Wednesday, February 21, 2018

Enquiry into NIB

How is it possible that a public company whose business it is to take money from the public in exchange for purchase of units of NIS contributions, can get such easy tabulations disgustingly wrong? How can the very same employer (the State) who runs the NIB, dictates national fiscal policy and deducts monies from its employees’ incomes, grossly miscalculate the amount of contributions these money deductions are supposed to represent as NIS contribution credits?

What goes wrong during the “deduction of monies stage” from workers’ salaries that by the end of 12 months of religious National Insurance System (NIS) deductions, which should represent a total of 52 NIS contributions, the worker applies for a “statement of contributions” from National Insurance board (NIB), on that statement he/she finds out that though 52 weeks of contribution monies was deducted from his/her pay, NIB only has on record, say 13 or 14 contributions, representative of that respective year? For many workers this sort of frauds robs them of many thousands of dollars if they don’t take pains to have the discrepancy corrected—a process NIB drags its foot, often for many months to rectify.

If private insurance companies operated as sloppy and blatantly fraudulent as NIB, no one with a salt grain of commonsense would sign up for, more so deposit insurance premiums.

To put an end to NIB fraud, a commission of enquiry into financial corruption at the National Insurance Board is necessary.

Sarah Parks

via e-mail