Time for the FNM to go cold turkey ........... THIS IS WHAT THEY HAVE TO DO
...............Rescind the PSC regulations and Employment Act and CBAs etc ..............fire the whole existing public service (like they do in some US school districts) ..............and rehire with specific 3-5 years contracts, no gratuity, and less cumbersome General Orders terms and conditions and make a voluntary pension plan for ALL civil servants etc. .......... Either that OR the country will be broke in the next 15-20 years because of these stupid rules put in place back in the 1960s.

THIS IS WHAT IS CALLED FACING THE BULL ......... NO MORE KICKING THE CAN DOWN THE ROAD NOW.

Import Duty would have to be cut entirely, and removed from medical service and prescription drugs, insurances and BEC fuel surcharge. Many are struggling to put food on the table as it is, even those not foolish enough to throw their salaries at the numbers slime.

Rather than try to save and salvage what is left,
they'd rather absolutely pillage to the bottom of the barrel leaving nothing.
A well worn post colonial path. Interesting how the promise of "everything" carries more weight than the reality of ending up with nothing.

I wouldn't worry about it. By 2030, most of the Bahamas will be under water due to climate change and rising ocean levels.

Don't worry, be happy

In every life we have some trouble

But when you worry you make it double

Don't worry, be happy

Erryting gern be all right. Mother Ocean will take care of us. No pension, no worry. No woman no cry. Erryting be all right.

Ma Comrades, Nassau Town is more under pot holes siege than economic threats.
Has anyone done the math if we walked away ALL spending funds we have to borrow to pretend to to the world how independent of a country we are? Suspend membership in CARICOM and put freeze for minimum 3 years on ALL government politicians, officials and representatives travelling the globe for so-called conferences.
No more concessions to foreigners. Instead, use funds to repair the damn pot holes which number about three potholes for every driven block road, and clean up dirty, disguising Nassau town.
Pass Bill in House and Red Chamber. prohibiting government borrowing another red penny for minimum 3 years.

Yea Comrade!

Give all new employees contracts where there pension is contributory and at a sensible rate (say 5%). To change the contracts of existing employees is too difficult - we need to swallow that PLP pill.

It's the easiest solution and no employee or union can gripe about it so there is no risk of losing votes.

True, but there are still soooo many civil servants, and what about the politicians and THEIR pensions?

The "chickens are coming home to roost". The current pension fund has been depleted by corrupt politicians year after year and ministers have put their "head in the sand" hoping that the problem would become someone else's. Well guess what? It is now a problem for ALL of us. There is NO PAINLESS SOLUTION. If the Bahamas pension fund is to prevail then the country is going to have to take the lead from other countries who have encountered similar problems. The likely options for the government that has the balls to tackle the problem are:

1. The ending of non-contributory pensions for new civil servants.
2. The commencement of mandatory contributions for civil servants still in employment.
3. A staggered increase in the pension age for all. For example, someone with 20 years still to work receives state pension at 67 instead of 65. 10 years working life means retirement age of 66 etc.
4. An increase in NIB contributions for all.

More intriguing still is even with this Imperial red shirts government firing of government workers the compensation costs paid in wages and salaries ordinary Comrade workers, not even including pensions, continue to increase... because they have been replaced by red shirts loyalists drafted into senior management at much more generous pay levels and benefits. Easily 40% government workers are not needed at work with thousands being within the various uniformed wearing branches government. The PMO alone is fattening the paycheques with millions dollars going to workers hired no other reason than to try make PM looks all prime ministerial. I think PM Perry had likes but 5 in total warm bodies on public purse staffing entire PMO.
. .

The $3 Billion includes ALL who have worked for Government since coon days ....... and those in the system now .......... The MPs pension law gives them 100% of what they make as PM, Cabinet Minister etc. ......... The small man gets 4% ........ There is no equity there.

Even if you were to cut off all new hirings from this system, it will not change the reality of the next 15-20 years. ......... and can you imagine these Government workers unions????????

The MP pension is RIDICULOUS and should be abolished. When you are finished serving why should you drain the country you claimed to want to serve? THAT should sort the sheep from the goats.

Indeed ....... the pensions of the top 10% of those who have served in Government far outstrip the regular worker who collects pittance ...... Imagine Perry Christie collecting $200,000 a year pension for putting us on the IMF junk status list ....... and the small man collects barely $200 a month?????

Hopefully no other Bahamian will encounter my experience with NIB and the pension fund. After enrolling in the NIB in 1974 AT THE INCEPTION and contributing to the fund to get a pension at retirement age, THE PAPA INGRAHAM FNM GOVERNMENT in 2011, 37 years later and at retirement age TOOK that benefit away from me because of the GROSS CORRUPTION AND GROSS MISMANAGEMENT AT NIB.
Bahamians should consider the NIB contributions as additional taxes and establish and manage their own retirement/pension account.