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Nib Rate May Rise To Cover Deficits

Public Services and National Insurance Minister Brensil Rolle.

Public Services and National Insurance Minister Brensil Rolle.

By LEANDRA ROLLE

lrolle@tribunemedia.net

THE government has not yet made a decision on whether National Insurance Board contribution rates will increase, Public Service and National Insurance Minister Brensil Rolle said yesterday. 

“I can’t say that directly (that there’s going to be an increase in NIB) because what has happened now is an audit is being done and it is not yet been released,” he told reporters outside Cabinet yesterday.

“I have not had an opportunity to speak to my colleagues about it so I cannot tell you that it’s going to increase.

“There was a preliminary report that suggested that there needs to be an increase, but that has happened every year since probably five years ago, but that is a decision that will be made by the government.”

His comments to the press came days after NIB chairman Troy Smith told a local media outlet he expected NIB’s actuarial audit, once complete, to provide recommendations to the government that contribution rates will have to be increased.

Speaking on the matter yesterday, Mr Rolle could not say whether the government plans to follow these expected recommendations. However, he also did not dismiss the possibility of NIB rates increasing in the future.

“The critical issue is what benefits you want to get and if the actuaries are saying that the fund is going to run out or the fund is going to have some issues and then that possibility exists,” he added.

“But again, I don’t want to jump the gun because I have not seen the report and I cannot say anything about that until the government has had the opportunity to look at it.

“...We’ve got to carefully consider what benefits we’re offering and the benefits are related to what contributions are made.”

According to Mr Rolle, the audit is expected to be completed within the “next two or three months”.

Asked how secure the NIB fund is, the minister replied: “…Well, you have got to take into context that two of our major pillars are now down – Abaco and Grand Bahama —and therefore, contributions will decrease significantly because of the impact of the hurricane on the fund.

“And the fact that scores of individuals will not be contributing to the fund and we have to pay out these benefits (like) unemployment assistance etc to individuals impacted by the storm.”

Comments

bahamianson 2 months, 1 week ago

Damn , something else is going up!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Seriously?????????????????? you are still taxing the same population. How much do you want us to give? This is socialism!!!! you must make people accountable and stop taxing people who work to cover those that are lazy!

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bahamianson 2 months, 1 week ago

Government, stop spending and pay your bills. Stop living beyond your means ! You run the government like you run your house hold!!!!! Stop spending put a hold on salary and pension increases. Stop, Stop, Stop !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Sickened 2 months, 1 week ago

The effective tax rate in the U.S. and Europe is cheaper than here! AND they get proper services and roads. It is very difficult for me to justify to my kids why we still live here.

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licks2 2 months, 1 week ago

NO THEY ARE NOT. . .IMAGINE PAYING INCOME TAX OF 35% OF YOUR PAY PACKAGE (off the top), SS AND FICA IN TWO STATES (live in one state and commutes to work in another). . .GOVERNMENT TOOK MOST OF THE MONEY!!

But. . .just about everything cost very little of free. . .you could survive easily!!

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bahamian242 2 months, 1 week ago

May rise???? What's that mean????

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bogart 2 months, 1 week ago

Tru politician.......audit still going on....it has not yet released.....govt has not yet made a decision whether rates will increase....he has not yet have an opportunity to speak to his colleagues ...so he cannot tell you ...that it is going to increase...blah blah blah. He just need to say audit going on an he cant say nothing. His speculating just adding fuel to fire and misery an plenty employers now considering negative actions to avoid increasing losses doing business.

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birdiestrachan 2 months, 1 week ago

roc wit doc is in need of all the tax increases that he can get from the poor. they have recently increased their travel expenses with extra money for their wives.

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Well_mudda_take_sic 2 months, 1 week ago

LMAO ....... Robbing Peter to pay Paul is the only form of governing known to the corrupt and grossly incompetent Minnis-led FNM government. Minnis is an outright far left leaning socialist who truly believes in his very warped mind that his mission as PM is to simply take from the 'haves' and give to the 'have nots'. Minnis likes to think of himself as a modern day Robin Hood, and an arrogant and nasty one at that. He has always been and will always be absolutely clueless as to how to go about creating a business environment conducive to the creation of new private sector wealth with decent paying job opportunities for most Bahamians. This also explains why he has not done nadda to meaningfully reduce the size of our over-bloated, non-productive and unsustainable civil workforce.

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Well_mudda_take_sic 2 months, 1 week ago

Unintended double negative in last sentence to my post above.

The electorate got 'swing' real bad in May 2017. The voters had no inkling of the socialist "Progressive" agenda of Minnis, an agenda that is 100 times worse than the agenda of the most "Progressive" die-hard member of the "Progressive" Liberal Party (PLP).

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SP 2 months, 1 week ago

WTF?? We are already taxed beyond reason. The food cost here is astronomical. The Bahamas is 40 miles off the U.S. mainland, and is the 4th most expensive country in the world to live in!

How the hell does the government explain this phenomenon? Why do we sit back and take this nonsense?

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bogart 2 months, 1 week ago

Little or no avenues exist to correct any blatant wrongdoings. Political parties just seem to evolve into Syndicates looking after party and associates. Some may seen to be Socialists and other I've heard may seem to see parallels on organized organization structure syndicate.

One competition run with Jewish owner offering good prices on upper Prince Charles and outlet on lower Tonique Highway had his computers taken apart and critiqued in Parliament and later closed. During his operations one Supermarket between his outlets could not compete,,another was unable to declare dividrnds. Banking has no competition, etc laws and operate like cartel, govt run affliated consumer affairs. No Ombudsmas, audits paid for by owners of very same institutions, politically appointed members to Boards etcetc. At best public fully knows and suffers.....and on election day regardless of money/shingles donated or spent by political parties , the voters vent anger and massive swings in Parliament Seats to another political Syndicate. NOONE benefits just the syndicates and national debt and taxes rises.

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TalRussell 2 months, 1 week ago

Has be something constitutionally written down somewhere about such puzzling payment schemes?
Isn't this the same public service crown minister comrade Brensil, who was doing his contortions when he couldn't wait tell media that be was not backing down, cause ALL 22,000 government workers cheques were done qualified be in included in his to be preparing be written and issued loop, be ALL 22,000 quickly be receiving their $1,400 lump sum Christmas bonus cheques? Can't write this, just, can't.

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licks2 2 months, 1 week ago

I wonder who suppose to pay for yinna better lights, cleaner better fixed streets, better medical services, better everything. . .YA MAR DEM? Ya taxes dem people. . .better services calls for better and more efficient taxing! If ya want to stay with dem old broke down electric generator that keep cutting off, standing in them long lines because every where government services is still done by one old woman writing everything down with she hand??

My people it is time to step up to the plate and pay ya fair share and stop complaining. . .yall does pay them taxes when yinna go to them "big" countries. . . somma yinna does even pay TV taxes in the UK!! But nnnnnnoooooooooooooooooo. . .don't touch my money home here. . .but yall better keep them damn lights dem on ya hear!! Why the government don't get better sanitation services in this country? YA MAR DEM GER PAY FOR IT AYE??

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