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An Important Update Regarding the NIB October 2025 Pension PaymentOctober 18, 2025The National Insurance Board (NIB) sincerely apologizes for the delay in the deposit of your October 2025 pension payment, which was expected on Friday, October 17, 2025.Read More...
It’s Our 51st Anniversary!October 8, 2025Today, we celebrate 51 years of service to the people of The Bahamas — and we’ve got a full day of celebrations planned!Read More...
Senior Manager- Financial Planning and AnalysisSeptember 12, 2025Applications are invited from suitably qualified candidates for the position of Senior Manager Read More...
2024 Adjustments to the Insurable Wage Ceiling, Pensions and Grants
Every 2 years, based on the 2010 Amendments to the National Insurance Regulations, there is an automatic increase which affects pensions, specified grants and the wage ceiling.
The next increase is effective July 1, 2024. It should be noted that the adjustments are not an increase in the Contribution rates, which is also scheduled to change this year, effective July 1 (visit nibrateincrease.com for information).
The National Insurance (NI) Contribution rates are a percentage of an insured person’s wages paid to the National Insurance Fund. The Insurable Wage adjustments ensure that workers can insure more of their income and that Benefits stay in line with inflation.
Biennial Adjustment to the Insurable Wage Ceiling
The adjustment (increase) in the insurable wage ceiling is based on the change in the retail price index over the two previous calendar years plus 2%. As of July 1, 2024, the weekly insurable wage increases from $740 to $810 per week and from $3,207 per month $3,510 per month.
Biennial Adjustment to Grants, Short-term and Long-term Benefits and Assistance
This adjustment is based on the change in the retail price index in the two previous calendar years prior to the adjustment year.
MINIMUM BENEFIT & ASSISTANCE RATES - NEW AWARDS
Categories of investments are as follows:
MATERNITY GRANT & FUNERAL BENEFIT
What's New
