NASSAU, BAHAMAS — Free National Movement (FNM) leader Michael Pintard said yesterday that while the Opposition supports saving the National Insurance Board (NIB), there must be a “holistic plan” to ensure it survives for generations to come.
During his contribution to the budget debate, Pintard accused the Davis administration of only offering “narrow, linear” solutions to address the state of the National Insurance Board, adding that the government has failed to outline a clear path to restore balance to NIB.
The Opposition Leader also proposed that the government cancel the appointment of any minister, chairman, ambassador or consultant who has failed to eliminate contribution arrears.
“NIB should be bullish in collecting funds from employers who are failing to turn employee funds over,” Pintard added.
“We have to be conservative in terms of how we invest the people’s money.”
Minister of State in the Office of the Prime Minister Myles LaRoda revealed on Tuesday that government is looking to implement a rate increase for the National Insurance Board (NIB) every two years for a period of time in order to stabilize the fund and will also introduce legislation to give NIB more power to go after delinquent businesses.
LaRoda noted that NIB has only had one rate increase in its 50-year history, which occurred in 2010. He stated that the proposed rate increase, expected to take effect next year, would raise the employer portion from 5.9 percent to 6.65 percent and the employee portion from 3.9 percent to 4.65 percent, with the rate increase set at 1.5 percent.
Pintard also took aim at the Davis administration more generally, which he characterized as having heaped more pressure on businesses than any other administration in the country’s history.
