GB Chamber of Commerce Weighs in on NIB Rate Hike

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GRAND BAHAMA, BAHAMAS – The threat of an increase at the National Insurance Board looms. The island’s Chamber of Commerce President, John Carey, says there remains some confusion, adding that more consultation with the business community is needed.

On Tuesday, Minister responsible for NIB Myles Laroda said if NIB doesn’t see a rate increase this year, then the fund will lose $95 million.

It has been reported that cabinet agreed to a 1.5 percent increase that is expected to take effect July 1.

There has only been one NIB rate increase and that was back in 2010.

Carey says it’s never a good time for contributions to go up.