A rate increase at the National Insurance Board came into effect on July 1st. In a recent interview, Minister of Immigration and National Insurance, the Hon. Alfred Sears deemed the rollout of the new rate a success.

He said, “the preparations that they made in terms of their IT system to receive and accommodate the adjusted rate. It’s been reported to me by the Chairman that that has gone well and I’ve also spoken with the Director and gotten a very positive feedback.”

Minister Sears also spoke about the benefits of National Insurance. “Between the benefits and the assistance NIB disbursed about $240 million. So that was a lifeline for thousands of Bahamians. So unlike a tax which goes into the consolidated fund for the entire country, NIB is a safety net for all of us because the contribution come back to us. If we have an industrial accident, if someone is pregnant, also in terms of retirement,” Sears said.

The new rate is shared between the employee and employer.

The post NIB Rate Increase Rollout Dubbed A Success appeared first on ZNS BAHAMAS.