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.