be savings – that is the case.”
According to the PM, the programme is targeted at those whose net
salary is over $36 000, though those earning under $36 000 as well as
government pensioners can opt into the programme. She said that all
would not likely be accommodated, indicating that the Bill places a
cap of $8.5 million per month on the amount of bonds.
“Because drunk or sober... we just come out of a programme that had us
at the third most indebted nation in the world and we have no desire,
even as we stabilise, to go back there now or at any time in the
future of this nation. But we understand that to get out of this
moment we may have to do some things because the economy is not yet
where we need it to be in terms of strength and stability,” she said.
Mottley made the point while contending that Barbados is still far
better off than other countries to endure the crisis, having taken
corrective action early on.
(JRT)