Nassau, The Bahamas – The Government has spent $16 million in
unemployment benefits to displaced Bahamian workers over the past six months, Minister
of National Security, the Hon O A T ‘Tommy’ Turnquest confirmed.
Addressing the two-day Caribbean Community (CARICOM) Heads of Social
Security Meeting in New Providence, October 22, Mr Turnquest said the payment,
made possible through the Unemployment Benefit by the National Insurance Board,
was part of Government’s “decisive action” to bring relief to Bahamians during
the current world economic situation.
The money was paid out to 12,000 unemployed Bahamians.
“This is money that, from all indications, has been well spent,” Mr
Turnquest said. “It has helped to compensate for loss of wages and has
contributed to our efforts to sustain our economy.”
Minister of National Security, the Hon O A T ‘Tommy’ Turnquest is pictured with delegates at the Caribbean Community Heads of Social Security Organizations which was held October 22-23 in New Providence. The National Insurance Board hosted the meeting. Participants included representatives from Anguilla, Antigua and Barbuda, The Bahamas, Barbados, Bermuda, British Virgin Islands, Dominica, Grenada, Guyana, Montserrat, St. Kitts/Nevis, St. Lucia, St. Vincent and the Grenadines and the Turks and Caicos Islands. (BIS Photo/Patrick Hanna)
The current world economic situation has “pointed out shortcomings” and
“a lack of flexibility” in many of the regional social security schemes and has
forced regional governments to re-examine those systems, he said.
The current world recession has also forced, particularly regional
governments, to re-examine their social security systems now and in the way
forward, he said.
Social security systems have also been taxed by a decrease in the
contribution base, the increasing demands for benefit payments to offset the
financial challenges of the current economic environment, and the “strident
calls” facing the region to increase benefits and expand coverage as “real
dollar values are declining,” the Minister said.
“Economic trends in our countries and our region have not been
encouraging in recent years, as globalization and trade liberalization continue
to bring about significant changes in the global economy,” Mr Turnquest said.
“Many of our countries have struggled, and continue to struggle,
particularly over the past year, with negative or declining economic growth,
resulting in consequential changes in all facets of national life, particularly
in the economic and social areas. We know that the current economic crisis has
compounded the situation for all of our countries,” Mr Turnquest added.
In these circumstances, he added, the need for, and value of, social
security systems have come into sharp focus even as financial protection
through social security has gained in acceptance and importance worldwide.
“In the face of the current crisis, the Government of The Bahamas has
acted decisively and quickly in many areas,” Mr Turnquest said.
