State Minister: Some Gov’t Agencies Haven’t Made NIB Payment in Years

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NASSAU, BAHAMAS – Some government agencies and departments have not made National Insurance Board (NIB) contributions in months and in some instances years according to State Minister responsible Myles Laroda.

Laroda telling reporters ahead of the weekly Cabinet meeting that talks of large businesses being the biggest offenders are not true.

The Pinewood MP says government is looking to enhance compliance, in particular with government agencies. 

In May 2022, Laroda told a local daily, that tens of millions were owed to NIB from delinquent employers and self-employed individuals. 

This latest revelation comes as residents and business brace for an NIB rate increase in July 2024.

While he didn’t reveal by how much that increase will look like, Laroda foreshadows NIB will not make a profit for a while.

Given the financial hardship of the company, Laroda was asked if NIB intends to rightsize the agency.