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CSA speaks of “risk” to pension fund, says NIC Board has duty to “safeguard our pension”

By CSA

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(PRESS RELEASE VIA SNO) – The St. Lucia Civil Service Association has received a number of enquiries from members who have expressed their concerns about a letter circulating on social media purporting to represent a request from the Ministry of Finance to the National Insurance Corporation for a bridging loan of between M$70 to M$100 EC dollars.

According to the letter this request is to finance the payment of Government bonds which matures on or about July 31, 2018 on the RGSM.

The letter went on to suggest that repayment of the facility would be made at 3% interest by October 23, 2018 given Government’s intention to re-issue the bonds between July 31 and August 2, 2018.

The CSA is concerned that copies of this letter circulating in the public domain reflects a lack of confidentiality required for matters of this nature.

While it may be easy to point fingers at public officers for this breach, there are other ways in which information finds itself the public domain including the possibility that this correspondence is being shared by disgruntled persons within or close to the Cabinet of Ministers or through hacking of the government systems by persons who have gained access through whatever means.

A third possibility is that Government is leaking its own information either to test the mood of the population or to gain a political advantage through public sympathy. Suffice it to say it is not fair to blame public officers anytime there is a breach of confidentiality.

Additionally, and even more disconcerting is the manner in which funds placed in the trust of the NIC by the workers and employers of this country can be made available to bail out the Government, who appear to have been unprepared to meet its obligations.  Furthermore, the repayment of this loan is based on a proposal to re-issue bonds which in itself may be risky.

Notwithstanding, the pronouncements of Government Ministers who are suggesting otherwise, the CSA is of the view that speculative nature of the bond market poses a risk to the pension fund of workers of the country.

CSA therefore calls on the NIC Board to exercise the necessary diligence in coming to its decision and to consider the interest of the workers of this Country before political and personal considerations.

The board has a duty to safeguard our pension and other corresponding benefits of workers and must not fail in its duty to so do.




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5 comments

  1. Look who is talking. Who gave permission Kenny Anthony to remove increments and prevent anyone entering the civil service after 2003 from getting a pension and gratuity? Wasn’t it the CSA who gave permission to Kenny Anthony

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  2. Even when some have gained a degree, they are still wet behind the ears on some things. When they go on to pretend to know about things they have not been specially trained to do, they sound like naffins.

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  3. Yeah we should build a 64 million dollar administrative complex in VF instead with NIC funds.

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  4. Poppy you are getting involved gradually We are waiting for you. This piece of writing is shit anyways.

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    • They stop it when you all came to power and cry fowl now those same politrickers are coming up short on campaign promises so they are trying to cash in to fulfill their so called road to prosperity myth on the backs of the working poor of this country and reissue the bond again. Classic Allen Chastanet Economics always building on the backs of the working poor a ritual he practice all his adult life pass down thru generations. These Great Red Men Of Caribbean Politics with the exception of Fidel Castro are all the same.. When is he going to open his ass and talk about restructuring the tax codes of this country so the government can for once since post independence collect the correct taxes from those who pays the least amount and those people are at the top. Only when hell freezes over this would ever happen because he would have to indict himself, his family, cliques, and cronies. Leave the pension funds alone. Do what you do best hit the road with your tin cup in your left hand and sand and sea in your back pocket. If all fails the Chiney Man always have a Mona Lisa smile on his face waiting for you. Thank God for whosoever leaked it we would never know.

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