National

State Min. Paints Grim Picture of NIB Fund

NASSAU, BAHAMAS – The harsh reality of the National Insurance fund taking center stage in Parliament as the state minister responsible again sounding the alarm.

Published

2 years ago

March 7, 2023

Berthony McDermott

NASSAU, BAHAMAS – The harsh reality of the National Insurance fund taking center stage in Parliament as the state minister responsible again sounding the alarm.

State Minister in the Office of the Prime Minister Myles Laroda again painting a grim picture of what seems to be the worsening state of the National Insurance fund.

While contributing to the mid-year budget debate, Laroda said the fund can cannot continue to be kicked down the road, saying NIB is projected to lose around $98 million without a rate increase.

Laroda told parliamentarians government has made a decision on the NIB rate hike, but he didn’t say what that position is.

The Nassau Guardian recently reported that cabinet approved an increase effective July 1.

Laroda says a goal has been set to collect some $300 million in contributions.

He also laid outlined the declining financial situation at NIB since 1990 which shows billions of dollars in loss over the years.