While Minister of National Insurance and the Public Service Brensil Rolle said there may be a need for an increase in contributions to the National Insurance Board (NIB), some Bahamians said yesterday that now is not the time to further burden average Bahamians.
Bruno Minnis, who owns a restaurant on Arawak Cay, said the government should wait until the economy is in better shape.
“National Insurance is the lifeblood of the Bahamian economy, but I think at this present time, now is not the time to do any type of raising of taxes on the Bahamian people now,” he said.
“Bahamians are being frustrated. They are overburdened with the burden of life now with the economic downfall.
“We are still trying to grasp ourselves from the hurricanes, now the pandemic and now losing businesses and losing so many at this particular time. So, I don’t think that should be a consideration for now. But it should be when everybody rebounds and the economy is in good standing and people are back to work and making money.”
Barret McDonald, the owner of SaladMasters and several other businesses, agreed.
“I don’t think it’s fair to transfer the burden from the government to the Bahamian people because the Bahamian people are suffering as well,” he said.
“There are so many who do not have any food to eat and cannot pay their rent.
“And I have had to help several of those persons.
“So, I don’t think National Insurance is doing as good a job as they should be doing, and I don’t believe that we should increase the burden on taxpayers at this moment.”
Outside Cabinet on Tuesday, Rolle told reporters that given the strain on NIB as a result of Hurricane Dorian and the COVID-19 pandemic, the government may have to consider longstanding recommendations to increase contributions so that the fund is sustainable.
The COVID pandemic, which saw the global travel industry come to a near halt, came on the heels of Hurricane Dorian.
The resulting shutdown of resorts and other tourism-dependent businesses, combined with the closure of other nonessential businesses due to the emergency orders, saw unemployment rates soar to an estimated 40 percent in The Bahamas.
Last month, the Ministry of Finance revealed that $97.5 million had been paid out in unemployment benefit by NIB, with another $91.9 million paid out through the government-funded unemployment assistance program, which offers extended assistance for those still requiring it following the 13 weeks of NIB benefit.
In light of the circumstances, Ms. Moss-Mcquay said yesterday that those who are fortunate enough to still be employed in the midst of the COVID-19 pandemic and ongoing economic crisis should contribute more to keep the fund going.
“They have to give NIB some more money to give the people more because we don’t know how long this pandemic will be. And the people have to eat,” she said.
She added, “I’ll tell you what. The people who are working, they have to pay a little more so NIB could get more to help the people.”
Atisha Beckford, however, said NIB should have more than enough funds to handle the current crisis, noting that she and many others have paid NIB contributions and never claimed on it.
“It’s ludicrous. It’s ridiculous,” she said.
“…You took away from me, from thousands of Bahamians. We were contributors to NIB. Now, you insulting me by saying we need the public’s assistance to put money back into NIB to pay it back out.
“How am I going to do that?”
Beckford added, “NIB is one of our biggest resources. We have ministries that go to NIB for funding. We have my mama, my [grandmother, great grandmother]…all of their money is in NIB. NIB is supposed to have trillions, not millions, not billions, but trillions of Bahamian workers’ dollars.
“…Look at all the people who died. When they died, their money doesn’t go to the next family member. Their money stays in there.
“…Some people never even claim. What happens to those funds? I have been paying NIB for like 35 years and I wasn’t even qualified to get a dollar through the whole pandemic. I couldn’t claim anything from NIB but all of my money is in there.
“I said to the lady, ‘Look, I have 35 years of contributions in here, and you’re going to tell me that because I don’t have the last 52 weeks, I am not eligible for my own money? So where is my money going, then? Where are my 35 years of contributions going?
“NIB is not supposed to be lacking funds. NIB is supposed to carry this country if anything.”
The post Some Bahamians against possible NIB increase appeared first on The Nassau Guardian.
source https://thenassauguardian.com/some-bahamians-against-possible-nib-increase/
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