Ah, my young and fabulous friends, it is wonderful that you can enjoy those expensive fashions and parties now, but, even as I write, the stress on our National Insurance Scheme (NIS) is increasing and inflation is ravaging pensions.

In a forum held last week by the Central Bank of Barbados and chaired by David Ellis we discussed sobering statistics. By 2050 one quarter of the Caribbean and Latin American population will be over 65 years old, the age of retirement. It will be even worse for Jamaica. Panellist Diane Quarless, director of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) Subregional Headquarters for the Caribbean noted that 39 per cent of Jamaicans will reach retirement age by then.

If you add 25 years to your current age, it may be a wake-up call for how many years you have left to make meaningful plans for your retirement. Panellist at the forum, Professor Emeritus Karl Theodore, noted that, “With the shrinking of the labour force, there is a threat to our capacity to generate income as well as a second threat, the pressure on health systems.” He said that after retirement people have more health issues requiring costly treatments.

Marilyn Rice-Bowen of the Barbados Association of Retired Persons (BARP) noted that they are promoting the concept of “ageing in place” and asking for support for families who care for their elders. She says such an exercise can benefit three generations. This plan is well supported by our own Professor Denise Eldemire-Shearer. I shared that our Ministry of Health and Wellness had been promoting healthy ageing and raising awareness of non-communicable diseases (NCDs), such as cancer, cardiovascular disease, diabetes, and chronic lower respiratory disease.

Derek Osborne, partner and senior actuary at LifeWorks, Bahamas, believes that “the crisis is here”. He said that, if there is no change, pension schemes will be depleted in 15 to 20 years and governments may have to make “smaller promises or greater contribution”.

We saw that move in Jamaica last week when Minister of Finance and Planning Dr Nigel Clarke announced a $550 million subvention for low-income pensioners.

Another worrying observation by Diane Quarless is that 40 per cent of young people, up to 25 years old, in the region are unemployed. Imagine then that retired people with their meagre resources could become the prey of these hapless youth. It is a clarion call for us in Jamaica who have seen sickening reports of older folks under attack by younger relatives.

Skills training and employment are a must to protect our society.

I remember giving a talk to young folks at S Corner in downtown Kingston when the Horizon Adult Remand Centre prison was announced. “But Miss,” said a member of the audience, “why the Government building prison? Why they not building factory and giving us work?”

In a recent Jamaica Observer article, Brianna Palmer noted Dr Clarke’s observation that, of a working population of just under 1.3 million, less than half are enrolled in the NIS. An estimated 11.6 per cent of Jamaicans are covered in the private pension industry. However, these generous private sector pensions have a high level of taxation.

Our Caribbean Community of Retired Persons (CCRP) seniors organisation has been appealing to the Government to give greater tax relief to pensioners. CCRP directors Warren McDonald and Patricia Reid-Waugh have noted that Jamaica’s annual tax-free threshold is US$9,810, while it is US$12,426 in Trinidad and Tobago and US$12,500 in Barbados.

The measures we are calling for, including legislation for elderly care and protection, should be supported by Jamaicans of all ages for the benefit of our beloved elders, but also for ourselves. Our day will come.

SHINZO ABE’S IMPACT ON OUR REGION

The world was shaken by news of the tragic death of former Japanese Prime Minister Shinzo Abe. Having been the longest-serving prime minister of Japan, he was the face of the country, engaging fellow world leaders and promoting global unity.

In its tribute the Caribbean Community (Caricom) described Abe as “a man who made great efforts to reshape his country and its place in the world”.

They noted, “Mr Abe is well remembered in our community as in 2014 he became the first prime minister of Japan to visit the region and meet with our Heads of Government, taking to a new level the political engagement between Caricom and Japan.”

“It was during that visit that the prime minister signalled Japan’s support in recognising the vulnerability of small island and low-lying coastal developing states (SIDS) … during the summit in Port of Spain [he] reset Caricom-Japan relations by outlining his country’s three-pillar policy towards the community. These are co-operation towards sustainable development, including overcoming vulnerabilities particular to small island states; deepening and expanding bonds founded on exchanges and friendship; and co-operation in addressing challenges in the international community.”

At Friday’s sitting of the Senate, government and Opposition representatives paid tribute to Abe’s distinguished journey. President of the Senate Tom Tavares Finson described him as a friend of Jamaica who touched the lives of Jamaican leaders. Foreign Affairs and Foreign Trade Minister Kamina Johnson Smith said, “Japan has been a true friend to Jamaica and, indeed, Prime Minister Abe was. Japan is one of our largest bilateral grant-funding donors. It is a matter of significant appreciation and demonstration of friendship that goes beyond sports and music into these substantive economic areas of support… Former Prime Minister Shinzo Abe will rest strong in our memories.”

Opposition Senator Dr Floyd Morris noted, “We have established diplomatic relations with Japan from 1964 and they have been extremely good friends of Jamaica… His work and the work of his country has impacted Jamaica, and we, on this side of the Opposition, want to extend our profound regret and sadness at his passing.”

They recalled that Jamaica welcomed Abe on a State visit in September 2015, and his respect for our country heralded his people’s embrace of our culture and significant investment through the Marubeni Group of Companies and the Ueshima Coffee Company.

We extend deep sympathy to the people of Japan as they grieve his passing. May his great soul rest in peace.

WISE WORDS FOR CONVENT OF MERCY ACADEMY “ALPHA” GRADUATES

My colleague Racquel Simpson was at last week’s Convent of Mercy Academy “Alpha” graduation to cheer on her sister Latanya Davis. She said it was the school’s largest-ever graduation, an impressive ceremony held on the lawns of Alpha Park.

Valedictorian Shevanise Carr reminded her peers of the theme ‘Kindling the Flame of Excellence’, and called on her schoolmates to be “modelled by faith”; practise “principled leadership”; and “serve without prejudice”. Guest speaker Charmaine Daniels, CEO of Digicel Jamaica Foundation, inspired the audience with her call to excellence. She reminded them, by quoting the late General Colin Powell, former United States Secretary of State, that, “There are no secrets to success, it is the result of preparation, hard work, and learning from failures.”

Congratulations to Principal Kali McMorris, her faculty and staff for tackling the challenges of the novel coronavirus pandemic and delivering a memorable ceremony.

lowriechin@aim.com

www.lowrie-chin.blogspot.com