National

Residents Not Prepared For Rate Increase At This Time

NASSAU, BAHAMAS – Despite an education campaign ahead of the upcoming NIB rate increase, unions representing the National Insurance Board say it seems Bahamians are still unprepared.

Published

1 year ago

June 25, 2024

Berthony McDermott

NASSAU, BAHAMAS – Despite an education campaign ahead of the upcoming NIB rate increase, unions representing the National Insurance Board say it seems Bahamians are still unprepared. Public Managers Union First Vice President Luchiano Seymour says the public’s understanding is key.

NIB contributions will increase by 1.5% on Monday. The news came back in March when NIB Minister Alfred Sears announced the increase. At the time, he said the rate would increase by 1.5% every two years for 20 years. However, the Office of the Prime Minister quickly followed up, saying no decision has been made beyond the initial July 1 increase.

Seymour, joined by Union of Public Officers President Nadia Vanderpool, says the increase is necessary following Hurricane Dorian and the COVID-19 pandemic. Seymour says both unions were consulted ahead of the announcement, but what has the response been like from the public?