NASSAU, BAHAMAS — The National Insurance Board (NIB) has refuted suggestions that it described as “false” and “unfounded” statements regarding certain properties it owns and also shot down claims that it has made the decision to increase the retirement age from 65 to 67.
NIB said in a statement yesterday that “no decision has been made at this time” to increase the retirement age from 65 to 67.
“NIB further advises that while the Reserves of the NIB have grown over the life of the Fund (and now stand at $1.5 billion), the Reserves are currently in a state of decline, principally because the amount of benefits paid annually have exceeded the amount of annual contribution income received from 2016.”
NIB said that given the current structure of the social security program, the contribution rate, and the number of pensioners receiving benefits, this trend will continue, and the differential between benefits and contributions will increase.
“For the fiscal year ended December 2021 the benefits payments to the public exceeded the contribution income by $70 million,” the statement read.
“NIB also advises that the suggestion that NIB provided a “bailout” for the Bank of the Bahamas is totally unfounded.”
According to the Board, during the period 2007 to 2014, it acquired several properties at a purchase price of $6.6 million for the development and ultimate use of various Government departments.
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