Categorized | National News

Gov’t weighs options on NIB increase

The National Insurance Board (NIB) is weighing out their options as it relates to increasing contributions from nine per cent to 20 per  cent,  according to the Cabinet  minister responsible, Brensil Rolle. 

Mr. Rolle said that although this has been the position of the IDB and some sectors of NIB for quite some time, the government has not looked at a position for increasing or decreasing anything. 

He said, “basically, what is happening is,  benefits have increased, contributions have gone down, and that’s a consideration that government  has to at some point seriously look at. We’re  internally looking at  it so as to provide an option for the government.”

The cabinet minister also spoke on NIB’s budget for the upcoming fiscal year. 

He said, “we’re looking at the critical issues in NIB which includes  its computerization and dealing with occupational health.” 

NIB has also implemented a V3 stabilization project which he said,  received moderate results. 

This project was a response to issues within the system  back in March where hundreds of thousands of contributions were not processed. 

The $14 million project has employed 20 temporary workers to deal with the excessive backlog. 

Written by Jones Bahamas

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