Minister of State with responsibility for the National Insurance Board (NIB), the Hon. Myles Laroda gave an update on the proposed contribution increase at NIB on the sidelines of an post Easter event in his constituency.
The Minister of State said, “the executive and the National Insurance Board made a recommendation to the government with things that they would like to see for the fund to be sustained and in those recommendations was an increase but some of those recommendations would require cabinet to make a decision. That decision has been made and so it just a matter of time before that decision is announced.”
Laroda further stated, “we want to save the National Insurance Fund for future generations these are the things we have to consider because the reality is by law the government cannot bail out the National Insurance Board. The revenues coming into National Insurance is going to be either from contributions, rent or investment.”
According to Laroda this issue has persisted for twenty years and time is running out.