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PM Predicts NIB Rate Hike Won’t Impact Employment

NASSAU, BAHAMAS – Prime Minister Philip Davis doesn’t think the upcoming NIB rate increase will impact unemployment figures.

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NASSAU, BAHAMAS – Prime Minister Philip Davis doesn’t think the upcoming NIB rate increase will impact unemployment figures.

On Friday, the Department of Statistics revealed the national unemployment rate now stands at 9.9%. The figures covered the fourth quarter of 2023 and revealed the total labor force stands at over 237,000 people, with 214,000 employed. The report also revealed that more women were unemployed than men.

Meanwhile, the Prime Minister says it seems the majority of Bahamians desire government employment. In less than a week, the NIB rate will increase by 1.5% on July 1. Ahead of the increase, businesses have warned that the increase could negatively impact their business. The Prime Minister doesn’t think so.

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