Civil service pensions frozen
(CNS): According to an internal memo sent to chief financial officers in the civil service on Monday, the proposed government ‘pension holiday’ for civil servants will begin this month and last until the end of June 2010. The memo from Kenneth Jefferson indicates that government departments are to budget for pension contributions for public sector workers at 0.125% for each civil servant from government with a matching 0.125% from the employees. The temporary suspension of the full 12% payments (6% from the employee and 6% from government), which government will be legally obliged to pay back in the future, was announced by McKeeva Bush on 10 August.
As a result of the projected massive deficitof around $132 million, government has been seeking ways to reduce public expenditure and the leader of government business told the press last Monday that the administration could save in excess of $44 million by introducing a pension holiday during the 2009/10 financial year and was looking into ways of implementing the temporary freeze.
In the memo seen by CNS, the financial secretary notes that it is too late to suspend the full 12 months of the pension contribution for the 2009/10 financial year, as deductions and payments for July 2009 would have already been made, but indicates that financial officers would start the accounting process from August.
“In preparing your Annual Budgets, you are to budget for the month of July at the normal rate of 12% (being 6% employer and 6% employee),” Jefferson states.
He also explains why a nominal ¼ percent contribution is being recommended instead of a full freeze on all payments. “From a legal perspective, one cannot refer to a 0% contribution as that is a contradiction of terms,” the memo states. “To address this issue, it is being recommended that Government pays a nominal contribution of 0.25% (being 0.125% employer and 0.125% employee) into the pension fund as pension contributions for the remainder of the 2009/10 fiscal year (ie from August 2009 to June 2010, inclusive).
Jefferson added that department budgets should therefore be prepared to reflect the recommendation for August 2009 to June 2010 inclusive, and the normal 12% pension accrual contribution for the month of July 2009.
The LoGB has also indicated that legislators are now seeking ways to amend the Pensions Law in order to allow the private sector the opportunity to voluntarily also freeze pension payments. Bush said this would free employers and employees of their respective legal obligations to contribution 5% each of earnings paid to employees into a pension fund. He said that employers would have to be in compliance with the law before this was allowed and have the agreement of the employees.
Cast your vote: Is the government ‘pension holiday’ for civil servants a good idea?
Category: Headline News
James Watler and Gilbert McLean spoke to this issue on the talk show yesterday morning and I applaud these two gentlemen for doing so. It takes nerve and brass to do what they did and I am glad that there are those amongst us who still have those qualities.
It is illegal and it is madness that the government would even be considering doing such a thing. The unpaid funds will still be a liability to government and will only open the door to even more problems.
This administration better make sure that their legal advice is sound on this one, and dont just listen to the legal department. Freezing payments to the public service pensions fund (a fund that is already in an unhealthy position mind you) does nothing to help the current financial delima. Making the token payments suggested in the news story is still a breach of their contractual obligations to the civil servants.
This is a dangerous proposal and all civil servants and pensioners need to band together and fight this. Do not allow this ignorance to take place. Stand up and be heard with one voice, your future depends on it.
Always Love Your Country, but never trust your Government….
Mark Twain
Now you know what the Coat of Arms is… maybe you should find out what the National Song is.
Kurt said that the melt down wasn’t going to be as serious here as in other places. He was absolutely correct. Have you seen 20,000 plus layoffs from one company? Not hardly. Simpple fact is, the melt-down hasn’t been as great here. If people don’t have jobs its because they are not willing to work hard.
Stop complaining about CUC. They have almost all Caymanians employed. Let’s go ahead and bring in competition… see how many of them will train Caymanians and promote them. Once again, CUC isn’t raping anyone… if you don’t understand electricity, one of their service people will gladly help you. Sweetheart deal? They agreed to allow competition in… how is that a sweetheart deal? Go read the lisence.
On to CAL. Since my children buy the plane tickets in my family then Sponge Bob makes total sense. Please… spare me. Those stupid stickers only made a bigger joke of the airline. Let’s run it as a business and stop playing paintball with the aircraft.
Ahhh…. Education. This is why you are not a minister. You have to find the money and utilise all avenues to get projects started and followed through. UDP will want to claim the glory for the new high school after they have covered Alden up enough. Typical. Expected. Usual. If you think education is expensive… try ignorance… go ahead and tell me that we shouldn’t build more schools but in that same breath you better say that we need to expand Northward.
You had to vote for PPM in 2005 (remember back then, after Ivan? UDP was no where to be found).
McKeeva isn’t a bad leader… he just doesn’t have any ideas of his own that are worthwile. All I ever hear is blame the PPM for this… or yeah so and so, how do you like this. He must surely be able to come up with something new by now. Come on UDP… you need to step up or Step Out!!!
Response to Anonymous (not verified) on Fri, 08/21/2009 – 14:54.
You wish I would go hide under a rock to stop bringing up all the crap done by the Misled, Misinformed, Bamboozled, PPM. I will continue reminding you until the country holds the PPM accountable.
Your post is full of half-truths and distortions of the truth with an obvious partisan agenda.
Can you please produce the public statement from Kurt where he said that "the financial meltdown would not affect Cayman".
Sure PPM over-spent, but the basic problem has always been that our revenue base was too narrow and vulnerable to an economic downturn in the financial industry. They did not create the financial disaster but they did contribute to it as did previous govts.
You are simply a parrot of McKeeva’s repeating his nonsense about a "sweet heart deal" for CUC. You are obviously confusing the new licence with the old licence since it does not "reward them for spending capital and give them a guaranteed return". Try reading the licence instead of parroting what politicians say.
As for conflicts of interest why don’t you ask the chairman of the UDP Negotiating Team whether he held any shares in CUC, and ask one of the new ERA Board members whether his brother has any connection to the bidder for generating capacity.
To the disgusting citizen.
Blame PPM all you want… since they caused the world wide financial melt down and all. How ignorant. Isn’t it funny how the 29 million… jumped to 74 and now get this… it’s over 130 million. Let’s blame that on PPM too. UDP should go ahead and save us the trouble of a referrendum and resign now.
CUC prices are well within and even lower than most regional companies. Do some research and stop complaining cuz you can’t run your a/c 24 – 7. Try to conserve a little… How many of us typing on here had a/c when we went to school? Conserve and be real.
The Coat of Arms versus Sponge Bob??? Hmmm let’s decide here people. We need to have more national pride. Try going to a sporting even in the US or Canada… see how much pride they have in their country… maybe we should have more pride in Nickolodean.
Ozzie couldn’t have a meeting cuz he couldn’t find anything the UDP claimed they had done. Simple… just like UDP blaming PPM now… anybody can blame anybody. Simple fact, PAC calls for people who are going to act unbiased and prudently. Maybe PAC should be an elected board then we would all get some where.
Alden did something about education… didn’t Rolston even admit this in a forum? Alden raised standards and promoted Caymanians… more than what I can say for most of the other previous ministers. IB should have been put in place so that Cayman could compete on a global level instead of the unheard of Caribbean levels.
So now we are not to multi task? That’s great… maybe you should be our leader. Wow… imagine if everyone was like you… one task at a time… that’s the UDP way.
Go hide under your rock… and stop voting… you don’t have enough sense to even do that!!!
Would someone look at the joke called CINICO and how much that costs?
And is government going to stop charging itself to operate? Since government decentralized government has to pay government!
And what about rent……. would someone look at how much rent the different departments are paying for their offices? Why can’t we build and pay the bank for something to keep?
What about contracted officers who receive regular increases and benefits for what during this time of famin????
To suspend pension contributions is illegal, risky and leaves the government open to lawsuits for loss of pension benefits by the civil servants. If we had good leadership in the elected Government they would make those highly paid chief financial officers positions redundant along with a number of other human resource managers. All thes jobs should be down graded to supervisory instead of Senior Management. There are companies on the island that earn tens of millions of dollars in profits each year and they do not have that many Senior Managers as any one of the Ministries do.
But as we have no real leadership, it is easy to mess with the Civil Servants benefits, at a time when it is best to invest in the stock market in a world economy that is on the brink of a major growth cycle.
The fall out for civil servants loss of future pension values/ gains should be tagged to the leading bench marks in order that they can obtain refunds from the government over time.
But anyhow you look at this, it is the worst management idea since Boatswain Beach!
HOLD THE PPM ACCOUNTABLE! These PPMers always carry on about the status grants when UDP was previously in power but why do they insist on forgetting to mention that many nominations for status were submitted by the PPM and were granted? You can’t sweep that under the rug so stop trying. I know a few PPM members who got status for their employees, relatives, business partners etc. so say it like it is. If CNS allowed names, I would have a pretty good list so don’t push it.
The PPM left the country in shambles and the UDP inherited a country in such financial distress that now they have to make unpopular choices. All the PPMers are doing now is constantly complaining about everything the UDP does instead of holding their own accountable. Would the civil servants prefer to keep their job or forego their pension payments for a while. Take it to a vote!
The CUC sweetheart deal by Arden McLean basically rewards CUC for spending capital at our expense. We are being raped every month now. What kind of good governance was that? And yet his claim to fame is roads – that we owe a s…load for!
As for Charles Clifford, if he were so good he would have been able to run and be elected on his own merit not by stealing papers to cry corruption. What did he actually prove? He came out of that with his tail between his legs, it cost us millions and the government did nothing about it. What about the wasteful re-branding of CAL? Did putting a lion’s tail on the airplanes’ tail enhance anything more than what the symbolic Sir Turtle had been to the airline? Most people say no! What about the wasteful appointment of a CEO who wasn’t even qualified? How long were two CEO’s paid? Stay home and be quiet Chuckie!
Our Public Accounts are in shambles thanks to the total disassociation by the previous chairmain responsible, Ozzie Bodden who only held ONE MEETING IN FOUR YEARS! Prove me wrong please. And I saw you cry when you didn’t get elected? All you cared about was that dock that was started last minute before the election conveniently next to your gas station. And they talk about Mac – jeez!
As for Alden being "devastated" because his education plan is on hold, I tell him good, be devastated just like how you left the country. The plan requires so much money to implement that it needs to be on hold for a while until it can all be better thought out. What is the point of the plan now if we can’t even complete the expensive schools you started. Most smart people will take a project or two at a time to ensure they get completed, but you, no, you had to try to do it all at once for your glory. Now we have nothing. Great going!
PPM and their supporters should go find a big rock and just hide!
A disgusted citizen.
Doesn’t anyone else find it odd that by cutting 11.75% off pension contributions – 5.875% from civil servant contributions (yes, they do actually contribute to their own pensions, many just aren’t aware of this) and 5.875% from the matching government contribution – McKeeva claims they can save more than $44 million a year? Those numbers don’t really add up. I had heard a ballpark range of $33 million given the amount spent by government on salaries for civil servants now. In any case, be it $33 or $44 million, I hope people out there realise that that very amount of "savings" will have to be repaid on top of pensions contributions returning to its regular level if benefits are to remain the same for future retirees. McKeeva is basicallypulling a fast one on civil servants and the public, because it’s going to come back harder on everyone when the bill comes around. Of course, in typical McKeeva fashion, he’ll have been ousted from power by then so it will fall to a different person to clean up his mess. Which of course means higher spending for that new person, so McKeeva can blast them for it and try to regain power to do it all over again. It’s rather sad how people so easily forget the poor decisions McKeeva makes each time he’s in power come alternate elections. Quit bringing this clown back, or the years after he’s removed will always be spent fixing what he keeps breaking!
No No Anon at Friday 10:21. Civil servants DONT contribute to their pension-please stop saying this crap. It was done by a classic Cayman fudge to make sure no one was offended years ago: Civil servants must contribute to their scheme but -ahem- we will award them in their paycheck the extra money to make sure this is done without them losing any take home pay. Government pays their and Government’s contribution-for God’s sake don’t let any of the many ignorant posters tell you otherwise.
It’s people like you (poster of Friday at 19:33), who propagate the misconception. I have seen a government pay stub, and it’s clearly written that government employees contribute 6% of their GROSS pay to their pension, which is then matched by the government. The salaries that you see in contracts or that are available on the Portfolio of Civil Service (PoCS) website are NET salaries (already calculating the 6% reduction for pension contributions. So technically every single civil servant salary is 94% of their actual gross salary, and what they receive each month is their net salary after pension contribution. And yes, technically government pays their contribution as well as the matching contribution, but that’s because government pays their full salary (but the civil servant only takes home the 94% net salary). If you think about it, it’s the same in the private sector, and is especially evident for salaried employees. The only difference is how your salary is quoted. In the private sector you are quoted your gross salary, which is why you feel like you are "losing" money when you contribute to your pension. If a private employer quoted you a salary post-pension contribution, you wouldn’t really know the difference would you? It’s just a matter of perspective, but it’s rather inappropriate of you to run around saying civil servants don’t "lose" money from their monthly paychecks to pension contributions the same way private workers do. I will grant though, that civil servants do not pay anything towards their health care, which is certainly an area that could be amended to match the private sector if you felt so inclined to argue it was "unfair." Most private sector employees pay what, about half their health care premiums? So if civil servants did the same, we’d all be on "equal footing." Except of course that civil servants are generally paid less than their peers in the private sector (take a look at the advertised salaries for administrative assistants in the private vs. public sector sometime and you’ll see there can be quitea pay difference for even that level of employee. The pay difference becomes even more apparent when you look at government lawyers and private sector lawyers, for example).
The point of all this is that it really frustrates me to see such stupidity being spread around to discredit government employees. You’re blatantly wrong about the pension contribution. And don’t try to pretend government jobs are even that great. They have their benefits (no health insurance cost to the employee and a higher degree of job security), but there are certain large opportunity costs being lost in taking a government position (the potentially higher salary in the private sector, though it is coupled with less security). It’s a trade-off, and to each their own in choosing which path to take.
To Friday at 23:39:
Ok, Ok. We’ll agree to differ. I prefer to let readers of these blogs make up their minds as to whether your ingenious net/gross salary twist on this is the truth or my explanation in my original comment you responded to.
But I’m puzzled as to why you descended into a rant and accused me of trying to discredit government employees. You see, I am myself (and proud to be) a long serving hard-working civil servant who thinks there is no better job or calling than working for Government. And, by the way, I was already in the Service when what I describe as the "fudge" was instituted-and we were very happy that it was done that way with no loss of our then rather pathetic salaries! They could do it again for health premiums-tell civil servants they are getting a salary raise of eg $800 per month (but they won’t see any of it and it wont appear in the salary scales) which will be split into two, government’s contribution of $400 and the employee’s $400 (but paid by government).
Simple-no true? Peace.
Well, the majority of people voted in favor of this new government so why all the complaints now? Obviously you knew that the country was in debt due to the ‘mismanagement’ of the PPM Administration so how else did you expect Mac to take away the deficit? By waving his magic wand? These are serious times and serious measures had to be considered. So I would have thought that a vote in favour of UDP, was a vote to assist them in doing what needed to be done. I never went to any of their political meetings but didn’t they mention this pension freeze plan, the Pirate’s Week change etc. etc? Surely they did.
I watched the news yesterday and saw a woman trying to cut costs of her own. She says that she turns her lights down in her office and turns up the heat a little! I feel so sorry for these people. What will it be next? Outdoor classes at school? Turn off the A/C and fans and open windows and doors- at least that way you get both light and breeze…
I don’t understand why the talk of re-furbishing (or whatever) the current Glass House? Which will cost about 10 millions $$. Wasn’t the whole point of the new building to cut costs? Where is this money coming from- could it be from all these ‘cost-cutting savings’ ??
This is another illegal act by the UDP Government. This cannot be done without, in the first instance, the consent of each and every civil servant and even then only after an amendment in the LA of the Public Service Pensions Law.
Is this another matter that the Attorney General gave advice on and either gave very bad advice or took the position that "its ok to break the law now since we have set the precedent with our breach of the constitution which we have agreed to ignore" ?
Wake up Caymanians we have to stop this one man show that is destroying our country now !!!! You know it wouldn’t be so bad if this one man had at least one grain of sense.
This country hasn’t achieved the success that it has because of stupid people making decisions. Why are we allowing this stupid man to change what we have always been known for……and that is being successful which can only come from sensible and prudent decisions.
Its time to snare the bull and remove him from the crowd !!!!
Attorney General – please do not even waste your time calling his name.
The only "General" he is, is to do McKeeva’s "General" bidding.
Listen people this is a bad idea but unless we come up with credible solutions the alternative is laying off people plain and simple. We are paying out more than we are taking in – simple math cut back on what you are paying out or increase what you are taking in. So whilst we are outraged with we must rack our brains and come together with real solutions. I am sure if we came up with some great ideas the Leader would be more than happy to take this non-sensical idea off the table. So let’s brainstorm and NOT be selfish!!!
Solutions:
1. Civil Servants must contribute to a part of their pension/future. This is a must . We are not making the kindof money we use to, so this 12% benefit is an excess which we cannot afford plain and simple.
2. Enforcement – we have a bunch of rules in place and no enforcement of these rules. If needed defer a few people from some departments to other departments like the DOE, Customs, Immigration, Police and any other dept that need enforcements and start fining people and collecting on these fines. There is so much lost revenue due to lack of enforcement.
3. Tax on money transfers – I have heard this idea tossed out and I think it bears some real consideration. It won’t have to be a huge fee but on the surface without any real numbers or figures it seems like a doable idea.
4. Cars – not sure how to turn this into revenue, but they are quite a few unwanted cars on this island. The US now has this cash for clunkers programme can we piggy back off that somehow? Are there any countries in the region that we can sell some of this old cars to for parts. This would be two fold we would be getting rid of our junk and getting paid for it.. Someone would have to fine tune this idea of course. 🙂
I cannot think of anything else. But those civil servants in the trenches pay attention to your job and think long and hard about other revenue generating ideas. We need it!!!!
"The temporary suspension of the full 12% payments (6% from the employee and 6% from government), which government will be legally obliged to pay back in the future, was announced by McKeeva Bush on 10 August".
This may help our cash flow position. However, since this merely defers expenditure and does not decrease it, it actually increases the country’s debt and therefore its deficit. It is creating a greater burden for future generations. And this is the party of fiscal prudence?!
With respect to public service pensions, i would just like to say that historically, public service pensions was a past entitled remuneration which civil servants asked to be put into a pension scheme before the public service pensions law and that presently, employees DO contribute 50% to the pension scheme. So the question is, does’nt the denial of at least the employee portion of the pension amount to stealing from the civil servant who contributed his/her portion of the pension each month. Is it not curious that the proposal that is being offered to the private sector is not being offered to the public sector???
Also, be not fooled that what is being proposed is not a deferral of pensions. As far as i am aware, in order to get approval to borrow, the government has to "fix" the books so that it does not reflect that they have this outstanding debt owing. What is really being proposed is a "write off" so civil servants, do not ever expect to recoup these funds. I wonder in terms of actuarial accounting, what this minimum one year write off of pensions actually translate into in terms of $$$ when one reaches the age of sixty.
This is setting an extremely dangerous precendent for public servants. They are making them scape goats and will be used as future scape goats in the future.
It is with interest that the Leader of Government Business is distancing himself from this initiative when it is crystal clear that the initiative is being pushed through himself and his government directly using the chief secretary and the financial secretary as mouth pieces. The issue of reducingthe size of the civil service was an election position of the government prior to May 20.
What the community should be asking itself is whether the government should be allowed to deny pension rights so that it can borrow for schemes that are unknown and may run an ongoing debt to this country ( like Botswain’s beach) or the (impending dock). The reason the country is in this problem is because for many years political government has never had to account for its spending, as it relates to projects and their policies that cause the increase in size of the public service.
Perhaps they should cut their suit to fit their size and live within their means, instead of hanging civil servants out to dry so that they can continue to put this country in further debt.
Red herrings are meant to detract from the real issues. What the community needs to figure out are what is being concealed from us.
The real debt of this country are projects that have been permitted that were supposed to yield an economic benefit but in fact there was never any evidence empircal evidence to suggest that they were. Is it not important that projects such as Botswain’s beach have been consting this country CI$500,000 per month since its completion. What about the CI government’s obligations to repay its bond obligations to the failed housing scheme under past minister Frank McField. It is all of these"hidden" debts that are eating up government revenues – not the civil service.
So perhaps when this government tries to bulldoze another initiative through scare tactics and the fact that it will make money for us – remember, the proof of the pudding is in the eating – tell them to cough up the figures before hand so that John and Jane public may scrutinise their plans to see if they are financially viable.
It is time that citizens, regain control over government and remind them that they are there to do the country’s bidding, not their own!
Down with the PPM Kurt and gang they need to be Jailed take their salaries and give to the poor and needy
Pirate Mac strikes again…arrrrrrr! As the CNS poll shows over 80% don’t want it, but the dictator does not care about his people….pay it back in a year….like that will happen.
Hold tight cayman, the cannons are ready to blow!
…and the list goes on and on. Please feel free to add what I have missed. Again, let’s hold them accountable people. UDP needs to go a.s.a.p. Let’s March!!! I lost my birthright… how bout you!!!
H’mm I remember a temporary suspension of increments
How long ago was that?
It’s time that civil servants pay their portion of pensions and healthcare like the rest of us ordinary folks. There was a time when civil servants’ salaries were not on par with the private sector and therefore these ‘perks’ were necessary to attract persons into the service. However, Govt. salaries are now better than the private sector and it is time that they pay their fare share.
HOLD THE PPM ACCOUNTABLE! As
Well said not gone yet well said We are watching DEM and their Offspring who too believe the have ancestral rights to do with this country as they feel and while running down their own people and this Island while they sit in their locked up" think they safe"communities and only cry foul when the dreaded foreigner has "mashed they corn" by disturbing their comfort or challenging their economic interest or questioning how they made their fortunes.
They could careless how other common people are doing or surviving, so long as they are living well. We all know who they are we see their foreign travel and retirement assets and stress free environments. They are frequently sought and accolades abound for their advice leadership and statesmanship qualities, yet the common people has far too many times suffered indignation at the hands of these same very people who can now afford justice for them and their families.
Yes Cayman we have come to a crossroads where the denied and the double standards can no longer be tolerated and decieved by these chosen few. Watch out Cayman for those who claim to champion the cause of the poor and empathizes with you, yet does little to relieve your suffering. This is a term used to decribe the Behavioral differences between a phycopath and a sociopath both very ill and dangerous persons. Just some food for thought Cayman
When is the Civil Service Association Meeting on this very serious matter being called ?????
Does anyone know ??
Oh for Heaven’s sake, they’re all hot air and they’re defined benefit pensioners so it doesn’t matter a damn to them. Schedule a meeting with the President (without his advisors) to discuss this-you will find it depressingly revealing. Use simple language.
What other solution people? The PPM didn’t leave much intact to take from. Besides, the freezing of pensions will not fully clear up the deficit so we still have to find more things to cut? Or could it be that we would support income tax or the like? I think not, so you complainers, don’t attack the UDP because it was not them that created this mess. It was the PPM and I agree that we should hold them accountable. Anybody with good ideas please suggest them but as a small business owner, not having to pay pensions for a while would be good for me and my employees think so too. They are not concerned so much about their future right now when they can’t even put food on their table now.
And just how do you and your employees feel about having to pay it back after the holiday? Will you be asking us for solutions for opting to take such a stupid options. Everyone knows holidays are good till you get back and have bills due and just enough to break even.
My Good People,
I too was in an uproar this morning when I read this story, but le’ts wait to see if this "holiday" actually comes to pass. It’s good actually that we are all "talking" and if comes to a march I’ll be on the front lines with you all.
By default, the blame goes directly to our leaders, however, let’s look at another segment of our society that has been quietly going about their "business" as usual seemingly unaffected by what’s going on in our country. Believe it or not, I’m not talking about thugs, "expats", or civil servants – all of whom seem to be the ones that take the blame for everything.
I’m talking about an "elite" group of born Caymanian 50, and 60 somethings. The ones whose pockets benefited greatly (and extremely quickly) from our visionary forefathers who opened Cayman up as an offshore financial center. Well educated, well dressed, huge homes, shiny cars, and shiny exteriors.
My friends, any fool knows that the one who has the money has the power – and any fool can see that the Government doesn’t have the money. So where’s the power? Outside infulence wouldn’t necessarily be a bad thing if the ones whispering in the ears of our leaders (and possibly lining their pockets) actually had the best interests of the country at heart . Unfortunately these spoiled brats care about one thing and one thing only – their own pockets. Please, don’t anyone come on here spouting the virtues of capitalism and supporting the real thugs in suits.
I’ve seen too many "developments" built according to the developer’s own rules, too many people go to jail for the wrong reasons, and too many guilty people avoiding jail for the wrong reasons. I’ve seen too many innocent people lose money in corrupt schemes, and too many people paying the ultimate price – whether through loss of sanity and sense of being, or even cold blooded murder.
Think about it people, they’re our own family, they come from good names – but where are they now? What are they doing for our country? I can tell you what they’re doing – lining themselves up to capitalize on Cayman becoming a thrid world country. And when all that is Caymanian actually dies out, or is banished to a reservation in swamp land the money-boys weren’t able to pawn off on some poor fool , they will be in position to rule the "New Cayman". A Cayman without any trace whatsoever of what little we have left.
There is definately a disconnect between the generation of our forefathers and us now who are tired of the games. Sure, some of us are spoiled brats too, but we are smart enough, worldy – yet grounded in true Caymanian virtues – enough, to know that the problems don’t lie in "foriegners", laid-back "locals", or petty crimes – but the atoricities that an elite few have allowed and encourage to tear our society down for their own good.
You guys want to march on someone? I can show you a few "White Houses" that we should really be marching on. Look out Big Boys – start speaking up and doing something real for your people – we are watching.
NGY
The Good Ship Cayman has sprung a leak and is taking on water and two Torpedoes are running off the port side the crew is scrambling for position on ship rest of crew fighting over who to blame and who will be captain in this stressful situation. Look at what is happening to Cayman
Haha I honestly nearly peed myself laughing at the post Submitted by Anonymous (not verified) on Wed, 08/19/2009 – 22:24 talking about some ideas from joey Ebanks! Is that gu for real? Did he make that up or is a MLA candidate honestly that stupid that he could make these suggestions??
1. Who is seriously going to buy treasury bonds from Cayman that have 10 years deferred interest? Much too big a risk for such a tiny reward, especially as the risk rating of Cayman Islands treasury bonds has got to be poor, bearing in mind their only two industries have been decimated and are already being overrun by rivals.
2. Pension funds need to be diversified over a wide range of investments and in a diverse area to reduce risk. You do not reduce risk by investing all your funds in one place (don’t put all your eggs in one basket etc). Especially risky to invest it all in Cayman’s banks which are already creaking and badly managed. Plus, where is the growth going to come from in the pension fund value if banks are paying less than 0.25% interest?
3. You can’t just force the banks to reduce interest rates, they are private organisations and are already taking huge losses, any attempts to enforce extra rules and penalise them further will drive them out of business or overseas.
4. Where is the money coming from to cover insurance costs??
5. Boatswains beach – Are you kidding me?? If what you say is true and Boatswains beach incurs all these costs, who is honestly going to buy it? The only reasion anybody would is to knock it down and build a hotel and that would cause too much controversy to make it worthwhile.
6. Cutting fares to Jamaica etc will lose money for the airlines, that is a popular route. Don’t think the sister islands will be too happy not getting any flights to the mainland any more either. $100 dollar flights would be great and full of caymanians flooding to Miami to buy cheap goods and bring them back, thus local businesses would be decimated. The tourist numbers would be largely unaffected as it is not the flight costs that keep them away, it is the ridiculous prices of hotels and attractions and the tiredness of the tourist offering here.
7. Tax on money transfers is the only good point you came up with
8. Even with the duty removed, goods purchased locally are still too expensive to be realistically exported for profit. All the raw materials etc had to be shipped here in the first place and of course the greedy businesses need to keep their 100% margins. Dont forget that good here are not just 20% overpriced due to duty, they are significantly more expensive than that.
9.How is rushing through projects going to help save money? It’s not, obviously. But it will help ruin what little is left of the landscape and ensure that enormous sums are wasted on ill thought out projects that have not been properly costed or planned.
10. Maybe the stupidest idea is preventing people from selling their property. What a ridiculous idea. The housing market would collapse, people would go bankrupt, thousands of jobs would be lost, governemnt stamp duty revenue would dissappear.
Whether it was you or some politician that come up with these ideas, I think you’d better go back to school and learn a little about business or economics before spouting drivel on messageboards.
Get a grip of reality and understand your real calling in life. You don’t have the skills or intelligence to contribute to society in this way so stick to what your best at, serving me burgers at Wendys or cleaning my house.
Anonymous when I initially saw this on Face Book I felt the same way as you, however, on contacting Joey he agreed to meet and discuss with me. We had a small group session one evening and point by point he explained his thoughts. Now, I vote in North Side and I did not support him, however, I must say I got to see another side of this person…I have not yet changed my position with respect to voting for him, however, I have a far greater degree of respect for him. My initial reason for not voting for him was I did not believe he was intelligent enough to serve in Parliament. The reason why I am not yet convinced to support him is, he, like Bo Miller, is simply too capitalist focus. I do not support privatization to the degree they do.
Below I have attempted to clarify his position on your points, as explained to me by him; I took notes because I intended to dispute his proposed stimulus on FB.
1. Who is seriously going to buy treasury bonds from Cayman that have 10 years deferred interest? Much too big a risk for such a tiny reward, especially as the risk rating of Cayman Islands treasury bonds has got to be poor, bearing in mind their only two industries have been decimated and are already being overrun by rivals.
a. CUC sourced $40 million at very favorable rates…the Government has a better credit rating…the suspension of employee benefits may affect that. The deferring of interest will increase the cost of the debt but prudent investment will generate Government revenue. China, Trinidad and some Caymanians will purchase the bonds.
2. Pension funds need to be diversified over a wide range of investments and in a diverse area to reduce risk. You do not reduce risk by investing all your funds in one place (don’t put all your eggs in one basket etc). Especially risky to invest it all in Cayman’s banks which are already creaking and badly managed. Plus, where is the growth going to come from in the pension fund value if banks are paying less than 0.25% interest?
a. Agreed. He recommended 80%, (I argued this was too high a percentage), however, the local banks have the resources to minimize the risk with dispersing these funds and all pensions are now losing money. Surely a 0.25% is better than -2%.
3. You can’t just force the banks to reduce interest rates, they are private organisations and are already taking huge losses, any attempts to enforce extra rules and penalise them further will drive them out of business or overseas.
a. Providing access to “new capital” with the pension funds allows some degree of control…rewriting of loans to reflect the current interest rates will provide disposable income for consumers stimulating purchases, imports and Government revenue. I still believe the pensioners will disagree with this.
4. Where is the money coming from to cover insurance costs??
a. Government borrowings, #1 above…reduced reinsurance cost to the local insurance companies (for a specified period) will reduce premiums to consumers…further disposable income, consumption, imports and Government revenue.
5. Boatswains beach – Are you kidding me?? If what you say is true and Boatswains beach incurs all these costs, who is honestly going to buy it? The only reasion anybody would is to knock it down and build a hotel and that would cause too much controversy to make it worthwhile.
a. The suggestion is lease it…there was three private groups willing to lease a section of the property one year ago…a proposal crafted by Joey and included rental amounts, processes, customer sharing and development of the area as a new tourism destination. He showed us the proposal.
6. Cutting fares to Jamaica etc will lose money for the airlines, that is a popular route. Don’t think the sister islands will be too happy not getting any flights to the mainland any more either. $100 dollar flights would be great and full of caymanians flooding to Miami to buy cheap goods and bring them back, thus local businesses would be decimated. The tourist numbers would be largely unaffected as it is not the flight costs that keep them away, it is the ridiculous prices of hotels and attractions and the tiredness of the tourist offering here.
a. Joey conceded this point in our discussions and agreed the reduced prices need to be designed to drive up the number of visitors to keep the stay over tourism numbers up. The Jamaica route is a CAL monopoly that does not need reduced prices, Cuba is profitable, CYB is a necessity.
7. Tax on money transfers is the only good point you came up with
a. Agreed.
8. Even with the duty removed, goods purchased locally are still too expensive to be realistically exported for profit. All the raw materials etc had to be shipped here in the first place and of course the greedy businesses need to keep their 100% margins. Dont forget that good here are not just 20% overpriced due to duty, they are significantly more expensive than that.
a. Agreed. His thought process here was to use the tax on money transfers to stimulate local purchasing; the “in bond” status on these goods for export would drive further demand and local consumption creating jobs and additional profits for local businesses.
9. How is rushing through projects going to help save money? It’s not, obviously. But it will help ruin what little is left of the landscape and ensure that enormous sums are wasted on ill thought out projects that have not been properly costed or planned.
a. This recommendation was to facilitate privately funded projects creating jobs. My argument to with him was for whom? His position was it did not matter…once people were working on island they would consume and rejuvenate the economy.
10. Maybe the stupidest idea is preventing people from selling their property. What a ridiculous idea. The housing market would collapse, people would go bankrupt, thousands of jobs would be lost, governemnt stamp duty revenue would dissappear.
a. Actually I thought so at first too…it has not in other countries, rather, it has reduced the capital cost on developers/investors and provided an income for landowners who retain ownership for future generations. Joey’s main argument is that the current recession may cause additional Caymanians to sell more of their land and certain individuals who already own large amounts of our island would further economically restrain future generations.
I must say that this proposed stimulus plan is very well taught out…the best I have seen/heard thus far. Obviously you were incorrect with regards to his intelligence.
I think this whole process is nonsense and does not reflect true savings. There was no consultation with the Civil Service regarding the change in benefits. Why is there no defined date for repayment . So for expats who are entitled to the pension contribution a month after they leave the island , how will that be handled when there is no defined date for repayment
I understand the need to save , but the Government waste funds in so many ways I am sure the Financial Managers could have come up some better ideas. If this is the best they can do then I think we should all worry about the future of the this country as apparently this is a one man show
This is a good prudent idea with little long term impact at a time of need. It may be unpopular, but governing well sometimes involves taking unpopluar decisions from time to time.
Wow! The special working group was able to meet and complete a report in one week??!!!
I thought McKeeva had learned his lesson in regards to bullying people? This is unacceptable , I just cannot understand how the Financial Secretary and Superintendent of Pensions can sit idly by and go along with this stupid proposal. This is plain smoke and mirrors this is not a truesolution. This will create more harm than good in the long term. If we think the PPM got us into a mess with their overspending this pension holiday will be more disastrous because we are talking about creating a serious welfare state, affecting our international ratings and plain and simple crippling our economy. Where are the actuaries why are they not loudly voicing their oppostion to this fiasco.
We so desperately need another political Party and we cannot afford to wait another 4 years to get Mckeeva and his team out we need to stand up now and send a clear message that we will NOT be bullied. Sick out march whatever we just need to come together and make our voices be heard. Bombard the complaints commissioner, bombard the press with your postings get your family to call in to the talk shows, inundate the politicians with your disapproval, call on the Governor. But we cannot go down with this one quietly. SOLIDARITY! The time is NOW!
HOLD THE PPM ACCOUNTABLE! As the previous poster suggested, Caymanians do indeed need to take to the marching but also insist that the those who left the country in shambles, the PPM, be held accountable for what they did. Let me just enumerate it for you:
1. Yes, we have lots of new roads, that we owe huge loans for (and some of which were conveniently really close to their properties (Remember that road in Cayman Brac Mr. Tibbetts?)
2. Yes we have state of the art schools in construction but which may not get finished, which we owe lots of money for and which are in continuous labour disputes. Please tell us PPM which Caymanians have interests in that developer company?
3. They dropped the ball on the financial industry with their unfriendly to business and arrogant ways.
4. They gave a sweetheart deal to CUC so we can all choke to death on their bills.
5. No financial accounts updating yet spending recklessly.
6. The Turtle Farm was run poorly and milked dry by you know who.
7. Cayman Airways was the worst it has ever been and yet they were paying for two CEO’s for months, some of whom were not even qualified to run a grocery store much less an airline.
8. Our tourism industry is on the brink, but yet the bill for travel expenses was gynormous (and they have the gall to criticize Mac – at least he gets things done!)
9. They bought a helicopter which they insisted have everything in it but the kitchen sink and wanted to pay a Volkswagen price for it and ended up getting nothing yet. They all suddently became experts on the helicopter subject suddenly too.
10. They had "Chuckiegate" that cost so much money only to let him get away with his shenanigans.
11. They allowed crime to get out of hand by causing so much instability in the police force.
…and the list goes on and on. Please feel free to add what I have missed. The PPM is not even an effective opposition to the government now because they have no credibility left. They are now just sitting there making big bucks for doing even less than while they were in power. Again, let’s hold them accountable people.
The people you should be holding accountable for this ridiculous move is the UDP whose plan it is. Don’t think that you are going to get away each time with the excuse "the PPM made us do it"! We will weigh everything in the scales and if in 4 years time you are found wanting you will be replaced with despatch. Take heed. Already there are arrogant UDP supporters suggesting that they have a guaranteed 2nd term. Don’t bet on it.
It is apparent that no matter what McKeeva and the rest of his minions do in thier arrogance there are some people so blind to the facts that they will believe anything. God help us all!! because Mckeeva won’t
Ok enough of this non-sense. Civil servants it is put up or shut up time. Come together as one and plan a massive sick out to shut down all services, for a week if need be. How many people are willing to stand up for what is right????
The public service pension plan is currently underfunded by appx $180M and they now have the gall to suggest witholding further payments for 11 months!!! Come on this is not a solution this is simply putting off the inevitable. For those civil servants who do not understand what the fuss about in as simplest of terms as is possible:
The unfunded pension liability is an estimate of the cost of the future retirement payments of present employees for which the County does not have funds already set aside. Inadequate funding of retirement programs can cause large, long-term liabilities. Increasing unfunded pension liability or diminishing pension assets are both warning indicators and will significantly affect our ratings as a Country and thus affect our long term viability!!!
Basically when you retire there is a strong or now with this holiday and even stronger chance that there will not be enough funds on hand to pay out your benefits. So at that point chances are, if you did not set aside your own funds, you will become a ward of the state!!!
It is simple math you cannot take out more that you put in- plain and simple! Suggestions:
Whatever the final decision the pension holiday is a VERY BAD IDEA and should NOT be implemented.
MCKEEVA PLEASE STOP THE MADNESS!!!!
I will be suing the government – from a soon to be ex-civil servant
The annual actual expenditure for government for the 09/10 financial year will be approximately $550M and approximately 50% of that will be spent on salaries for civil servants = $275.
12% of those salaries = $33M. Now it is said that 6% comes from the government and 6% from the employees but in reality the government pays the entire 12% although the way it is shown on our pay slips is that 6% comes off the civil servants salaries but before that happens the government has added the 6% to civil servants salaries as a part of their salary.
So the bottom line is that the so called "Pension Holiday" AKA "Theft" …..if it is indeed going to be paid back by government in 12 months time will cost the government at that time approximately $33M.
So Mac A** did you know that ? Tell us where you intend to find this $33M in 12 months time.
We are not idiots as you seem to think. It is time to end this madness and accept that we the people made a serious mistake on 20th May 2009 !!!!!
The PPM told us that this bunch didn’t have the experience that was required to manage the country during this difficult time.
I heard former Minister Clifford say from the public platform during their final election rally the day before the elections that "Now is not the time to change to the unknown and the inexperienced……it is too much of a risk to take and our country cannot afford that at this time in our history." Oh how right Mr. Clifford was and is !!!!
Where’s The Report? ———
A while ago (the 13th of this month) it was reported that a group had been put together to analyse this very idea. It would be interesting to see some reporting on their report (or lack of availability thereof).
Here’s suggestions for civil servants.
1. the extra monies that you get from your pension holiday open a special savings account for pension, put this moniy in, DO NOT spend it, as YOU WILL also be spending your future. Pretendthat you don’t have any extra money, and if the pension never gets paid back, well at least you will have your share.
2. Would you rather you lose your job, cuz they WILL cut jobs if they can’t find another way to save money. Its better you have your job, and still be able to pay yor bills & feed your family, and we know that the first ones to get let go would be the ones who can least afford to be without a job.
3. DEMAND a date, of repayment, This is important if they went to a bank to borrow the money they would have a date of repayment.
4. If you feel that strongly about not wanting this, ALL civil servant get out there and march. If you are afraid have a sickout. Cuz go slow isn’t gonna work, everybody all ready says how slow doing business at govt offices is, people will just think its another day.
5. STAND UP for what you feel is right for a change. For you to have your freedom think of how many people died, why allow yourself to be enslaved. Have the courage to fight for what you want, without fear. Things will always be crammed down your throats because you fear. YOU MUST DEMAND YOUR RIGHTS. If you don’t believe in this pension holiday, FiGHT not to have it. But PLEASE DO NOT let someone else fight the battle for you, fight the battle for YOURSELF.
I am a former civil servant, (notice I said former) couldn’t take the muzzle and feeling of being enslaved. I feel your pain. But if this had happen when I was working I would rather the holiday than lose my job, cuz jobs in the private sector are hard to come by these days. Just save your share.
Wish you all well, and hope you get this matter resolved.
To "here’s a suggestion for civil servants".
As a former civil servant you wouldknow that many civil servants make no contribution to their pension plan and therefore would not have their contribution to save so your suggestion is not viable.
And yes I guess it is better to have your pay cheque and not have a job so I guess we should be thankful as there are many who have nothing.
What extra money from pensions? On one side of our salary slip, it shows a credit of the pension money, on the other side it shows the debit amount. We don’t get any extra on top of our salary. NOW another question for the government!
I am trying my hardest to work for 10 years to secure my pension. I wonder if the government would guarantee that the amount in my pension fund right now will be secure and then I could get a job in the private section and have my pension paid.
Disillusioned at the present time
Good Job CNS,
Poor ol puppet on a string civil servants – can’t even defend themselves for fear for of losing job.
Sign Me,
Contracted Benefits, what Contracted Benefits????????
Ok Mr. Governor the new constitution needs to come into effect immediately so that "We the People" can initiate a referendum to IMMEDIATELY remove this dangerous and reckless government from power !!!
The UDP is stealing our money. We were warned and no one listened because so many stupid people blamed the PPM for the world recession. How shallow and sad !!!
Give up on this referundmtosh. The last thing Cayman needs is political and constitutional instability unless you want to scare off the financial services industry!
This is absolute madness. This is the time that we should be pumping money into our pension funds. When the markets are down you have the opportunity to buy low. You cannot time the up swing of the market you have to be in it waiting for the upswing. This is a huge opportunity loss of the civil servants.
I recommend everyone just continue setting your money aside for your pension. You don’t want to be a retiree 20 years down the line having to beg politicians like Mac for bread and water.
You’re going to have to look out for yourself because this government will not do it!
Please Mr. Jefferson communicate with us not just talk down to us as you always do.
Tell us what is the position of the Judges pensions?
Thanks from an angry hard working civil servant.
PS. Thanks CNS for this service to allow us muzzled civil servanta to tell the world how disgusted we are with this UDP government robbing us of our future while they prosper.
Will all advertisements for Government jobs (including those advertised overseas) now contain wording that pensions will be paid at 0.25% of salary etc? What a joke. That should get the recruits coming thick and fast! Bet you and you advisors didn’t think of that, Ken.
I too am an angry hard working civil servant on the defined contribution (DC) pension scheme. Those on the defined benefit scheme(DB) will be unaffected by this "holiday" (although funding to the Pensions Board will be reduced making the long term viability of that scheme even more fragile than it is) so we can’t expect any protest from the judges, politicians or civil servants appointed before 2000 (who include of course the management team of our civil service association, the official members of Cabinet, the Finance Portfolio chiefs etc etc).
It is us DC civil servants whose pensions rely on what goes into our accounts for retirement who will suffer. It is a disgrace and breach of contract. How will government ever pay back all that money? I predict the "holiday" will be extended for another year.
Question! Will all advertising abroad for expat employees to be recruited contain the fact that they will get 0.25% or will they be excluded from all this? Just asking.
Some of us are considering a Class Action law case against the Government, but then which judge will hear it?
Judges in the Cayman Islands, who are benefiting from Government’s action.
So we would never get justice from the Cayman Islands courts on this pensions subject. How often do people (in this case Judges) shoot themselves in the foot?.
We now live in a totalitarian government island they are elected now we must shut up for the next 4 years.
Justice will only come to those able to fight against the oppressors.
Civil service pensions frozen
If this happens then let the MLA’s salaries thaw and become less!!
What about the MLA’s pensions, they get full pension after only serving one term I have to work a life time. That is one of the best examples of unfairness ever.
MLA’s you are just great at feathering your own nest – all of you are feathering your nest with my feathers and that is an abuse.
Fed up and thin.
What a load of McKeeba Jeff Crap!
The PPM did some stupid things and said some stupid things; but this UDP statement takes the cake.
"He also explains why a nominal ¼ percent contribution is being recommended instead of a full freeze on all payments. “From a legal perspective, one cannot refer to a 0% contribution as that is a contradiction of terms,” the memo states. “To address this issue, it is being recommended that Government pays a nominal contribution of 0.25% (being 0.125% employer and 0.125% employee) into the pension fund as pension contributions for the remainder of the 2009/10 fiscal year (ie from August 2009 to June 2010, inclusive)."
This whole UDP Government “…is a contradiction of terms…”!
This is just unbelievable, did Tony Travers or Tim Ridley or Norman Bodden or Dick Arch or Joy Basdeao or Burna Murphy or Dr. Joe Marzouca ….come up with this hair brained wording of total double speak (read double crossing)?
What a letdown it must be for such a respected group of people to know that they have backed such UDP government actions, they must be shaking their heads to be associated with such nonsense.
How can you make a sensible statement on a non sensible action?
“The temporary suspension of the full 12% payments (6% from the employee and 6% from government), which government will be legally obliged to pay back in the future, was announced by McKeeva Bush on 10 August.”
Trust Government , now that is a total contradiction.
So tell me when pay back time comes will you be deducting 12% from my salary and Government will be contributing 12%?
And another ting McKeeba, how will Government add to my pension fund for the potential loss of income because current contributions have been suspended?
McKeeba Jeff don’t you see it is not only the contributions it is the effect of the long term loss of income on the contributions during this time of pension contribution suspension.
The more you look at it the more nonsensical it becomes.
McKeeba while you will have your Premier Pension I will be suffering with a short changed pension and that is not right Mr. Mc and you know it too.
“be legally obliged to pay back in the future” come on now when – the future is a long, long time McKeeba and Jeff, want some credibility, at least put a date to it for us please. We know that even if you put a date you will break it like there have been many, many breaks of the obligation to fund the pension now.
“legally obliged” How can anyone expect to believe that Mr. Bulgin, UDP and McKeeba will ever feel obliged to anything when they do not feel “legally obliged” to follow the Constitution?
Never look to Mr. Bulgin to enforce this empty promise to pay back – how could he, he owes too much to McKeeba.
Remember folks what Mama says – A Promise is only comfort to a fool.
Please do not be fooled by this empty promise like the promise to fully fund our pension plan now.
So if we civil servants are smart then we must rise up and in more ways than one to stop this McKeeba Jeff Crap. Time to put sand in the gear box of the nonsense truck and cow itch in the air vents.
McKeeba wanna save some money then give up your POO1, your first class travel, ride in the middle of the bus like normal people and your fancy hotel apartments. I will bet that your pension will not suffer while mine will suffer.
Come on Jonathan, Mark, John John, Ellio, Ezzard this could never be the type of Government you thought that you were going to get when you worked to get the UDP elected, after all some of you were once one of us, or have you forgotten how we are treated now that you are on the other side?
McKeeba a lot of this mess we are in was created by you in the “Status Gold Rush” (now we need class rooms for their kids), the Cayman General Insurance settlement robbing us of many millions of dollars which you made sure was to your benefit in the secret meetings, Cayman Turtle Farm runaway spending to your contractor friends, on and on.
Someone sick and tired of wiping up politicians @%#t.
Time for a no confidence vote.
I like Joey Ebanks’ Idea better "Shift 80% of the pension funds to local banks reducing the risk and losses while providing capital for the local banks." Now that’s a brilliant Idea we could still have our pension and the banks will also beneift..too bad Joey ain’t in the LA to make this happen…He’s so smart and has a good heart!
more of Joey’s ideas:
1 Treasurer Bonds – $75-$100 Million. Defer interest payments for 10 years. Issue locally and to China, India and Trinidad and Tobago.
2 Shift 80% of the pension funds to local banks reducing the risk and losses while providing capital for the local banks.
3 Have the banks reduce interest rates including existing loans with locals.
4 Cover some of the risk for insurance companies and have premiums reduced for health and property.
5 DO NOT discontinue pensions as reported . It will be next to impossible to restart.
6 Shut down Boatswains beach and retain Turtle Farm. Lease out the Boatswains Beach property to the private sector and give them seats on the Board. BB has 80% of the operating expenses and 20% of the revenue. Turtle Farm has 80% of the revenue and 20% of the expenses.
7 Aggressively collect H.S.A. receivables. Implement further I.T. to reduce operating cost and collect from insurance companies.
8 Reduce CAL flights to cover USA (Miami, NY and Tampa) destinations only. Reduce ticket prices to US$100 for twelve months. Implement incremental increase spread over four years to retain 80% demand.
9 Tax money transfer companies on all funds transferred by local labor.
10 Waive duties on all goods purchased locally for export.
11 Approve all major capital projects within two weeks of submission to Planning.
12 Prevent locals from selling property. Encourage lease agreements.
THIS IS A BAD IDEA
It is absolutely amazing the swiftness with which this matter was dealt. Could someone tell me why I was not consulted about what to do with my money !! and what about the payback period ?…how will the government (the statutory authorities and the like) pay back these monies if they cannot afford it now, and what about those of us who are not buying this idea (who want to keep paying our contributions)?
I have a idea, it is high time civil servants are given the option of where to put their retirement money. Who wants to keep giving their hard earned 6% to an underfunded, unaccountable and illmanaged scheme. Civil servants need to have an ability to contribute to other plans. I hope these are some considerations when the pensions law is being revisited.
This is very very sad!!!
Seems like most of the Civil Servants don’t mind this, so don’t be crying in the next ten years when it effects you.
They didn’t have a choice. They want to keep their jobs.
File your complaints now with the Office of the Complaints Commisioner. (9432220)
http://www.occ.gov.ky/portal/page?_pageid=1227,1&_dad=portal&_schema=PORTAL
Be persistent and inundate both the Glasshouse (9497900) and your Elected Representatives with both phone calls and emails.
Call the Cabinet Office (2442208)
Chief Secretarys Office (2442432)
Portfolio of the Civil Service (2442344)
Civil Service Appeals Commission (9462722)
Civil Service Association (9498415)
Deputy Chief Secretarys Office (2442222)
Financial Secretarys Office (2442404 or 2442428)
Demand answers and demand them now. Speak up now, not in 4 years time.
Well the civil servants still control the outcome of elections in this country so they clearly wanted a change in government in May 2009 so da wa unna get !!!
Support your new government now even as they steal your retirement money under the guise of a pension holiday H!!!
I am sure not every civil servant voted for them.
"He said that employers would have to be in compliance with the law before this was allowed and have the agreement of the employees"
Mr. LOGB since the private sector have to have the agreement of the employees, did you have the support of the civil servants?????????? Tell us, or did you just slam it down their throats.
Ok the "Time Has Come" for the country’s first ever march by the civil servants of this country. The UDP is borrowing OR stealing our pensions to build their projects, pay for the LOGB’s travel, including the entourage he’s taking to the Bahamas this weekend for the Miss Universe Pageant. I can hear the slot machines ringing already !!!
This has to be criminal. Wake up CICSA !!!!!!!!!!!!!!!!!!!
Miss Universe! Bahamas, this weekend! oh man… I’m there!! lol
I’m taking the Camera.
– Jedi Dread –
At Play, in the Bahamas http://bit.ly/GvN3D
Well there you have it, time for the few remaining self respecting semi-intelligent Civil Servants to jump ship to the private sector. Lets only hope the Captain and his crew remain on board to sink with their ship. We will all be paying for this for many years to come.