News

News

NIB New Contribution Rate to take effect June 1, 2010

5/27/2010 4:55:00 AM
For the first time since the National Insurance programme started in 1974, the rate of contribution payments will be increased for employed persons. Beginning June 1, 2010, the rate will be increased by 1% – one half percent (.50%) to be paid by the employer, and one-half percent (.50) to be paid by the employee. This means that the current rate of 8.8%, shared 5.4% for employer and 3.4% for employee, will change to 9.8%, shared 5.9% for employer, and 3.9% for employee. This translates to a maximum weekly increase of $2 for the employer and $2 for the employee.

The increase was necessitated by the addition of Unemployment Benefit to the National Insurance benefits package; it will only impact Employed Persons - i.e., persons who have bosses. The rate of contributions for all other contributors - self-employed persons, voluntarily insured persons, and Summer students - will not change because contributions paid by them in these categories will not qualify them to receive Unemployment Benefit.

Click here to read the details.


Comments (0) Add Comment Add Comment
Name

Comment
Captcha
Enter the code from the picture
External Vacancy Notice Claims Officers
The National Insurance Board (NIB) is seeking qualified candidates for the following job vacancies that currently exist in the Claims Department:
Happy New Year From The National Insurance Board
There is nothing like a future secured. The National Insurance programme has been providing security for thousands of Bahamians through partial income replacement since 1974.
Pension Payment Schedule 2020
Pension Payment Schedule 2020
12/13/2019 9:40:52 AM
Pension Payment Schedule 2020
NIB Continues to Seek a Resonable Conclusion to its Industrial Agreement
On Friday, November 29, 2019 the Union of Public Officers (UPO) staged a demonstration at The National Insurance Board’s Headquarters, Clifford Darling Complex, Baillou Hill Road....
Employer Self Service (Coming Soon)
Employer Self Service (Coming Soon)
11/28/2019 2:04:33 PM
The National Insurance Board is please to inform the public...READ MORE