Rick Lowe (http://www.weblogbahamas.com)
In case you have not read about it, NIB has proposed increasing the legally mandated contribution (that's a fancy word for tax) to a total of 10.8% (from 8.8%) along with raising the ceiling form $400 to $600.
I have to double check my calculations, but our company's total "contributions" (employer and employee) will increase around $52,000 per annum on average.
The minimum increase is 22.73% and the maximum increase is 84.1%.
The total presently paid in on my behalf is $35.20 per week. With the proposed changes, the "contributions" in my name increase to a total of $64.80 per week, for an increase of 84.09%.
As I said in an e-mail to the NIB Chairman and Director, if the business community raised prices like that the political class would be railing about us as profiteers and gougers.
The other aspect of this that is not discussed, is how NIB is presented as the government is doing something beneficial for us, when they are taking our money to do it.
Oh what a tangled web we weave.
