The Prime Minister and Minister of Finance spoke to members of the media about the proposed increase in the national insurance contribution rate while leaving the opening of the Consumer Protection Commission building on Monday.

The Hon. Philip Davis said, “we cannot afford for National Insurance to fail. We’ve heard the actuarial report. We’ve taken that into consideration. And yes, I will speak to it in more detail when I speak again in the debate.”

The Prime Minister further stated on the issue, “I’m advised by all of the experts that to do nothing National Insurance will fail and I said to you I will not let it fail. Do I have to say more?”

The Minister of State with responsibility for the National Insurance Board, the Hon. Myles Laroda has repeatedly spoken publicly of the dire fiscal state of the fund and the need for an increase. According to Laroda the National Insurance Board had a shortfall of $78 million in 2022 and has a projected shortfall of $98 million for 2023.

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