Bahamas: Unemployment benefits payout nears $150 mil.

NASSAU, BAHAMAS — Some $146 million has been poured into the domestic economy via unemployment assistance, according to Deputy Prime Minister and Minister of Finance K Peter Turnquest, who noted that the National Insurance Board (NIB) had directly paid out some $93 million.

While addressing Parliament today, Turnquest said, “Under the unemployment assistance program to support self-employed persons who would not ordinarily qualify for the unemployment benefit under the National Insurance Board (NIB) benefit 7,115 persons have benefited to-date with a total of $15.4 million paid out, and into the hands of Bahamians.”

The government also funded a special extension of unemployment benefits for unemployed persons who had exhausted their standard NIB benefit.

“This programme is continuing its 13-week time period. There are 28,478 persons who have benefited from the initiative, with payments to date totaling $37.9 million,” said Turnquest.

He further noted that under the regular unemployment benefit scheme funded directly through NIB contributions, some 38,598 persons have applied to date.


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