Nassau, Bahamas — State Minister of the Prime Minister’s Office, head of the National Insurance Commission, Miles Laroda, will judge within five years whether the Davis administration will help save the NIB fund in less than a year. He states that he will serve as a government official. ..
His comments were made when the government repeatedly stated that it would not raise its contribution rate at this time, despite serious warnings about the future of the fund.
This administration is in power in less than a year. It just gives out information that other governments did not. The problem was always there. We have decided that the public should know the reality. The decision is made in either way. So I think five years will be something we should judge — MYLES LARODA
The fund’s sustainability topic resurfaced this week after a local daily reported on the latest actuarial report on the International Labor Organization’s NIB.
According to a January 2022 report, NIB’s contribution will be raised by 2% next month and must continue to be raised every two years until 2036 to be sustainable.
Laroda said the report was just a recommendation.
“Looking down, I’m basically saying that we’ll have to do a lot to keep the money payable,” he told reporters before yesterday’s cabinet meeting.
“We need to increase our contributions. You will have to reduce your profits and you [going to] You need to raise your retirement age.
All of them, it’s their recommendation. Governments can choose what the government does, part of it, or what it does not. “
Mr. Laroda said the warning was not new.
“If I read the 10th actuarial report or the 9th or 8th report, it said the same thing,” he said.
“The completion date has just been shortened a bit earlier.
The National Insurance Commission, executives and board of directors are a group of skilled and talented people who need to find a way to make sure they save money.
My job is to make what has been there for a really long time into the public domain. That is, the fund is under extreme pressure due to the fact that it pays much more than we receive. “
“The reality was that many years ago, there were almost 14 people, about 13 who were paying for the benefit of one person.
I think that number has dropped to less than half that number. By 2040, there should be about 3.9 per pensioner.
“We are paying much more money than we are receiving. That is the reality.
“People live longer and benefit more.
The upper limit has been raised from $ 400 to over $ 700 per week, and I think it’s only raised once. And we are where we are now. “
When asked if he and his colleagues were concerned that their negligence to save money could be part of the Davis administration’s legacy, Laloda rejected the concept.
“This administration is in power within a year,” he said. “We are only giving out information that other governments did not.
“There was always a problem. We decided that the people should know the reality.
“The decision is made in one way, so I think five years will be something we should judge.”
https://ewnews.com/wait-and-see-laroda-says-time-will-tell-if-administration-helps-save-nib?utm_source=rss&utm_medium=rss&utm_campaign=wait-and-see-laroda-says-time-will-tell-if-administration-helps-save-nib Over time, according to Laloda, it will be clear if the administration will help the NIB – Eye Witness News.