Business
Small Businesses Brace For NIB Rate Hike
NASSAU, BAHAMAS – Come July 1, the country will see a 1.5% increase in the NIB contribution rate.
NASSAU, BAHAMAS – Come July 1, the country will see a 1.5% increase in the NIB contribution rate. To understand the real-world implications, we spoke with two small business owners.
Dominique Hanna, chef and owner of Fine Foods Catering and Hanna Hospitality, says added expenses couldn’t come at a worse time.
Natajiah Miller, general manager of Embrace Resort, a seven-villa boutique resort in Staniel Cay, Exuma, says they are not looking forward to the increase.
While the intention behind the NIB rate increase may be to bolster the sustainability of NIB, its immediate impact on small businesses cannot be overlooked.
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