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Barbados To Pursue Social Security Debtors

by Mike Godfrey, Lowtax.net, Washington
07 September, 2017

Barbados' Minister of Labour, Social Security, and Human Resource Development, Esther Byer Suckoo, has urged National Insurance Fund debtors to pay up.

She made the appeal to private sector entities and self-employed individuals with unpaid Fund liabilities during a recent press conference to release the 15th Actuarial Review of the National Insurance Fund, Unemployment Fund, and Severance Fund.

The Minister told reporters that government and the private sector were indebted to the National Insurance Fund to the tune of BBD650m (USD325m).

She added: "Those who owe the National Insurance Department need to come in and address those arrears. The Government of Barbados is in discussion with the National Insurance Department as to how they can do this … I am also mindful that the private sector owes just about as much money as the public sector does in terms of arrears so I would encourage the private sector to also make good on that payment as well."

The Labor Minister said government is working to ensure the National Insurance Department has the legal and administrative support it needs to go after defaulters. She also said another interest waiver program was being proposed, which would run from October 2017 to January 2018. Other options being considered to encourage payment by the self-employed, include allowing flexibility of payment schedules, lump sum payments, and paying online.

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