National

How Will NIB Rate Hike Impact The Economy?

NASSAU, BAHAMAS – The National Insurance Board rate is set to increase in less than a week, meaning more will be deducted from your salaries.

Published

2 years ago

June 26, 2024

Italia Hall

NASSAU, BAHAMAS – The National Insurance Board rate is set to increase in less than a week, and that means more coming out of your salaries. And of course, it’s a concern. In this report, we speak with the president of the Grand Bahama Chamber of Commerce, who details how he thinks it will impact the economy.

Come July 1, the country will see a 1.5% increase in the NIB contribution rate. While some are concerned about the increase, others believe it is necessary to preserve the future of NIB. President of the Grand Bahama Chamber of Commerce James Carey says the big question is, how did the country get in this position?

As for that revenue, the chamber president is of the view that the consumer will ultimately be impacted.

And he says he believes Bahamians may see a further increase in the future.