By Gerrino J. Saunders
Bahama Journal News Editor

Similar to The Department of Inland Revenue, the National Insurance Board (NIB)
has run out of patience with delinquent businesses not paying contributions adding
the social security boards monthly cash shortfalls.
Following a pep rally at NIB’s Baillou Hill Road headquarters on Monday NIB
inspectors from the compliance department hit the road visiting businesses on New
Providence that owes outstanding contributions.
NIB Director Dr.Tami Francis says it is part of the board’s compliance
performance and recovery or CPR program.
While speaking to the media she said, “It’s no secret at the moment that we have a
challenge with regards to our expenditure versus our revenue, and today NIB is no
longer going to be passive, we are going to be present. We are sending our
inspectors out on the road to introduce themselves to the employers and advise
them as to what we have available to them.”
Continuing she explained that, “Any given month we’re paying out more in our
benefits than we are taking in when it comes to contributions, so of course in order
to sustain this (NIB) we have to, we have to get those contributions from all of the
employers and our employees throughout The Bahamas. This is not a luxury for
us but this is actually a need to ensure that you and I can have future payments
whenever we retire or whenever we need NIB because NIB is always here to help
you.”
NIB officials say they are taking this more aggressive in their approach because
some businesses have not responded favorably to the subtle approach used in the
past which has had a negative impact on revenue generation. They are focusing
first on areas known for low compliance and under performance like southern,
eastern and central New Providence also identified by NIB as “red areas.”
CPR is an island-wide sweep that will target both noncompliant employers and self
employed people. Officials they know the numbers when it comes to potential
funds outstanding which makes their objective simple which is to fill in the gap
between where the fund is now and where it ought to be when comparing
contributions to benefits paid out.

The inspectors are tasked with conducting a thorough inspection of every
noncompliant employer and self employed person in the country.
According to Dr. Francis NIB estimates it will generate approximately $400.
However, she made it clear that the fund remains in jeopardy.
She reminded that “These benefits are only sustainable if we protect the foundation
they rest upon with consistent and timely contributions. Currently our year to date
performance revealed some critical variances. Some employers unfortunately have
fallen behind, some sectors as in the past still remain unregistered and some
contributors still don’t know where to begin. However, we must respond and that
response is you the people.”
Dr. Francis reminded of the major roll that NIB played during the pandemic when
thousands of Bahamians were out of work and received financial assistance.
During his contribution to the 2025/2026 Budget debate two weeks ago Alfred
Sears the Minister responsible for NIB revealed that more than $1.7m in
outstanding contributions was recovered from employers in Abaco and Eleuthera
since the start of the year between January and May, as NIB began its nationwide
campaign to address the issue of non-compliance by strengthening its revenue
collection efforts.
The program which is a part of broader interagency enforcement strategy will
target employers that fail to register, submit wage records and those that fail to
make the required payments to the fund.
Reaffirming the government’s commitment to ensuring the long-term sustainability
of the NIB Sears said, “This multi-agency collaboration is about more than money,
it’s about accountability, sustainability, and protecting the dignity of Bahamian
workers. This partnership is not only a financial success, but also a policy success,
showcasing the importance of aligned mutual agreements.”
Sears revealed that the contribution rate increase of 1.5 percent, implemented on
July 1, 2024, is now generating an additional $4m in revenue each month.
However, the Fund still faces a projected deficit of $32m for 2025.
He explained, “More than half of that deficit, approximately $16.85m, is due to a
structural imbalance between what we collect and what we pay out. We are
working to close that gap through stronger enforcement, targeted audits, and
improved employer engagement.”
According to the Minster between January and May 2025, NIB paid out $156.3m
in long-term benefits including retirement, invalidity, survivors, and assistance,

compared to $141.1m during the same period last year, while short-term benefits,
which include sickness, maternity, funerals, injury, and unemployment, rose from
$17.3m to $19.1m.
Approximately 51,000 Bahamians are now receiving monthly pensions, with the
average retirement pension standing at $711.
Mr. Sears said, “NIB remains dedicated to supporting its more than 51,000
pensioners by ensuring the timely and consistent payment of pensions,
amounting to more than $28m per month,” he said.

NIB new focus on revenue collection is in line with the Davis administrations’
commitment to ensuring the long-term sustainability of the Fund.