De Peiza: Pay cut wrapped up in bonds
NOT A ‘BOSS’ MOVE but a pay cut being served up to public servants.
That was how president of the Democratic Labour Party (DLP), Verla De Peiza, said she saw the Government’s bond proposal in the Barbados Optional Savings Scheme (BOSS).
“It is not fair and reasonable for public servants to bear this burden alone. If the bonds are truly such an excellent bargain, open up the issue to all-comers. And in any event, public servants will warm to the concept more once they learn that the ministers, consultants and MPs will not be opting out of the bond issue,” she said.
Last Thursday, Prime Minister Mia Amor Mottley met with representatives of the labour movement to discuss the BOSS programme. It includes a four-year bond with a five per cent interest rate per annum, payable semi-annually, with the principal being paid four years from the date of the bond. There is to be no withholding tax on the interest earned and the bond is fully tradable.
In a statement, De Peiza said that after last Thursday’s Press conference involving Mottley and Dr Kevin Greenidge, senior economic advisor to the Government, three things became clear to the DLP about the BOSS. (AC)
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