National

We Can’t Afford For National Insurance To Fail

NASSAU, BAHAMAS – Prime Minister Philip Davis giving says his government cannot afford for the National Insurance Board to fail.

Published

11 months ago

June 6, 2023

Berthony McDermott

NASSAU, BAHAMAS – Prime Minister Philip Davis giving says his government cannot afford for the National Insurance Board to fail.

The Nassau Guardian reported earlier this year that cabinet approved a rate increase to take effect July 1.

Prime Minister Davis’ comments comes months after minister responsible for NIB Myles Laroda warned that without an increase, the fund stands to lose $95 million dollars.

The eleventh actuarial valuation of NIB suggests an increase of the contribution rate by two percent every two years starting July 1 2020 and ending July 1, 2036 to restore the short and medium-term financial sustainability of the scheme.

The PM says he will address the matter at the next sitting of parliament.