The Government of The Bahamas intends to table changes to the National Insurance Board Act and Regulations that will strengthen enforcement and improve compliance, Minister of State in the Office of the Prime Minister with responsibility for NIB, the Hon. Myles LaRoda revealed in Parliament, June 20, 2023.
“Too many employers and self-employed persons fail to abide by the law to submit their contribution records and pay the amounts due to NIB,” Mr. LaRoda said. “We will give NIB more power to go after delinquent businesses. We all know that contribution records are required for NIB to process claims on time. These additional enforcement options should result in positive results and improved service for our claimants.
“To assist with this effort, I encourage workers to avail themselves of the service NIB offers that allows them to view their individual contribution history and bring any gaps in their records to NIB's attention. NIB needs the public's assistance in identifying those employers who must live up to their legal obligation to report on and pay NIB contributions for their staff.”
State-Minister LaRoda said several proposed amendments will bring more significant equity and clarity to the Fund’s Benefit Regulations, which he said will be positive for claimants.
One example is the entitlement to contribution credits for contributions paid late by self-employed persons who do not receive credit for these contributions when calculating their retirement benefits.
Mr. LaRoda said during the ensuing months, NIB will also focus on improving customer service and ensuring that doing business with NIB is more effortless and that all customers are treated with dignity.
“Madam Speaker, it is crucial to focus on the bigger picture - the invaluable services NIB provides and its positive impact on our society. The Contribution Rate increase is an investment in the well-being of our fellow citizens and the strength and resilience of our nation as a whole. Let us remember that NIB stands as a testament to our commitment to one another, reflecting our shared responsibility for the welfare of our community.
“As this country's working citizens and builders, we are all called upon to do our part to ensure that NIB stays strong and viable for years to come. We can do this by knowing our contributions status. Know Your Contributions (KYC) is everyone's business because our hard-earned funds are being deducted every month to secure our future benefits.
“I urge every employed person in the Bahamas to take these easy steps to Knowing Your Contributions: Request your Contribution Statement; Thoroughly review it to ensure that all periods of employment are included and accurate; If any information is incorrect or omitted, complete form I.5 (available on NIB's website) and return it to the Compliance Department right away; Sign-up for the Registrant Self-Service portal as an accessible way to check your contributions periodically online from the comfort of your home.”
