The National Insurance Board (NIB) has launched an interest arrears waiver program in an effort to improve the compliance of employers and the self employed.

NIB Assistant Compliance Director, Cecile Williams-Bethel explained the program in a recent interview with ZNS News. She said’ the interest waiver program was introduced so that we may have a means by which we can really collect on some arrears that are outstanding with our employers while at the same time ensuring that the contributions for our employed persons are brought up to date.”

According to Williams-Bethel to access the waiver employers must make a written request. “They send in a letter of request to the Director. They do that generally through the inspector,” she said.

For employers on Grand Bahama and Abaco 75% of accrued interest can be waived. Employers on other islands can have 50% of their accrued interest waived.

Those with outstanding arrears are asked to contact the National Insurance Board.