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?

7 Comments

Filed under Politics

7 responses to “A reminder about that massive pension increase for Cabinet Ministers

  1. Terry

    We are the ones taking care of the govt, and not the other way around,
    They need not get more than they can give to others

  2. Nostradamus

    Bastards!

  3. just want to know

    I am one of those that were caught in the severance cut. I lost one third of my severance pay, an’ that’s justice!

  4. Terry

    Much more for me me me and to hell with you you you all,, suckers vote for us again

  5. Leadership?

    The government can’t afford to pay its bills and the politicians are feathering their nests further. This proposal is extraordinarily reprehensible!

    No one is stepping up to run as independents, so you get what you deserve for doing nothing

  6. Breadfruit

    This is so bad when the pensions for the masses are not enough to cover day to day living. Not everyone has private or company pensions or can afford to save a cent! Retirement for me will be when I keel over!

  7. Mark Fenty

    Come on Now, you’ll have heard the saying,”That politicians and diapers must be changed often, and for the same reason, because they’re full of Shit. “