NASSAU, BAHAMAS – State Minister for the Public Service and National Insurance Brensil Rolle said yesterday that despite the “sizable deficit” between contributions income and benefit payments the Board expects in 2020 there are sufficient redundancies to meet its commitments.
Mr Rolle while addressing reporters ahead of a Cabinet meeting yesterday noted, “The fund may decrease. I am not too concerned about payments at this time. I think we have sufficient redundancies to make our payments and meet our commitments. Again it may mean we may have to more aggressively go after individuals who have contributions to make.The process is taking its course. We are looking at how we can get from those individuals the payments that they receive from individuals that work for them.”
Mr Rolle noted that there have not been any major prosecutions by NIB and just low level’ court action in that regard as the Board has been giving employers the opportunity to settle their outstanding contributions out of court.
Mr Rolle also noted that the Board is looking at improving the security of the NIB smart card. “Of course we are looking at improving the card. We just came came from a conference where one of the things we looked at carefully is not only how we can insure the security of the card but how to put more information and data on the card.”
Responding to recent protests by its staff over negotiations on an industrial agreement, NIB in a statement noted that Hurricane Dorian has placed further pressure on the fund and projected a “sizable deficit” between contributions income and benefit payments in 2020.
NIB said it has sought to prudently manage its resources by slowing the growth of administrative expenses while preserving the staff complement. It further stated management projections were consistent with actuarial projections for the National Insurance Fund for the 2020 period.