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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

Mother’s Pride Headlines Bahamian Takeover at Sixers-Heat Clash in Miami

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The Bahamas, March 30, 2026 – The voice of a proud mother captured the spirit of a nation Monday night, as Bendra Rolle shared heartfelt reflections on the overwhelming Bahamian support for her son, VJ Edgecombe, during the Philadelphia 76ers matchup against the Miami Heat in Miami.

“The patriotic support and scenery at my son, VJ Edgecombe’s NBA game… was overwhelming,” Rolle said in a statement issued following the game. “The arena in Miami was lit. Bimini and the Bahamas showed up and showed out.”

Her words come amid what has already been widely described as a remarkable showing of national pride, with Bahamians traveling in large numbers to South Florida to witness the young guard’s continued rise. For Rolle, however, the moment extended far beyond basketball.

“Beyond VJ’s basketball talents, I’m so moved by his magnetic personality and personal journey to inspire and excite an entire nation—our beloved Bahamas,” she said. “I thank God for VJ’s humility and for his hunger for greatness. He never forgets how far God has brought us.”

While the Sixers did not secure the win on the night, Edgecombe delivered a solid individual performance, finishing with 13 points and five assists. He made an early impact on the game, showing confidence and poise before foul trouble disrupted his rhythm, but still managed to leave his mark in meaningful minutes.

The game itself evolved into a cultural showcase, with Bahamian flags waving throughout the arena and chants ringing out in support of Edgecombe. Much of that presence was bolstered by a coordinated travel push from Bahamasair, which helped facilitate fan travel and added to the electric atmosphere in Miami.

Rolle said the emotional weight of the moment was deeply felt by her family, as they witnessed firsthand the unity and pride of the Bahamian people.

“Thanks and love for the tears and overwhelming joy on Monday, Bahamas,” she expressed. “The Bahamian flags were love, loud, and proud. On my own behalf, VJ, and the entire family, I am ever grateful for the indescribable experience.”

Her closing words underscored what many have described as the true victory of the night—not the final score, but the powerful display of national pride and support surrounding one of The Bahamas’ rising stars.

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Bahamas News

Bahamasair Backs Surge as Bahamians Flood South Florida for V.J. Edgecombe Showdown  

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PHOTO BY SIXERS NATION

 

Bahamian pride is already on full display in South Florida, with fans arriving in strong numbers ahead of tonight’s highly anticipated NBA matchup featuring VJ Edgecombe and the Philadelphia 76ers.

Helping to power that movement was Bahamasair, which rolled out a strategic promotion to facilitate travel, turning the game into a full-scale national showing.

And the celebration started early.

A “Bahamas Invades Florida” pre-party over the weekend set the tone, with Bahamian fans, DJs and supporters converging in Fort Lauderdale to build momentum ahead of the game.  The event, marketed as a major cultural gathering, has spilled into Miami, where a strong Bahamian presence is expected inside the arena tonight.

This is no ordinary road game.

The Sixers enter the matchup healthy and are favoured to win, adding to the anticipation surrounding what many expect to be a standout performance by the Biminite guard.

Edgecombe, the third overall pick in the 2025 NBA Draft, has been electric in his rookie season — delivering high-scoring performances and quickly establishing himself as one of the league’s most exciting young talents.

But beyond the stats, it’s the moment that matters.

With South Florida just a short flight away, Bahamians have seized the opportunity to show up in force — flags, energy and all — transforming the game into something far bigger than basketball.

A national turnout.
A rising star.
And a night where the Bahamas is expected to be felt — from tip-off to final buzzer.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Bahamas News

Bahamas Warns Travellers as UN says Middle East Conflict May No Longer Be Contained

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The Bahamas, March 18, 2026 – Twenty days into the latest Middle East escalation, the United Nations is warning the conflict is spreading beyond its original battlefield, as the death toll rises and governments around the world issue urgent travel advisories — including The Bahamas.

In a March 17 statement, the UN Secretary-General’s office said the war must stop and called for all Security Council resolutions to be respected, noting with concern that countries in the Gulf continue to be targeted, raising fears of a wider regional confrontation.

The current round of fighting began February 28 with strikes involving the United States, Israel and Iranian-linked forces, followed by missile and drone attacks across Iraq, Lebanon and parts of the Gulf.

International monitors report more than 1,300 people killed in Iran alone, with additional casualties reported in Lebanon, Israel and Gulf states. U.S. officials confirm at least 13 American service members have died since the escalation began, while reports indicate additional senior Iranian military leaders were killed in recent strikes.

Despite the growing violence, several NATO countries including the United Kingdom, France and Germany have not joined offensive operations, instead calling for diplomacy to prevent the conflict from widening.

The Bahamas Ministry of Foreign Affairs has also issued a travel advisory, warning Bahamian nationals to avoid travel to Israel, Palestine, Iran and Lebanon and to reconsider travel across much of the Gulf region due to the risk of sudden escalation, flight disruptions and security threats.

Officials say Bahamians already in the region should remain vigilant and be prepared for rapidly changing conditions.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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