T&T Finance Minister denies job-loss claim

The claim of loss of 1,13,000 people from their jobs claimed by the Opposition in Trinidad and Tobago has been denied by the current Finance Minister Colm Imbert.

Monday, 5th July 2021

Trinidad and Tobago: The claim of loss of 1,13,000 people from their jobs claimed by the Opposition in Trinidad and Tobago has been denied by the current Finance Minister Colm Imbert. Finance Minister Colm Imbert said that UWI economist was trying to justify his unscientific, unresearched theory, claimed that he said that 113,000 people in TT had lost their jobs from 2015, which has been a clear lie. He said that no such thing. The Opposition Leader created that bogus narrative, not him. The Opposition Leader had first stated the claim following the laying of the NIB reports in Parliament by Imbert on June 25. According to the Tenth actuarial valuation, the figure of 113,000 is possibly based on the variation in the number of givers in 2020, which was 404,197, versus the number of givers in 2015, which was 516,926 of the National Insurance System as of June 30, 2016. These figures provide a difference of 112,729. The figure was also repeated at a media discussion given by the Opposition on Sunday. UNC MP Dave Tancoo said according to the NIB report laid in Parliament, 112,000 people lost jobs between 2015 and 2020. On June 25, Imbert said the report mentioned a deterioration on the level of regular contribution income as a result of depressed economic circumstances owing to the covid19 pandemic. He said the declining population continues to be a concern of the NIBTT. This dynamic is represented by a decrease in number of births, resulting in a decline in the working population and a sharp jump in the number of NIS pensioners. Based on this trend, NIS data & data from the Central Statistical Office (CSO), Imbert stated T&T's population is an ageing society, with 13.4 % of the population 60 and over. "Moreover, since 2010, the number of pensioners has increased by over 50 per cent, with the number of pensioners projected to rise again by as much as 40 per cent in the next 10 years. This huge increase will put a strain on the system, as a shrinking contributory base is needed to support a growing number of beneficiaries."