National

NIB To Lose $95M Without Rate Hike

NASSAU, BAHAMAS – State Minister with responsibility for the National Insurance Fund painting a bleak picture of the future of the NIB, if an increase doesn’t happen this year.

Published

2 years ago

February 14, 2023

Berthony McDermott

NASSAU, BAHAMAS – State Minister with responsibility for the National Insurance Fund painting a bleak picture of the future of the National Insurance Board, if an increase doesn’t happen this year.

This grim forecast from State Minister in The Office of The Prime Minister Myles Laroda comes days after Prime Minister Philip Davis said government is still trying to determine what to do.

Last week, the state minister told reporters Cabinet made a decision, though he could not reveal what the decision is.

Today he maintained that stance.

Laroda also shared the breakdown as to how much NIB pays out monthly, which he says isn’t sustainable.

The Nassau Guardian reported that Cabinet agreed to a 1.5% increase expected to take effect July 1.

There has been one NIB rate increase back in 2010 and he shared that there is no one to blame for this issue.