‘ONE RATE INCREASE IN 50 YEARS IS NOT SUSTAINABLE’

still cannot be sustained without a contribution increase.

“Over the past year plus, we’ve seen revenue increases. The board is budgeted to collect some $300m in revenue. The problem ain’t, and I keep on stressing this, the problem is we have 43,000 people collecting National Insurance benefits. The contribution rate now just cannot adequately address that.

“We have millions and millions and millions of dollars off per month. The National Insurance Board is not subsidised by The Bahamas government, it will be able to sustain itself on contributions, investments, or rentals.”

He also said: “We’ve had one rate increase going on 50 years. It’s just not sustainable and some of the things are not attributed to anybody being wrong. Are we going to say that we don’t want our pensioners to live longer? No.

“Now, some of these things just are not controlled or within the control of the government. So to those who say, well if we collect this amount of money here all leakage that is plugged... but we are just at this point and I invite the public, don’t just listen to me go and read the report.

“It’s there for the public to see and you will see what has been said over the past decades as it relates to the fund and the income that’s been taken in and monies that have been paid out.”

NIB’s board has recommended several increases to bolster the social security safety net.

“Well, the recommendation that was made by the board and the recommendation that was made for in the report is for multiple increases every two years,” he expressed.

“Because like I said, one increase is not going to save the fund and I don’t want to appear to be cold, but that is just the reality of the hands that we have been dealt.

“And so if the fund is going to be there for the next 50 years then measures are going to have to be put in place. I don’t think there’ll be any appetite in this country now to cut the benefits that are paid to our pensioners.

“A lot of them that is the only source of income that they may have. And so we’re gonna have to find, you know, other ways to keep the fund going. And the one mechanism that the board has. . .that would be to increase the rates over the next few years.” have.

The Tribune exclusively reported in April 2022 an actuarial review of the National Insurance Board predicted that the fund could be depleted by 2028 should officials neglect to take urgent action.

Last month, The Nassau Guardian reported that Cabinet had greenlit a rate increase which is believed to take effect July 1, however government officials have not confirmed this.

Mr Laroda has previously said details will be forthcoming at a later date.

In a recent statement, Save the Bays chairman Joseph Darville, questioned the environmental effects of the project, and said it looks like Paradise Island is becoming “Hog Island” once again, with profits being placed over the interests of the people.

Mr Pintard, however, said he is not surprised in the $110m project’s approval, noting a common trend of the Davis administration to proceed with ground breaking developments prior to the completion of an environmental impact assessment.

He urged governments to aim to complete preliminary work ahead of the commencement of projects, suggesting that the government ensure that there is Bahamian involvement in all phases of the $110m project.

“Again, The Bahamas is open for business,” he told The Tribune yesterday.

“We should be strident in attempting to ensure investments, and investment by Bahamians and others, but we should also be minded completing the technical, make sure all of the technical matters are completed in advance of us indicating that this is a done deal.

“And it appears that, once again, the government has not taken care of a number of the preliminary requirements in order to complete the project,” he added.

Last week, Atlantis’ top executive warned that approval of the project is “premature” and urged Bahamians to call on the government to “put the brakes on”.

Audrey Oswell said there are “too many red flags” and unanswered questions relating to the cruise line’s planned Royal Beach Club destination.

She said these concerns focused largely on its potential environmental and economic impact, adding that Atlantis had raised some 50 questions relating to the former issue when the project was first unveiled for public consultation by the Department of Environmental Planning and Protection (DEPP) but had not received a single answer.