Prime Minister Philip Davis announced in a press statement yesterday evening that a rate increase for the National Insurance Board (NIB) will take place in July 2024, but did not reveal the amount of that increase. In the nearly 50 years since NIB was established, it has only had one increase and that was in
Raising the current age of retirement in The Bahamas and ensuring it is the same age for everyone is one of the steps that may be needed as part of the overall response to saving the National Insurance Fund, Minister of State in the Office of the Prime Minister Myles LaRoda, who has responsibility for
If there is no increase in the National Insurance Board (NIB) contribution rate this year, the National Insurance Fund would lose $95 million, a Cabinet minister warned yesterday. Myles LaRoda, minister of state in the Office of the Prime Minister who has responsibility for NIB, said his intention is not to shock Bahamians, but there
The Cabinet of The Bahamas has green-lighted a National Insurance Board (NIB) rate increase, which is expected to take effect July 1, The Nassau Guardian understands. The government has made no announcement as yet, but a 1.5 percent increase has reportedly been agreed. Minister of State in the Office of the Prime Minister Myles LaRoda,
The board of the National Insurance Board (NIB) has written the government recommending that it move ahead with an NIB rate increase of between three quarters of a percentage point and 1.5 percentage point to begin to save the fund from depletion in 2028 as was projected in the latest actuarial review completed a year