$64K NIB SALARY AS MUCH AS AUDITOR’S

IDB says ‘bloated’ cost structure highlighted by workers’ income

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

NATIONAL Insurance Board (NIB) employees enjoy an average $64,000 income that nearly matches the earnings of the government’s top financial watchdog due to a bloated cost structure, a study has revealed.

An Inter-American Development Bank analysis of government spending noted that NIB’s compensation structure “appears high” given that the average annual pay and benefits package taken home by staff was just $1,000 less than the Auditor General’s salary. And their income is some $10,000 higher than that of a leading secondary school headteacher.

The report, which has been reviewed by Tribune Business, suggests that previous “generous” industrial agreements have been a key factor in inflating both NIB’s wage structure and, in turn, its administrative costs.