NASSAU, BAHAMAS- Minister of Labour and Public Service Pia Glover-Rolle has defended the government’s decision to increase National Insurance Board (NIB) contribution rates; she said it would be difficult for fund to be sustained without immediate intervention.
Minister Glover-Rolle’s comments came on the heels of criticism which suggested that even though the Davis administration introduced an increase to minimum wage, the idea of possibly benefiting from that increase was short-lived as the newly introduced NIB contribution hike will absorb that.
The government announced that NIB contributions will increase by 1.5% as of July 1, 2024 and increase, at that same rate, bi-annually over the next 20 years.
