Yesterday, the NIB presented its seventh Actuarial Review of the National Insurance Fund, revealing several changes to update the system and keep the board out of bankruptcy. These changes will include Bahamians giving more of their salaries in contributions.
The NIB is reviewed at least once every five years, by law. If it does make changes the board will be bankrupt by 2029.
In presenting the review to ministers, parliamentarians, members of the opposition and concerned Bahamians, Derek Osborne, an actuary at the NIB mentioned that dishonest practices have put a huge toll on the board. He also recommended 15 ways to improve the board.
