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Minister Sears makes Inaugural Visit to NIB
9/22/2023 6:49:12 PM
Nassau, Bahamas - Newly appointed Minister for Immigration and National Insurance, The Hon. Alfred S...
Bahamas 50th Anniversary Activities Around the Board
7/24/2023 3:35:37 PM
The Bahamas 50th Independence celebrations around the National Insurance Board - Bahamas...
Request for Expression Of Interest General Building Repairs Poncianna Hill Complex
7/3/2023 2:50:10 PM
The National Insurance board (NIB) is soliciting expressions of interest from qualified Bahamian Con...
Registration and Contributions
NIB Compliance Press Release
3/11/2009 12:00:00 AM
The National Insurance Board
As was reported in the local media recently, the National Insurance Board (NIB) is increasing its review of the contribution accounts of delinquent employers and self-employed persons in order to ensure compliance with the National Insurance Act (the Act).
The Act, which was passed into law in 1972, requires that all persons gainfully employed in The Bahamas – i.e., who are engaged in work and receive remuneration in respect of such work – must either pay contributions in to National Insurance (in the case of self-employed persons) or have contributions paid on their behalf (as is the case with employed persons). Such contributions provide for workers, in a way that no other entity or programme does, a reliable and sure safety net both for themselves and their dependents during specified times when income is lost.
As administrators of the National Insurance Act, NIB has an obligation to ensure compliance with the provisions of the legislation, so as to ensure that no worker is without this social protection. The Board takes very seriously this duty, and its efforts in this regard extend even to and on behalf of those who would willfully and intentionally fail to comply.
While NIB considers prosecution for non-compliance a last resort, there has been an increase in legal proceedings within the last several months – largely a result of our increased efforts to ensure that contributions are paid into NIB on time. The increased charges primarily include failure to pay contributions, and failure to produce employment records as requested by The National Insurance Board. Legal action is commenced only when all efforts to resolve the outstanding contributions directly with the employer have failed. In addition, action is only brought when the Board’s Inspectors confirm, through their local intelligence, that there is employment activity.
In the case of fishermen and farmers in the Family Islands, NIB’s officers are very sensitive in the discharge of their duties. Before beginning legal action against anyone – employer or self-employed person – the Board, through its Inspectors, makes a series of documented attempts to secure compliance. Cases are then only advanced after a thorough investigation is conducted and there is confirmation that the persons were, indeed, gainfully employed or have employment activities. NIB has Inspectors and/or managers resident in the Family Islands and these stewards understand the local economies and use a sensitive and commonsense approach when recommending prosecution. If a fisherman or farmer is unemployed, or not gainfully employed, and provides confirmation of this to NIB, the required adjustments are made and no further action will be taken.
Studies confirm that a significant number of self-employed persons do not pay contributions, and a large number of employers are paying late or not at all. This is a serious state of affairs – one that has the potential to adversely impact the future of the National Insurance Scheme. As we have previously stated, the National Insurance Scheme is solvent and strong – however, there are specific recommendations that have been made by the Board’s Actuary. One of these is the improvement of our collection efficiency throughout The Bahamas; if we continue business-as-usual, i.e., we do not improve our collection efficiency, the National Insurance Scheme will be challenged around 2032.
The National Insurance Board encourages all employers and self-employed persons throughout The Bahamas to visit their nearest NIB Local Office to resolve their arrears and/or continue to pay contributions on time. Legal action will only be pursued if businesses/self-employed persons fail to cooperate and/or fail to enter into a binding Installment Agreement with NIB.
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NATIONAL PRESCRIPTION DRUG PLAN EARLY REGISTRATION DETAILS
2/16/2010 11:38:01 AM
Who is Eligible? In the first phase of the National Prescription Drug Plan coverage has been extended to three specific groups. These groups include NIB pensioners, NIB invalids and children under 18 (or under 25 if in full- time education). For persons of these groups to be eligible for membership in the Plan, they should have been diagnosed with one or more of the 11 chronic diseases covered by the Plan.
Bahamas Weekly Article - Phase I of National Prescription Drug Plan
2/11/2010 10:37:00 AM
By Matt Maura Marsh Harbour, Abaco, Bahamas - The National Prescription Drug Plan will provide free medications for 11 chronic, non-communicable diseases to 35,000 Bahamians in its initial stage, Tami Francis, Drug Plan Project Manager said Tuesday.
Gregory Collie Gets NIB Directors Award
2/5/2010 9:40:17 AM
Last year, staff of the National Insurance Board (NIB) embraced the slogan “Excellent Customer Care Starts With ME!” At NIB’s 2010 Leaders Conference, held on Paradise Island in January, Director Algernon Cargill told leaders that the focus of this excellent care must not be limited to the external customer, but should be directed to the internal customers as well. To demonstrate his administration’s commitment to promoting the wellbeing of the internal customer – NIB staff – he announced a number of initiatives, including the establishment of a “Director’s Award” which would annually honor those individuals whose outstanding achievements, dedication, leadership, customer service and expertise would have made a significant impact on the organization and its mission over the previous year.
NIB STAFF BRIEFED ON NATIONAL PRESCRIPTION DRUG PLAN
2/4/2010 11:06:15 AM
Top Managers and Customer Service staff of the National Insurance Board received a detailed briefing Tuesday on the National Prescription Drug Plan (NPDP) which is expected to be launched by April 2010.
Press Response to a letter from the Nassau Institute
9/21/2009 12:00:00 AM
The National Insurance Board (NIB) wishes to address and correct “facts” advanced by the Nassau Institute in a letter to the Editor, published in the Nassau Guardian of Saturday, September 19, 2009, and referenced in a Tribune article on September 21, 2009. In that letter, the Nassau Institute incorrectly suggested that National Insurance is proposing an 84.1% increase in taxes
NIB Press Release On Report of 8th Actuarial Review of the National Insurance Fund
9/4/2009 12:00:00 AM
On September 2, 2009, Prime Minister the Right Honourable Hubert Ingraham, tabled in the House of Assembly the report of the 8th Actuarial Review of the National Insurance Fund, which was completed and formally presented to Government in 2008. The Report, which covers a review period from January 2002 to December 2006, gives a comprehensive assessment of the current and future finances of the National Insurance Fund, and reviews the state of the country’s primary social security system from a social standpoint, assessing the adequacy and relevance of the level of benefits now offered. The Review, like all others prior to it, makes recommendations designed to strengthen both the social and financial aspects of the Fund to ensure that National Insurance is able to meet its obligations well into the future. It takes a historical look at past trends and experiences as well as makes financial forecasts for the future. Demographic and financial projections up to 2066 have been presented.
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