By RIEL MAJOR

Tribune Staff Reporter 

rmajor@tribunemedia.net

DESPITE mounting pressure on the National Insurance Fund brought on by the passing of Hurricane Dorian, Public Service and National Insurance Minister Brensil Rolle said the National Insurance Board has sufficient resources to meet its commitments.

Mr Rolle told reporters outside of Cabinet on Tuesday that there is a strain on the fund due to the gap in contributions and benefit payouts. He said officials will aggressively target those who have outstanding contributions to ensure the viability of the fund. 

He said: “The fund may decrease. I’m not too concerned about the statements at this time. I think we have sufficient (resources) to make our payments and meet our commitments. Again, it may mean that we may have to aggressively go after individuals who have contributions to make.

“The process is seeking its course. We are looking at how we can get from these individuals the payments that they received from individuals who worked for them.”

In terms of seeking payments from those who owe them, the minister said there have not been any major prosecutions carried out by NIB, noting there were some “low level” court actions being carried out. 

Mr Rolle said: “We (are) giving (employers) the opportunity to settle with NIB (outside of court).” 

Earlier this week, NIB released a press statement that noted for the 2020 period, management is projecting a sizeable deficit between contributions income and benefit payments, consistent with actuarial projections for the National Insurance Fund. 

“Further pressure has been placed on the fund in the aftermath of Hurricane Dorian, which has left many Bahamians unemployed, and contributing businesses closed on the second and third largest economies of the Bahamas. Management has sought to prudently manage NIB’s resources by slowing the growth of administrative expenses while preserving the staff complement,” the statement said.

“Management accepts that the path to improved sustainability is difficult and unpopular but is necessary for the overall benefit of the thousands of Bahamians who depend on the fund. Notwithstanding the protests by the union, management will continue to focus on its core mission of providing benefit payments to its beneficiaries, and to improving its service delivery.”