National
NIB Contribution To Increase Every Two Years Until 2044
NASSAU, BAHAMAS – July 1 will bring a 1.5% rate increase to National Insurance contributions, according to NIB and Immigration Minister Alfred Sears.
NASSAU, BAHAMAS – July 1 will bring a 1.5% rate increase to National Insurance contributions, according to NIB and Immigration Minister Alfred Sears.
Sears also revealed an additional 1.5% increase every two years until 2044.
That means the 20-year period will bring a 15% increase.
The increase he says will be split between the employee and the employer and will also be applied to self-employed people and voluntarily insured people.
He added the increase will ensure nib remains a reliable support system for everyone in the nation.
The increase will also come alongside a comprehensive reform of NIB.
The 11th Actuary Report called for an increase to NIB contribution or face a complete collapse of the fund.
Sears also revealed a severe imbalance which he explained is only worsening in NIB current state along with compliance challenges.
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