National

Deputy Director: Without An Increase, There Will Be A Deficit

NASSAU, BAHAMAS – The clock is ticking to an “across-the-board” increase in National Insurance; come July first contributions go up 1.5%.

Published

1 week ago

April 25, 2024

Joshua Williams

NASSAU, BAHAMAS – The clock is ticking to an “across-the-board” increase in National Insurance; come July first contributions go up 1.5%.

But how did we get here? You may recall National Insurance Minister Alfred Sears announced the increase after consecutive actuarial reports indicated the contribution rate should be increased to prevent the depletion of pension reserves by 2028.

Despite the reports, there are looming questions about the validity of the increase. Even claims that the contributions are unnecessary. Deputy Director of New Providence Operations and Actuarial Services Dr. Tami Francis paints it this way.

Critics also blame irresponsible spending and bad investments by consecutive governments for the state of affairs of our social safety net. But NIB disagrees.