National

FNM Senator: Govt. Needs To Address NIB Fund

NASSAU, BAHAMAS – Debate on the mid-year budget moving steadily through the Senate, with a spotlight on the National Insurance fund.

Published

2 years ago

March 10, 2023

Berthony McDermott

NASSAU, BAHAMAS – Debate on the mid-year budget moving steadily through the Senate, with a spotlight on the National Insurance fund.

Leader of Opposition Business in the Senate Darren Henfield says the government needs to move immediately to make changes to the NIB rate, to prevent the fund from depleting.

His comments follow those of State Minister Responsible Myles Laroda, who painted a grim picture in the House of Assembly this week, on the future of the NIB fund.

Laroda recently said the fund cannot continue to be kicked down the road, adding that NIB is projected to lose around $98 million without a rate increase.

He said the government has made a decision on the NIB rate hike, but he didn’t say what that position is.

Henfield says it seems the current minister’s cries are being overlooked, while contributing to the mid-year budget debate in the Senate.