Daily Archives: January 19, 2013

A reminder about that massive pension increase for Cabinet Ministers

From our “Worth reading again” department, here’s a little sample from the ePressBarbados article by Caswell Franklyn posted on February 13, 2011. The link will take you to the full article:

Massive Pension Increase for Cabinet Ministers

On the other hand, if the amendment were applied to the Retiring Allowances (Legislative Service) Act the picture would be quite different and alarming. That Act makes provisions for the pensions of Members of Parliament. Like public officers the allowances are not taken into consideration when computing the pensions of retired parliamentarians. The table below shows the effect on the monthly pension entitlement of the Cabinet and parliamentary secretaries at current salaries.

Post Current         Entitlement $      Proposed $          Increase $
Prime Minister     11,287.53             14,334.11              3,046.58
Deputy PM             9,595.02             13,481. 61             3,889.59
Minister                  8,465.67              11,129.23              2,663. 56
Parl. Sec.                 8,218.13                9,969.03             1,750.90

It is interesting to note that the politicians qualify for their pensions at age 50 after serving a minimum of 8 years to qualify for half of their salary. They qualify for ⅔ of their salary after serving 12 years. A public officer qualifies for a pension of ⅔ of his salary after serving 33⅓ years.

Call me naive but I believe that these massive unconscionable increases in monthly pension entitlements would be unintended consequences of the Budget, despite the emerging pattern. In 1991, just prior to the 8% cut in salaries, parliamentarians gave themselves an increase of 10%. Also in 1991 Government reduced the severance payment entitlement for all workers except Constituency Assistants. I am left to wonder what next?

Advertisements

7 Comments

Filed under Politics

Tourism stats not all doom and gloom: but what’s with LIAT’s choice for new aircraft?

by Adrian Loveridge, small hotel owner

by Adrian Loveridge, small hotel owner

Whether you attribute the now infamous saying, “there are three kinds of lies; lies, damned lies and statistics’ to a former British Prime Minister, Benjamin Disraeli or American author, Mark Twain, its perhaps even more true today, than it was then. In the current silly season I am sure we are going to witness many examples. I would prefer to, as they say in the popular CSI TV series, ‘follow the evidence’, for those few people who still watch television.

When you look at the long stay visitor arrival figures, it is not all doom and gloom, and I wonder if we can learn from it.

Take Canada, our fourth largest source market. Between 2004 and 2007 we welcomed 199,894 Canadians. For the four years 2008 to 2011, that number grew to 265,390, a rise of nearly 33 per cent.

While the numbers are yet to be released for the final month of 2012, up until the end of November, 63,053 Canadians came to our shores, compared with 71,953 for the whole of 2011.  So if December turns out to be a strong month, we should not be too far behind the previous year.

Sadly, it does not negate the losses in other markets. The introduction of a second carrier, WestJet, of course has played a vital role and that contribution will almost certainly become greater once their Q400 turboprop fleet is introduced later this year, enabling more connecting possibilities to the Barbados-bound flights. Continue reading

6 Comments

Filed under Barbados, Barbados Tourism