Minister of State with responsibility for National Insurance [NIB], the Hon. Myles Laroda responded to the findings of a study carried out by the Inter American Development Bank [IDB] on salaries at NIB.
Minister Laroda said, “the executives of which there are twelve, the average salary is around $90,000 and then you have the managers below that, there’s 165 individuals in that category and the average salary is around $58,000. The 460 plus non management staff is around $32,000. And so for a staff compliment of around, just probably south of 650 staff members its around $39,000. You could round off to say $40,000 the average staff member at the National Insurance Board.”
The IDB Report also spoke to industrial agreements contributing to the size of NIB’s salaries and administrative costs. The report also compared NIB’s salaries to those of similar social schemes in other jurisdictions in the Caribbean. Minister Laroda responded suggesting that the archipelagic layout of The Bahamas and the need for duplication of efforts should be considered.
