A number of significant developments took place during this triennium, chief being the 1992 general elections which saw a “changing of the guard” after 25 years and consequently a new Minister and Chairman for NIB. Major achievements during this period included:
• Much progress in the area of computerization; the registration/contributions and Short-Term Benefit systems came “on line”.
• Improved communications by the end of 1992; most of the Local Offices were equipped with telefax machines.
• Improved accommodations - most of NIB’s New Providence-based offices were relocated during 1991 - the Inspectorate and Prosecutions Departments to Alexander House and the Corporate Office and the New Providence Local Office to the new Head Office in Jumbey Village. Construction commenced on a new office complex in Fox Hill.
• Establishment of a Sub-Office in Salina Point, Acklins on 19th March, 1992.
• Official opening of the Head Office in May, 1992.
• The strengthening of international linkages; NIB was granted membership in the Interamerican Conference on Social Services (CISS).
• Increases in the minimum rate payable for the General Benefits and on all monthly Assistances effective 1st December, 1991 and lst August, 1992; viz: - minimum payment for Invalidity, Retirement and Adult Survivors’ Benefits fixed at $150 and $190 per month, respectively. Rate of payment for Survivors’ Benefit to dependent children ranged from $75.27 to $88.27 per month. - Payment of monthly Invalidity and Survivors’ Assistance and the Old Age Non-Contributory Pension was increased to $120 and $160, respectively; and Sickness Assistance was increased to $27.69 and $36.92, respectively.
ADMINISTRATION & FINANCE This triennium brought major and historic changes in this area, chief being the appointment of the very first woman Member of Parliament as Minister of the new Ministry of Social Services, National Insurance and Housing. The Honourable Janet Bostwick, M.P., was appointed in August to head a greatly expanded Ministry, ending George Mackey’s 15 year tenure with the Board. Mr. James Pinder, M.P., was appointed Chairman of the Board of Directors. Mr. Nelson Cooper was confirmed as Director, and Mrs. Jacqueline Bethel was promoted to Acting Deputy Director.
This triennium saw NIB’s Total Reserves reach and pass the half-a-billion-dollar mark. As of 31st December, 1992, NIB’s Reserve Fund stood at over $604.3 million. Over $189.6 million in contributions was collected over this period and over $117.7 million was paid out as Benefits/Assistance.