National

“For Families, It’s All About Planning And Budgeting”

NASSAU, BAHAMAS – The National Insurance contribution increase to 1.5% has raised concerns about its impact on personal finances.

Published

6 months ago

June 28, 2024

Joshua Williams

NASSAU, BAHAMAS – The National Insurance contribution increase to 1.5% has raised concerns about its impact on personal finances. While businesses and entrepreneurs will bear the heaviest burden, families will also feel the effects.

But Precious Thompson, the executive director of an educational institution and a young mother, says there’s no need to fear. She emphasizes that effective financial planning is key to managing the change.

And for single mothers, the unemployed, and minimum wage workers who are among those who may feel the brunt of this hike, Thompson says:

The news of the national insurance contribution increase came back in March when NIB Minister Alfred Sears announced a consistent increase every two years for the next 20 years.

And while she believes the government needs to step up education campaigns, Thompson says it’s up to families to equip themselves.