11th Actuarial Review of the National Insurance Fund of the Bahamas as of 31 December 2018 and Support for The Drafting of a Comprehensive Funding Policy

The National Insurance Board (NIB) began operations in October 1974 under The National Insurance Act, 1972. NIB covers employed and self-employed persons under 3 main types of social security benefits – short-term (sickness, maternity, unemployment), long-term (retirement, invalidity, survivors) and industrial (employment injury) benefits. The system is financed by contributions that are levied on employment earnings up to a wage ceiling and are paid by employers, employees and self-employed persons. Surplus funds are invested in various types of securities and properties. The reserves of the National Insurance Fund (NIF) stands at approximately $1.74 billion with an active insured persons base of approximately 142,000 and monthly pension payments for about 40,000 pensioners. In accordance with Section 48 of The National Insurance Act, 1972, an actuarial review should be conducted at least every five years on the financial condition of the NIF and the adequacy of contributions to support benefits. During the current biennium, the ILO will support the NIB to conduct the 11th Actuarial Review of the National Insurance Fund (NIF) for the period ending December 31, 2018. Within the context of this project, the ILO will provide technical assistance, expert advice, advocacy, training and facilitation. External consultants will be called upon to support interventions. ILO Conventions, Resolutions and Code of Practices, together with regional and global good practices, will guide the technical support of the ILO. Due attention will be given to ensuring that the principles of gender equality in the domain of social protection are taken into account. All activities will be implemented in coordination with SOCPRO, which will also provide technical and financial support. The ITC/ILO will also be requested to provide support in training activities.

Project symbol

BHS/20/01/BHS

Admin unit

DWT/CO-Port-of-Spain

Start date

13/08/2020

End date

31/12/2024

Total allocation

108288

Total expenditure

Status

Active

90290

Development Partners

Bahamas, The National Insurance Board

Country/Countries

Bahamas

Outcomes

Outcome 7: Universal social protection