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Bahamas NIB Minister explains dire situation and need for July increases

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Rashaed Esson
Staff Writer 

 

The Bahamas’ National Insurance Board (NIB) is facing financial issues, at risk of being unable to pay off its debts by 2028, as revealed by Alfred M. Sears, Minister of Immigration and National Insurance in the Mid-year Budget Performance report.

This unfortunate development is according to NIB’s 11th Actuarial Report, facilitated by the International Labour Organisation (ILO) and it is calling for swift solutions to restore the capacity of the NIB fund.

Sears, in a release of the report, published on March 7th, goes into the details of the NIB’s dilemma, saying that the Board’s annual income, which includes contribution and investment earnings, is not enough to cover its expenditure fee, inclusive of benefits and administrative costs, “especially in the Long Term (Pensions) Benefits Branch.

The contributing factors to the issue take different forms, Sears highlights. He refers to the decreasing working-age population and an increase in the elderly population, there is an imbalance. The ratio of active contributors to pensioners is currently at 3 to 1, meaning that every three workers are paying for a single pensioner.

Additionally, there is the decline of compliance; benefits expenditure dominating contribution income reductions in investment income, high administrative costs, women having fewer children, and individuals living longer and this simply means a much larger and unsustainable burden for the workforce to shoulder.

If nothing is done, future generations won’t be able to benefit from the NIB as they should.

It is for this reason that reforms are recommended and will be implemented, as advised by the Actuarial Review.

“The Review recommended that a significant increase in the contribution rate is required to pay the full benefits in 2028,” Minister Sears informed.

As a result, come Monday July 1st, 2024, “the contribution rate for NIB will be increased by 1.5%, to be shared equally between the employer and the employee, and thereafter a 1.5% increase Every Two Years from July 1, 2024 to July 1, 2044.”

This, according to Sears, will ensure NIB’s continued provision of necessary services and benefits to Bahamians. A reliable support system for the archipelago.

In fact, with this development, Sears points out that NIB is projected to see a surplus after 2030, when its annual income will exceed the projected expenditure.

The National Insurance Board minister mentions that it is massively important for Bahamians, standing as the foundation of the nation’s social welfare system, providing support to Bahamians when times are hard.

“It would be true to say that if it were not for the National Insurance Board so many of our citizens would not have survived through Hurricane Dorian and COVID-19. For example, between 2019 and 2021, the Government, through NIB, provided income supplement and unemployment assistance to thousands of Bahamians totaling $120 million and NIB itself paid out unemployment benefits, during this period, of $131.5 million between 2019 and 2021,” he maintained.

With the coming increase in contributions, Sears expressed he understands that it might be of concern to Bahamians, so he assured them that it is made to be reasonable and proportionate.

“The phased approach will allow for adjustments to be made gradually, giving each person time to plan and prepare accordingly,” he said.

In continuation, there is more coming beyond the increased contribution, according to Sears.

He said there will also be a comprehensive programme of reform of NIB which will include  “legislative amendments to the National Insurance Act, the National Insurance (Chronic Diseases Prescription Drug Fund) Act, the National Insurance (Benefit and Assistance) (Amendment) Regulations, and the National Insurance (Contributions)(Amendment) Regulations to strengthen financial sustainability and
accountability.”

Additionally, there will be more changes that are “a global and internal recruitment of qualified Bahamian professionals into the executive management of NIB,  to bring about transformative advancements in NIB’s “digital and IT infrastructure, better customer relations, more efficient and effective Human Resource management, reduce administrative costs and improve the investment strategy to produce a better rate of return.”

Bahamas News

Twist To Win Ends in a Grand Style with Four $5,000 Mall at Marathon Shopping Sprees  

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Twist To Win grand finale winners (l-r) Brian Bethel, Taraceta Neely, Ashia Demeritte and Merlin Adams posing along with their winnings from the shopping spree.

NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products concluded their 10 weeklong Twist To Win campaign with four $5,000 Mall at Marathon shopping sprees.

The campaign which was available throughout the entire Bahamas allowed consumers to enter by purchasing a 20oz bottle with a yellow cap from the following brands: Coca-Cola, Coca-Cola No Sugar, Sprite, Fanta Orange, or Fanta Grape. Each yellow-cap had a unique alpha numeric code underneath which they submitted to the Twist To Win WhatsApp number.

With each qualifying purchase, participants residing in The Bahamas were entered to win instant prizes and into a grand prize draw to win one of four $5,000 shopping sprees at the Mall at Marathon.

Participants also enjoyed exciting instant prizes such as: Airpods, JBL Speakers, premium Coca-Cola merchandise, $500 Visa gift cards and Amazon, Spotify and Apple Music digital gift cards.

Out of 76,000 plus submissions, Brian Bethel, Ashia Demeritte, Merlin Adams, and Taraceta Neely won the coveted Mall at Marathon shopping sprees at the following select stores, Kelly’s House & Home, The Sports Center, John Bull, Brass & Leather, and BTC.

Leading up to the grand finale shopping spree, Coca-Cola hosted a Trivia Showdown with the eight finalists to determine the four winners. Finalists were tested on their knowledge of World History, Pop Culture, Caribbean Bottling Company and Coca-Cola Facts!

After a few rousing rounds of trivia, the four winners were declared after each winning their spot in the shopping spree by answering their questions correctly and choosing the “Grand Prize” Coca-Cola labeled bottles at random.

The morning of the shopping spree Coca-Cola gave the winners exclusive access to the Mall at Marathon and its participating stores before their usual operating hours. Grand prize winners were greeted with wide smiles from Coca-Cola brand representatives and morning bites before the big event.

At the start of the thirty-minute clock the grand prize winners along with each of their Coca-Cola shopping assistants ran to the various stores collecting items in their arms and carts.

Merlin Adams, a husband and father of four was proud to have executed his game-plan at the end of the shopping spree. With toys, a new phone and materials for his home from Kelly’s, Adams felt accomplished in what he gathered.

Taraceta Neely, a winner from Eleuthera collected beautiful bags for herself and relatives from Brass and Leather and Brian Bethel bought matching athletic and outdoor wear from The Sports Center for his family.

The final winner Ashia Demeritte bought linens and household items in addition to a new phone from BTC right in time for Christmas.

Caribbean Bottling Company is proud to share the real magic of Coca-Cola with the grand prize winners and the may instant prize winners across the Twist To Win campaign. For more updates on new products, promotions, and events follow www.cbcbahamas.com.

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Bahamas News

 The Coca-Cola Art Project Astonishes Art Lovers at The Bahamas Culinary & Arts Festival  

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products displayed their astonishing Coca-Cola Art Project (CCAP), during Baha Mar’s five-day Culinary & Arts Festival.                                                                                                                                                                              Earlier this year, Coca-Cola partnered with The University of The Bahamas’ Visual Art and Design Department for a culturally rich art competition. UB’s art students were challenged to create pieces surrounding the theme, Bahamian music.

As a result, 20 student works of art were made, with four students declared as winners at the CCAP exhibit opening in Baha Mar’s ECCHO: Art Gallery in August. To recreate the culturally stimulating magic felt at the exhibit’s premiere, the CCAP was featured at the FUZE Art Tent during The Bahamas Culinary & Arts Festival.

Nine incredible pieces of art lined the walls of the Coca-Cola Art Project, four of which included the winning pieces from Jhanaisia Cole, with ‘Gaulin Bride’; Alyssa Pinder, with ‘Shotgun Wedding’; Nelson Gray, with ‘Untitled’; and Jaela Bowe, with the piece ‘Whims of Obeah, a Folktail’.                                                                                                                                                                                                                     Additionally, an intimate listening room was built. It displayed students’ artistic processes, UB Visual Art and Design representatives, and a recap of the exhibit opening for audiences.

Art enthusiasts also enjoyed premium limited-edition CCAP keepsakes at the booth. Journals which featured a collage of all 20 student submissions on the front and back cover, postcards with an art piece on the cover along with the student’s name, title, dimension and materials on the back and pens designed with the CCAP’s dynamic logo.

Throughout the art festival diverse groups of people visited the art tent taking in the displays while enjoying the artistic insights from the listening booth.

Community and culture are always at the forefront of Caribbean Bottling Community, and it was boldly showcased during The Bahamas Culinary & Arts Festival for the third consecutive year.

For more details on the Coca-Cola Art Project, events and new products visit www.cbcbahamas.com today!

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Bahamas News

CWS Brings a Galore of Bubbles at Annual Jollification Festival  

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Caribbean Wines & Spirits team members smiling behind one of the company’s two bars at Jollification

NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor delighted Jollification attendees with bubbles from their Bottega and Bouvet Ladubay sparkling wines and Besserat de Bellefon champagne lines.

Located in the Monument Circle on The Retreat grounds, CWS transformed The Retreat Garden into a lush lounge with Besserat, Bouvet and their latest product addition, Bottega, during the two-day affair.

The festivities kicked off Friday during BNT Member’s Night. Guests enjoyed exclusive offerings from CWS’s catalogue, offered exclusively to members.  Complimentary mixes or glasses on the rocks included El Tequileno tequila, Hard Truth whiskey, House of Angostura rum, Cross Keys gin, Nemiroff vodka and a slew of wines such as Fonesca Bin, Bottega and Besserat.

Guests also savored the ‘Jolly Paloma’ cocktail, an instant favorite made with El Tequileno tequila, Schweppes Grapefruit and Domaine de Paris rose wine.  To end the night, guests were treated to branded limited-edition wine tumblers as keepsakes.

On Saturday and Sunday, Jollification attendees delighted in glasses or bottles of champagne and sparkling brut or rosé wines while taking in the comfort of the chic lounge.  In addition to purchasing bottles for onsite consumption, consumers were also able to purchase bottles as gifts whether for themselves or someone special.

The sophisticated “bubble lounge” lounge was decked with velvet couches, gold rimmed cocktail tables, blue and pink pillows, and a white floral branded backdrop created for capturing the perfect picture.

Caribbean Wines & Spirits, a historic partner of the Bahamas National Trust was pleased to support Jollification 2025 to kick off the festive season and share their expansive range of spirits.

To keep up to date with all CWS products and events, visit their website at www.cwsbahamas.com today.

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