PLP decided on NIB fund; will have to wait to find out what will be done

“We (will) be coming forth shortly with the direction of which the National Insurance Board would go with regards to the raise in contribution rates and other recommendations that was made in the report that the executive management team of the National Insurance Board has recommended to the government that in their view needs to change.”

In December, he admitted the government would have to make a decision concerning the state of NIB’s fund, which he said remained on target to lose about $70m that year.

“The fund is no better, or no worse than the last time we spoke,” Mr Laroda said at the time.

“The government is going to have to make a decision in the upcoming year as to what its position is going to be as we move forward as it relates to the increase. I think the fund is on pace to lose around $70m plus this year, that’s about $6m a month,” he said in December.

The Tribune has previously reported about the dire straits of the fund over the years.

This newspaper exclusively reported in April that the 11th actuarial review of the National Insurance Board predicted the fund could be depleted by 2028.

That report had reduced the fund’s potential depletion timeline by one year, as the 10th review had made a prediction of 2029.

It also recommended NIB to increase the contribution rate by two percent and continue increases every two years until 2036, among other things.

There have been ongoing discussions as to whether government will decide to increase NIB contributions, especially in view of reports that the agency’s board had