Letter of the Day | Devise solution for unbanked pensioners

THE EDITOR, Sir:

While it is good news to hear of the increase of the National Insurance Scheme (NIS) pension benefits, effective August 1, 2018, it is extremely disheartening to hear that not all old pensioners will be beneficiaries of this increase.

They will not all benefit at this time, as it is the price these poor elderly persons will pay for not having a commercial bank account in which funds can be directly deposited. Pensioners receiving funds via the old system of the 'book' will not receive the increase until a later date, when a solution is arrived at.

I propose to National Commercial Bank or Bank of Nova Scotia, as they have the most branches and should be most convenient to the elderly, that they market a product for these pensioners who do not currently have a bank account.

I do totally understand that these accounts will not add to the bottom line of these moneymaking institutions, but they should envision that the pensioners' children and grandchildren may end up opening accounts with your branches, since they probably would attend your organisation with their elderly relatives at some time.

It is sad that it is always the most vulnerable among us who suffer the most. In an effort to accommodate the opening of these accounts for the pensioners, the NIS office could probably give a letter to the banks/branches seeking their assistance in this effort, as we all know that opening a bank account now is such an arduous task.

Of course, business-development personnel could optimise a product for these pensioners who really are in need of the 'likkle' increase of J$600 per week, come August 1.

Beg unnu emancipate these needy persons come Emancipation Day.

M. ROSE GRANT