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Benefits and Assistance
NIB Launches Training Course for Claims Officer Hopefuls
1/13/2021 12:25:20 PM
January 13, 2021 - NIB has launched an 8-week training programme for external candidates who were se...
PRESS STATEMENT: NIB EXTENDS PENSION VERIFICATION GRACE PERIOD
1/12/2021 3:42:09 PM
The National Insurance Board is pleased to advise that approval has been granted to extend the grace...
Pension Payment Schedule 2021
1/7/2021 10:53:56 AM
Pension Payment Schedule 2021
Press Statement - Recipients of Long Term (Pension) Benefits Urged to Verify for Benefit Continuation
12/21/2020 9:15:00 AM
The National Insurance Board wishes to advise the public that all persons eligible for long-term or ...
The National Insurance Board Among Certificate of Merit Recipients for the 2020 International Social Security Association (ISSA) Good Practice Awards
12/3/2020 9:59:00 AM
The National Insurance Board (NIB) is pleased to advise that The Bahamas is among the countries awar...
RESIGNATION OF THE DIRECTOR OF NIB
12/1/2020 4:19:00 AM
Mr. Troy Smith, Chairman of the National Insurance Board wishes to advise that Dr. Nicola Virgill-Ro...
Pension Payments 2021
Contribution Rates & Ceiling
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Response to Tribune article
4/9/2009 12:00:00 AM
Response to Tribune article, Thursday April 9th, 2009
Derek Osborne, Consultant Actuary at the National Insurance Board is advising the public that though the 8th Actuarial Review of the National Insurance Fund, which includes long-term projections of the Fund and recommendations aimed at enhancing the Fund’s long-term sustainability as well as its ongoing relevance, has been completed, it has not yet been tabled in Parliament as is required by law. He says until the report is tabled and accepted by Government, he is restricted from making public its findings and recommendations. However, an article in the Tribune’s business section of April 9, 2009, makes references to the unofficial report, and so in an attempt to clear up any misunderstanding that may arise from the article, Osborne stated the following facts as it relates to the current status and projected outlook for the National Insurance Fund.
“The National Insurance Fund now has assets of $1.6 billion. The current contribution rate of 8.8% has been unchanged since the inception of the Scheme in 1974. Long-term projections of the Fund presented in periodic actuarial reviews have always indicated that this contribution rate would not be adequate to sustain the Fund indefinitely, and that rate increases would be required as the scheme matures.
“National pension systems are financed differently from private pension systems. It is important that private pension plans be fully funded to ensure that if the employer goes out of business that pension assets are sufficient to meet liabilities. For public social security systems, however, full funding is not important and thus the contribution rate in early years is often set well below the actuarial cost of benefits. In fact, full funding is inadvisable in most cases given the significant economic, investment and political risks associated with the massive asset pool that would build up. If the National Insurance Plan were fully funded it would have assets of more than 5 times its current size with little opportunities to invest these assets prudently.
“As stated in the National Insurance Fund’s 2007 Financial Statement, the current Fund ($1.6 billion) together with future contributions at 8.8% will not be sufficient to meet future obligations by approximately $8 billion. These projections are made for illustrative purposes only and are based on there being no changes to the contribution rate or benefit provisions in the next 60 years, a situation that is not expected. This shortfall is consistent with the way the scheme is designed and does not in any way infer that the National Insurance Fund is currently in crisis or needs to make drastic changes to benefit provisions or the contribution rate to reduce this projected deficit.”
Osborne stresses that National Insurance is too important a program for it to ever go broke and there should be no doubt that governments will act in a timely manner to ensure that the Fund remains sustainable for future generations.
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Notice: Office closures and benefit cheque collection in New Providence and Grand Bahama
8/12/2020 2:58:29 AM
The public is advised that the NIB Headquarters in New Providence and Freeport office locations have been closed to carry out COVID-19 sanitization. The limited staff operations at these locations will resume as soon as possible.
Online & Electronic Services
8/6/2020 10:54:56 AM
The public is reminded that NIB has suspended all face to face transactions with the exception of cheque collection.
Millions Paid in Assistance as Government Rolls-out GovUEBex Programme
7/30/2020 11:54:01 AM
Millions in unemployment assistance payments continue to flow as the Government and its partners streamline the implementation processes of the Government Unemployment Extension programme (GovUEBex). Since the National Insurance Board (NIB) launched its new online portal to administer the Programme, approximately $8.7 million in assistance has been disbursed to about 18,000 Bahamian workers.
First Payment Cycle for the GovUEBex programme
7/22/2020 2:26:25 PM
The first payment cycle for the GovUEBex programme will be processed on Thursday, July 23, 2020 for the 14,002 eligible persons who have registered on the new portal. Funds will be available on recipients’ bank accounts within 1-3 days.
GovUEBex PROGRAMME EXPANDS TO INCLUDE MORE ELIGIBLE PERSONS
7/21/2020 3:43:44 PM
The National Insurance Board, after consultation with the Ministry of Finance, is pleased to advise that the Government Unemployment Extension Programme will be extended to persons whose last day at work was Friday 13 March, 2020.
Press Statement - NIB WILL LAUNCH NEW ONLINE PORTAL
7/17/2020 11:45:02 AM
On Monday, July 20, 2020 The National Insurance Board (NIB) will launch a new online portal for eligible individuals to register for the Government-Funded Unemployment Benefit Extension Programme (GovUEBex).
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