Peter “Ras Ipa” Isaac, President of the Vendors Association, has concerns about the lack of a robust pension plan for the organisation’s members.
He disclosed that despite repeated calls for financial contributions, the association has yet to establish a successful pension scheme.
As a result, many vendors nearing retirement age face an uncertain future.
Isaac admitted, “I have to be honest with you; vendors are very delinquent when it comes to really standing up and financially contributing their dues to the vending association.”
This financial shortfall has prevented the establishment of a sustainable pension plan.
The association has explored several options, including the possibility of partnering with insurance firms, but according to Isaac, these efforts have yet to come to fruition.
To address this issue, Isaac explained that the Vendors Association has contacted the National Insurance Corporation (NIC) to seek a viable alternative.
“We wrote to the NIC, we wanted to know exactly how it works for a self-employed person, because we’ve seen where vendors are stuck in situations where they’re unable to fend for themselves and we have put things like hampers together to support them. Sometimes we do a hamper and get some financial assistance, but we cannot maintain that at all,” he told St. Lucia Times.
Through this partnership, the Vendors Association president said his organisation can now issue a letter to vendors that allows them to start contributing to an NIC pension plan.
Vendors can make contributions of as little as $50 per month.
“Not only pension but also, they can secure some kind of medical assistance, or if they do not qualify for some kind of pension they can get a lump sum of a fraction of what they paid. So we are encouraging people all the time to start to pay something,” Isaac stated.
The Vendors Association is urging all members to take advantage of this opportunity and start contributing to secure their financial future before it is too late.
