National

How Will The NIB Rate Hike Impact Your Pockets?

NASSAU, BAHAMAS – As the countdown to the increase in NIB contribution rates continues, the pressing question remains: How will this change affect your finances?

Published

3 months ago

June 24, 2024

Marlena Leonard

NASSAU, BAHAMAS – As the countdown to the increase in NIB contribution rates continues, the pressing question remains: How will this change affect your finances?

Starting July 1, in an effort to save the National Insurance Fund from depletion, contribution rates to the National Insurance Board are going up by 1.5% between employers and employees.

But what does that mean for the average Bahamian household?

Lakeisha Rolle, founder of The Financial Academy, explains the impact on those making minimum wage and entrepreneurs. For any income level, Rolle says the new national insurance rates are an opportunity to look at your household finances.