NIB Actuarial Review Spurs Mixed Public Reaction

NASSAU, BAHAMAS – The latest actuarial report of the National Insurance Board spurring concerns among residents as the review recommends changes in the retirement age, increasing the rate of contributions, and decreasing benefits.

This after the latest actuarial report calls for a 2% increase for NIB contributions next month, with subsequent increases every other year until 2036. Some like this business owner, feel like the increases may be necessary.

Matthew, a technology and business consultant, feels things like increasing the salary cap, should be explored before raising the base rate. He also says that entrepreneurs are already reeling from higher rates.

Mr. Carroll, who runs a construction company is concerned about increasing the retirement age. A sentiment shared by many.