Internal Audit Absolutely Required.

After sharing a Lecture from Week 2 of the Second Law Module. Someone who appreciated the share and shared some data a friend sent him. This is scary what NIS has been doing.

This was written by a co-worker of mines. He admitted some of his calculations can certainly be off, but it gives you something to think about when considering some of the recent comments of the Finance Minister.

Collected (NIS) National Insurance????

THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE NIS IS THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED A NATIONAL INSURANCE CHECK!!! WHERE DID THAT MONEY GO?

Remember, not only did you and I contribute to National Insurance, but your employer did, too.

It totalled 12% to 13.5% of your income before taxes.

If you averaged only $30K over your working life, that's close to$180,000.

Read that again.

My calculations may be a bit off, but you get the picture.

Did you see where the Government paid in one single penny?

We are talking about the money you and your employer put in a Government bank to insure you and me that we would have a retirement check from the money we put in, not the Government.

Now they are calling the money we put in an entitlement when we reach the age to take it back.

If you calculate the future invested value of $4,500 per year (yours & your employer's contribution) at a simple 5% interest (less than what the Government pays on the money that it borrows).

After 49 years of working, you'd have$892,919.98.

If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit!

If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month.

THE POLITICIANS IN TRINIDAD AND TOBAGO HAVE PULLED OFF A BIGGER PONZI SCHEME THAN BANK ROBBERS EVER DID.

Entitlement my foot; I paid cash for my National Insurance!

Just because they borrowed the money for other government spending, doesn't make my benefits some kind of charity or handout!!

Remember the benefits for members of Parliament ?

+ free healthcare,

+ outrageous retirement packages,

+ paid holidays,

+ paid vacation,

+ unlimited paid sick days.

Now that's welfare, and they have the nerve to call my NIS retirement payments entitlements?

They call NATIONAL INSURANCE and Free HEALTHCARE an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money.

Why did the government borrow from it in the first place? It was supposed to be in a locked box, not part of the general fund. Sad isn't it?