By KHRISNA RUSSELL

Deputy Chief Reporter

krussell@tribunemedia.net

NON-COMPLIANT employers failing to pay workers’ National Insurance Board contributions owe the board up to $17m, Public Service Minister Brensil Rolle said yesterday, as he warned time might be running out for these offenders.

The minister, who also has responsibility for NIB, further revealed that in 2018 the social security facility was paying out more than it earned in revenue.

He said preliminary unaudited figures showed that contribution revenue intake was $283m for 2018 while expenditure was around $292m.

Faced with a serious shortfall, Mr Rolle said NIB wants to go after large employers and the self-employed who owe between $14m and $17m.

“There is a concern at NIB and the concern is to self-employed individuals, employers and others who do not pay for their employees and sometimes they do not pay for themselves,” Mr Rolle said as he delivered his contribution to the 2019/2020 budget debate yesterday.

“I say to these individuals, NIB is only able to fulfil its mission as an income replacement programme that assists Bahamian workers during a difficult period of their lives when employers (and) workers pay in the funds.

“These contributions are then invested prudently by NIB to grow the National Insurance Fund. Employers hold an important fiduciary responsibility to remit the contribution and the funds for all employees. Whether or not they’re deducted from their salary or not that’s their responsibility.

“I therefore implore all employers and self-employed persons to become compliant. Not only is it the law, but it is the right thing to do. At the end of the day your employees will depend on these funds.

“I’m speaking to taxi drivers, straw vendors, contractors, lawyers and others. I just want to remind them that nothing is more tragic than having not made contributions than to realise at the age of 65 that there is no retirement benefit at the NIB for you. Imagine for a moment how daunting that would be to anyone.”

He also said: “NIB has pledged to step up its enforcement efforts in 2019/2020. We want to pursue the non-compliant employers especially those with large arrears.

“I just want to say that the last look I had at large employers who owed NIB, I think the amount was someplace between $14m and $17m owed to NIB by large companies.

“Imagine that, Mr Speaker? Think of the number of employees that will not benefit because their employers did not make a contribution to NIB on their behalf. Think about the thousands of ordinary Bahamians whose funds may have been deducted who are working with the view that their contribution has been paid, only to be told by NIB that the contribution was not received by NIB.”

To satisfy the shortfall, Mr Rolle said NIB has set an aggressive target for contribution income in the upcoming budget year.

This includes an assertive public relations campaign, targeted inspections, increased avenues to pay contributions electronically, efforts to make payments easier and the establishment of relationship officers for improved services.