PUBLIC SERVANT thread

[De Dragon]

If allyuh want money to flow and the economy to be stable leggo the back pay to all public sector.
Trinidad will be nice again.

because stupid Public Servants can't wait to buy rims and flat screen T.Vs or maybe a Vitara, I continue to say Trade Unions and Associations fail their membership by failing to empower them when it comes to economic knowledge and what needs to be done in our current cash crunch, you cannot spend your way out of a recession ask the G8 countries, to encourage that fallacy is foolish

Wow years now I say and telling ppl to save and invest. Most important stay away from PNM Unions.

Tuners will take your advice now.

I remember you saying the same indeed, you're only slightly more disliked than me so they won't take me on either, I know public servants who are borrowing against their future backpay to pursue conspicuous consumption of consumer goods, borrowing to invest should be encouraged, pooling your backpay with like minded people to invest is what should be happening.

As for:

Y'all gonna blame unions for every single thing though? Ah mean back pay is back pay no? They didn't earn the back pay?

Unions agitate/negotiate on behalf of their membership for salary increases, they also agitate for the backpay to be paid but never give advice or seek to have advice provided for their members to use the money wisely, I listen to all the union programmes on the radio and they are woefully out of touch with our current economic environment instead they perpetuate the boom-bust cycle maybe because they want to keep their membership enslaved, this is not meant to absolve individuals of their own financial responsibility but if you serve worker's interests wouldn't this be a fundamental one?

Can't say I agree with that in any way. A union's job was never to teach you what to do with your money the same way I wouldn't expect my employer to teach me or anyone else what to do with their salary. Just seems like it's easier to blame a union for something that really isn't, and doesn't need to be, under their purview.

All responsible companies have financial planning training for their employees. Just because something is not your "job" doesn't absolve you of your responsibility for at least providing the knowledge and advice. If someone chooses not to follow it, well that is their right. Many of these financial advisers also provide this service for free or very little charge.

[racedriverpro]

Op u really think PS really going to benefit from this? When public servants get BP down to the pie man want a piece. Payment of backpay is a green light for prices all over to go up. So who the fack really suffering? Alyuh feel public servants have it easy? I eh go lie some is realy to send home...think of the political influence that is present in the workplace...an HROIII I knw husband working in the ministry and she gt like that without one facking day of hr experience. Doh talk unless u walk the walk. By no means I condone the negatives that have been highlighted..but try and understand before judging.

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[cracker]

Based on what colm inmbert said three days ago concerning the state of the economy I really do not think there will be any backpay this year.

[eliteauto]

Based on what colm inmbert said three days ago concerning the state of the economy I really do not think there will be any backpay this year.

MoNS said July, and Colm has already indicated the debt must be paid before the end of the financial year and they are looking at financing it via bonds to the local banking sector

[Kenjo]

When they say bonds is it that the banks are getting bonds or the workers are getting bonds that they can't do crap with ?promises were made long before last year and spit wasn't given

[racedriverpro]

When they say bonds is it that the banks are getting bonds or the workers are getting bonds that they can't do crap with ?promises were made long before last year and spit wasn't given

No bai is basically an I owe u in writing that will basically mature at a specific date. Banks buy this bond for less than its value. So they making money on ur head due to ur impatience.

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[eliteauto]

When they say bonds is it that the banks are getting bonds or the workers are getting bonds that they can't do crap with ?promises were made long before last year and spit wasn't given

They are floating Gov't bonds on the open market to make up the cash to pay the backpay,banks will buy them and PS are getting cash from their respective ministries. PS are not getting bonds

[kjaglal76v2]

wah period dah back pay is for?

I might have a lil ting to get!!!

eyeing a setta 17x10's by racetrac longtime now

[mark2.0]

Ah lil birdie tweeting Christmas would come in June...
I aint know how true.

[Kenjo]

When they say bonds is it that the banks are getting bonds or the workers are getting bonds that they can't do crap with ?promises were made long before last year and spit wasn't given

No bai is basically an I owe u in writing that will basically mature at a specific date. Banks buy this bond for less than its value. So they making money on ur head due to ur impatience.

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Thanks for the info !

[mark2.0]

So they say ah 50% backpay fuh we in June....

[mark2.0]

So they say ah 50% backpay fuh we in June....

[redmanjp]

anyone hear talk of contracts not being renewed? I'm hearing it in the TTPS (I'm a civilian)

[nervewrecker]

Public servants working conditions are poor eh....so they have to work less hours....
no air condition etc...

Damn right.

But like who in charge like it so. I have to suffer here long hours in a hot building so allyuh have to suffer too.

F**k dem yes.

[Advent]

My g.f. leaves home 4.30 am every morning to go p.o.s. works till 4 pm then leave to come home so it not all public servants work that time as mentioned before.

Yeah u continue believing ur gyul in wuk all dem hours

[racedriverpro]

Hearing a talk of 50% cash and 50% bonds....wdmc

[eliteauto]

Hearing a talk of 50% cash and 50% bonds....wdmc

This is what the Finance Minister has proposed:

In this regard, I wish to confirm that it is the Government’s intention to pay 50% of the outstanding arrears of salary to public officers by the end of June 2016. The remaining 50% will either be paid in interest- bearing Government Bonds by the end of September 2016, or in two further instalments in cash in 2017, at the option of the workers.

I'm still waiting to hear what is the interest rate on the bonds

The Associations of the Protective Services (Police, Fire, Prisons) are scheduled to hold a meeting with the Finance Minister soon to discuss their dissatisfaction with the proposal and suggest counterproposals

[mark2.0]

And ah feel all the association heads want to hear is how much interest on the remaining 50% bonds we will be getting.

[racedriverpro]

Best they run the back pay tax free after all that drama.

[rollingstock]

I'll take all mines in interest bearing bonds please. Will also buy bonds at 5% more than the commercial banks are offering.

[eliteauto]

I'll take all mines in interest bearing bonds please. Will also buy bonds at 5% more than the commercial banks are offering.

*bonx* best you replace Ramesar yes

[rspann]

Bonds might be a blessing in disguise for those who could use it as a savings. The ones who going to blow it on bling and unnecessary things are the ones who really against getting bonds.

[rollingstock]

People too facking dotish. They want their backpay to buy the new S7 to pips on dey padna in wukk.

[trishala]

I find they should not tax the back pay

If they doing that then I would take all mines in bonds

But you don't get interest on the bonds after maturity
And if you sell it you will get like 20 cents per dollar

[eliteauto]

I find they should not tax the back pay

If they doing that then I would take all mines in bonds

But you don't get interest on the bonds after maturity
And if you sell it you will get like 20 cents per dollar

These are interest bearing bonds so you get interest and I've never heard of bonds selling for 20% of their value before maturity more like 80%, Rollingstock offering 85%

[rollingstock]

Government interest bearing bonds are a solid investment.

[mark2.0]

CENTRAL BANK Of TRINIDAD AND TOBAGO

BONDS Q&A


Q. What is competitive and non-competitive bidding?
A. Individuals bidding competitively state the amount of the bond required and the highest price which they are willing to pay for the bond. However, if their bid is below the price determined by the auction process, competitive bidders will not be allotted any bonds. In the case of a non-competitive bid, the buyer states the amount required (up to a limit of $100,000) and agrees to accept the cut-off price determined by the auction process.

Q. How is the cut-off price determined?
A. The total amount of non-competitive bids is set aside then the competitive bids are arranged by price from highest to lowest. Bids are accepted starting with those which have the highest price until the bond is fully allocated. The last price that allows the bond to be fully allocated is called the cut-off price. This price is paid by both successful competitive and non-competitive bidders. The cut-off price can be higher that par value, which is termed a premium, or can be lower than par value, which is termed a discount. The entire process takes place automatically in a computerized system.

Q. Do I get a bond certificate as evidence of purchase?
A. No. Previously, a paper bond certificate was issued. However, while this provided bondholders with tangible evidence of ownership, there was a major disadvantage in that it made the sale of the bond difficult. This is because the process of changing the paper certificate to the new owner was lengthy. Bonds are now being issued in electronic form, that is, ownership is registered on an electronic system with the Registrar which is the Central Bank.

The Registrar provides bondholders with periodic statements of ownership. This system allows any changes in ownership (for example, if the bond is traded before maturity date) to take place quickly and safely. The new arrangement therefore provides more flexibility to bondholders.

Q. What are Government Securities Intermediaries?
A. Government Securities Intermediaries (GSI) are financial institutions which act as the Bank’s counterpart in auctions of government bonds. They undertake to purchase the bonds from the Central Bank either on their own behalf or on behalf of the public. These GSIs have also undertaken to provide a secondary market by buying and selling government securities.

Q. What are the benefits and risks of purchasing government bonds?
A. One of the many benefits of buying a government bond is that it is generally the safest form of investment since the possibility of a government defaulting on its repayment is very low. In fact, the obligations of the Government of Trinidad and Tobago meet internationally recognized investment grade standards. Few entities can boast of this status. Inclusion of such an instrument in a portfolio reduces the overall risk of an investor’s local portfolio because of the rating of the bond.
Since the terms of the bonds are medium- to long-term, individuals as well as institutions find it convenient to match certain expected expenditures (example for education, retirement, capital projects, etc.) with the maturity dates of these bonds. Government bonds pay interest half-yearly; holders have access to an income stream over the life of the bond.
Commercial banks also allow the use of Government of Trinidad and Tobago bonds as security for individuals and institutional borrowing. The major risk with government bonds, as with all other bonds, is that if holders want to sell them before they mature, this must be done at the market price. The market price may have moved up or down since purchase, depending on market interest rates. However, if the bond is held to maturity, the bondholder will receive the full amount of the investment.

Q. Where can I get information on a government bond?
A. Information on government bonds is available from Government Securities Intermediaries and/or Registrars. Moreover, for each bond issue, the government appoints a Trustee who is responsible for looking after the interest of bondholders. The name of the trustee is identified in the Bond Information Memorandum when the bond is being issued.

[trishala]

Elite auto:
If you were working in the public service in the 80/90s the last time they gave bonds you will know what I speak of are facts which we all as public servants experienced

[eliteauto]

Elite auto:
If you were working in the public service in the 80/90s the last time they gave bonds you will know what I speak of are facts which we all as public servants experienced

Different type of bonds, and yes I was working in the public service then, those were non-interest bearing bonds which were used as deferred payment because the Gov't was much more cash strapped than now, not my fault if some got 20 cents on the dollar, I know some who got 80 cents and not all public servants experienced that, some held their bonds till maturity and got full face value. The bonds being proposed now are interest bearing, similar to the bonds the Gov't floats on the open market when they want cash ( see mark 2.0 post above), before PS go screaming they don't want bonds they should find out the duration of the bonds and the interest rate being offered. Anything above 2% and banks will snap them up and it won't be at 20 cents.

Feel free to sell me yours @ 30% face value if you want

[rollingstock]

Aye yuh trying to cut up my hustle or wha?