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Benefits and Assistance
Appointment of New Director
5/24/2022 11:45:58 AM
WE ARE PLEASED TO ANNOUNCE THE APPOINTMENT OF OUR NEW DIRECTOR SONIA GILL Mrs. Gill is a Certified ...
Pension Verification Form Distribution
4/28/2022 9:20:57 AM
Bid for General Insurance Portfolio 2022 - 2025
4/6/2022 4:25:00 PM
The National Insurance Board (NIB) invites suitably qualified firms to submit bids for the comprehen...
Tenders Grand Bahama - NIB FPLO Complex
4/6/2022 4:15:51 PM
The National Insurance Board (NIB) invites suitably qualified firms in the Bahamas to submit a propo...
Pension Payment March 2022
3/22/2022 10:17:41 AM
The National Insurance Board wishes to advise the public that pension payments for the month of Marc...
PUBLIC NOTICE: METAL ROOF REPAIRS (Extended Deadline)
3/14/2022 8:07:45 AM
The National Insurance Board (NIB) is seeking a suitably qualified company to carry out repairs to t...
Pension Payments 2021
Contribution Rates & Ceiling
Registration and Contributions
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PRESS STATEMENT: NIB EXTENDS PENSION VERIFICATION GRACE PERIOD
1/12/2021 3:42:09 PM
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NIB Contributions Regulations Relative to Hospitality Workers & Pensionable Civil Servants
6/9/2011 6:08:00 AM
For the information of affected persons and the general public, the National Insurance Board wishes to advise that implementation of the July 2010 amendments to the National Insurance Contributions Regulations relative to hotel/hospitality workers, and Pensionable Civil Servants will no longer happen on July 1, 2011, as previously announced; the amendments are now scheduled to take effect on July 1, 2013. These two amendments will be the last of a package of changes, approved by Parliament last year, to take effect. They are aimed at providing better coverage to more workers of the country.
Changes to NIB Contributions and Regulations
12/30/2010 4:39:00 AM
Higher Insurable Wage Ceiling Contributions (for both the employer and the employee) in respect of the employee who makes more than $400 per week has increased. While the rate of contributions remains the same, the new wage ceiling is $500 per week/$2,167 per month. For weekly paid persons, the first salary deduction at the higher rate will be for the pay period in which January 3 falls.
11/24/2010 5:20:00 AM
The National Insurance Board (NIB)began operations in October 1974, to ad-minister a social security system that wouldprovide workers and their families withbasic financial protection against the lossof employment earnings in the event ofsickness, childbirth, retirement, invalidity,death, workplace injury (1980), and un-employment (2009). Under NationalInsurance, insured contributors are coveredfor three main types of contingencies –
NIB Notice Summer Students Exemption
6/23/2010 5:02:00 AM
Employers are reminded that summer students between the ages of 14 years and 24 years, who are employed for an aggregate of 10 weeks, between the period June 1 and August 31, in any year, are exempted from paying National Insurance contributions from their earnings. The employer, however, is required to pay contributions of two percent (2%) of the students’insurable wages in respect of their summer earnings.
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.
5/19/2010 7:30:11 AM
In February 2006, the National Insurance Board (NIB) began the initiative to have all long-term benefit and assistance payments deposited directly into pensioners’ bank accounts. Apart from the efficiency gained as a result of the direct deposit, NIB considered the initiative to be a significant step forward in ensuring that the actual process of paying pensions and assistance payments was more humane and individualized, as well as confidential.
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