Govt. Backtracking On NIB Increase

NASSAU, BAHAMAS – Following a revelation yesterday by State Minister in the Office of the Prime Minister Myles Laroda, the Prime Minister saying that the increase will not happen, at least for now.

While he confirmed that there is a need for an increase, the Prime Minister says government will have to find alternative ways to deal with the depleting NIB fund.

As for Laroda’s comments on Tuesday, the Prime Minister sought to clarify.

On Tuesday, Laroda said the report was already presented to his cabinet colleagues.

He said the contributions are to increase by 1.5 to 2% in the next year, with an increase every two years after that.

His comments come as the latest NIB actuarial review, which is the 11th of its kind, reportedly recommends the rate increase to at least 11.3 percent.

Currently, contributions are at 9.8%. 5. 9% of that is paid by employers while 3.9% is paid by the employee.

However, the thought that an increase in NIB contributions is being considered isn’t sitting well with some residents.

But, Lorenzo Moss is of a different view. He says the government should look into raising contributions, just not right now.