Nib Rate May Rise To Cover Deficits

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January 22, 2020

THE government has not yet made a decision on whether National Insurance Board contribution rates will increase, Public Service and National Insurance Minister Brensil Rolle said yesterday. “I can’t say that directly (that there’s going to be an increase in NIB) because what has happened now is an audit is being done and it is not yet been released,” he told reporters outside Cabinet yesterday. “I have not had an opportunity to speak to my colleagues about it so I cannot tell you that it’s going to increase. “There was a preliminary report that suggested that there needs to be an increase, but that has happened every year since probably five years ago, but that is a decision that will be made by the government.” His comments to the press came days after NIB chairman Troy Smith told a local media outlet he expected NIB’s actuarial audit, once complete, to provide recommendations to the government that contribution rates will have to be increased.

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News date : 01/22/2020    Category : About Bahamians, Press Releases, Tribune Stories

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