The Tribune

By LEANDRA ROLLE

Tribune Chief Reporter

lrolle@tribunemedia.net 

THE National Insurance Board (NIB) collected over $650,000 in outstanding arrears from delinquent employers through prosecutions in 2022, an amount called “a record high”.

NIB, in its annual report tabled in the House of Assembly yesterday, said the funds were collected through its instalment agreements initiative, which allows employers to make partial monthly payments towards outstanding arrears while keeping up with current monthly contributions.

While the amount collected through the compliance initiative was down by 31.9 percent compared to 2021, $676,470.70 was recovered.

NIB said 709 prosecutions were carried out in 2022.

As of 2022, 12,488 employers were contributing to the fund, while the number of contributing self-employed persons stood at 8,566.

NIB said the number of claims received, awarded, and paid increased in 2022.

Overall claims were up by 6.5 percent compared to the previous year, driven by an increase in short-term and industrial benefits claims.

Long-term benefits claims, however, declined.

NIB said short-term benefits grew primarily due to a rise in sickness claims, while industrial benefits increased mainly due to higher medical care expenses.

Additionally, claims awarded for all three benefit types rose, with long-term benefits up by 24.5 percent and industrial benefits climbing by 31.1 percent.

NIB attributed this to a rise in retirement and survivor benefit claims, as well as the award of injury benefits and the corresponding award of medical benefits.

NIB said benefits expenditure grew by $26.m, or eight percent, from $327.5m in 2021 to $353m in 2022.

Short-term expenditure increased from $27.8m to $31.3m, largely due to higher unemployment benefit payments, while long-term expenditure rose from $282.6m to $301.6m, mainly due to retirement benefits.

The report also addressed NIB’s net contribution income in 2022, which grew to $290.5m, a 12.7 percent increase from the previous year and surpassing the 2019 pre-pandemic benchmark of $287.1m.

“The upward trajectory owes its momentum not only to external economic rebounds but also to internal factors like the increase in the weekly wage ceiling from $710 to $740, the increase in the number of actively insured persons and diligent enforcement of compliance measures,” NIB added.

NIB said several islands, including Eleuthera, Long Island, and Crooked Island, saw improvements in contribution payments, exceeding pre-pandemic levels and pre-Hurricane Dorian figures.

It also noted that while Abaco’s contribution income surpassed the COVID-19 era figure of $3.5m, it remained below the pre-Dorian level of $10.2m.

Meanwhile, NIB’s deficit declined slightly from $60.4m in 2021 to $57.1m in 2022, reducing total reserves to $1.4 billion.