Wednesday, September 18, 2019

Pierre Warns There’ll Be No Money In NIC In 2050

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The leader of the opposition Saint Lucia Labour Party (SLP) has sounded a warning that the National Insurance Corporation (NIC), will run out of cash in 2050 under current conditions.

“Its the young people who will get pressure when the NIC collapses, not us,” he declared Sunday to the annual general meeting of the SLP’s Choiseul-Saltibus constituency.

The Castries East MP asserted that as the NIC now stands, it will have no more money in the year 2050.

“I defy them to say that’s not true. I defy them. Let them say it’s not true,” Pierre challenged.

He told his audience that 2050 sounds very far away.

“Thirty-one years from now this young lady here will just have started to have a family,” he stated.

Pierre observed that despite the situation, the government had taken NIC money and given it to foreigners.

“And you talk about investment in golf course. And we will have to take a position on the NIC  because that is a fact. In 2050 under the present conditions if they do not increase the NIC contributions,  there will be no money left in the coffers of the NIC,” he declared.

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17 COMMENTS

  1. Very terrifying if it is true however what is undeniable is the current government interference with the NIC investment strategy. With the Government borrowing 70-100 million dollars to pay off their Bonds retirement to borrowing 30 million dollars the billionaire owner Cabot Links golf business. These developments have me worried about the future of the NIC.

    • Why are idiots keep on lamenting that the NIC borrowed money to a billionaire. Do banks or any lending institution borrow money to poor people or people that cannot afford to pay back? The NIC is holding 3 times the loan as security. MR/s Realist, Peirre is just scarring you and those labour people.

      • You must be getting some healthy contracts for you to be attacking people so vigorously ? Where did you pull that 3 time security nonsense from, isn’t there a confidentiality agreement between the two parties? Why didn’t the Billionaire borrow from his native country (Canada)? We are now financing our own Foreign Direct Investment? These are valid questions people are asking, just because you getting it good doesn’t mean other st.lucians should check on their future benefits

      • I really don’t know how the opposition leader really did his calculations to be honest. How on earth the NIC will be out of cash when the population and workforce will be double? or is he saying generally, statistically by 2050 the entire country will be un-employed? i am sick and tired of these so called accountants and economics who create a fail sate with their atrocious analysis!

    • If is a billionaire why he need to borrow money from a poorer entity. Why can’t he give himself a loan if it is true what they say

  2. Such is Pierre’s desperation, he has now moved into the sphere of scare-mongering, forgetting that were he to achieve the impossible, he would have to deal with the same NIC he is maligning. He kept his mouth firmly shut when Anthony committed the most egregious of sins against the people of St. Lucia. He is now seeking to re-make himself at the ripe old age of 64, pretending that he is a new kid on the block. The NIC is now his favourite whipping horse, knowing full well that the current directors would not descend into the depths where his is most comfortable. So the annual audited financial statements mean nothing, the actuarial reports mean nothing. I now make a prediction – Phillip J Pierre will run out of cash in 2030 if he does not ascend to the position of PM of St. Lucia in 2021.

  3. Prime Minister Pierre they care ?? They already saying ” you desperate” I pray to God by 2050 some of these old crows will still be around so that young people could hold them and beat them for the mess they left for them. Laborie Soufriere Highway still not paid for yet you think the 100 million Dear Allen borrowed will be paid. I rest my case. The yellow Jackasses

    • You are one of those Phillip J Pierre scar. Bravo Pierre. He must be happy. Anyway go and check the report of the BOSL during the SLP reign in government and investigate why it was so bad. You trying to scar people? Go and get that fact.

  4. By that time prosperity will arrived yeah yes we are Dubai now tourist all over the place like ants skyscrapers dot the Castries landscape. Cruise ships lined up to dock in VF everybody have gold teeth st Lucians are the envy of the Caribbean no more poor people so why worry about a chump change pension fund

  5. Chrystal Ball, Fixion, dolls and pins, flying broom sticks and a whole lot of codswallop. How do you J Pip intend to move the Country forward if not by investing in critical infrastructure that will generate revenue in the long run. So you want to hold Saint Lucians at ransom, keep the Island’s development in a choke hold and then scare the electorate about future financial calamities? What did you do J Pip when you were Prime Minister? What about the Grynberg fiasco SLP got the electorate into? That fiasco might end up costing Saint Lucians more than half it’s GDP. It has been proven that when a Government investment in critical infrastructure the entire Country benefits exponentially. Case in point : You give the Nation proper roads, motorist will be able to travel to their destination safer, quicker (not necessarily in terms of speed but by not being caught up avoiding pot holes), goods and services will get to the customer quicker, someone going from Gros Islet to a job interview in Vieux Fort will get there in time to have that interview…generally better roads save time and therefore time is money…….the benefits of investment in critical infrastructure exponentially to all. You want me to highlight the benefits of a World class golf course., a world class airport, etc etc….? Honestly J Pip you disappoint yourself and the electorate.

  6. Lmao Now its all about fortune teller ……..Since when Pierre can see that far ?You can see by 2050 NIC will have no money but u couldn’t see in 2016 you guys would be kicked out off office.Trying to make ppl think u concern.BS.Go find something of substance to do .

  7. Yeah it will run out of funds by 2050 because at that time the earth will be destroy after the coming of Christ and there will be no need for money DUMB DUMB. You just trying to scare the youth into voting for your party because ya’ll realize that where majority of the votes are come the next general elections. Boy the tactics of the S.L.P never seems to amaze me and when they finish they want to talk about Cambridge Analytica. It seems that Cambridge only read the books ya’ll created and used it to make money throughout the world base on ya’ll tactics. FEAR MONGERING, DOOM AND GLOOM, THE WORLD IS COMING TO AN END, THIS PARTY IS CORRUPT WHEN YA’LL DID ALMOST THE SAME THINGS WHEN IN POWER AND THE GREATEST ONE OF ALL THEY ARE RUSHING PROJECTS BEFORE ELECTIONS WHEN YA’LL DID THE SAME THING IN THE LAST ELECTIONS.

  8. Mr pierre needs to get his facts right and stop putting fear in people.
    As a leader i think that is poor leadership
    He needs to understand the way poor people would panic if this would happen
    The guy eh ready to lead this country only marchand for now
    .

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