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Early Office Closure All NIB Offices
4/16/2025 3:49:09 PM
The National Insurance Board wishes to advise the public that all NIB offices will close on Thursday...
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NIB and UPO Sign 2024- 2028 Industrial Agreement, Favorable for 450 Union of Public Officers Members
4/14/2025 1:42:32 PM
The National Insurance Board (NIB) is pleased to announce the official signing of the 2024- 2028 Ind...
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Request for Proposal - General Insurance Portfolio
4/1/2025 3:19:47 PM
The National Insurance Board of The Bahamas (NIB) is seeing proposals from eligible insurance compan...
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NIB is Partnering with the Department of Inland Revenue at their Financial Symposium
3/21/2025 5:21:36 PM
We are pleased to announce that The National Insurance Board of The Bahamas (NIB) is partnering with...
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Public Notice - Temporary Office Closure - San Salvador Local Office
1/29/2025 4:10:57 PM
The National Insurance Board wishes to advise the public that the San Salvador Local Office will CLO...
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NIB Compliance Press Release
3/11/2009 12:00:00 AM
The National Insurance Board
Press Release
As was reported in the local media recently, the National Insurance Board (NIB) is increasing its review of the contribution accounts of delinquent employers and self-employed persons in order to ensure compliance with the National Insurance Act (the Act).
The Act, which was passed into law in 1972, requires that all persons gainfully employed in The Bahamas – i.e., who are engaged in work and receive remuneration in respect of such work – must either pay contributions in to National Insurance (in the case of self-employed persons) or have contributions paid on their behalf (as is the case with employed persons). Such contributions provide for workers, in a way that no other entity or programme does, a reliable and sure safety net both for themselves and their dependents during specified times when income is lost.
As administrators of the National Insurance Act, NIB has an obligation to ensure compliance with the provisions of the legislation, so as to ensure that no worker is without this social protection. The Board takes very seriously this duty, and its efforts in this regard extend even to and on behalf of those who would willfully and intentionally fail to comply.
While NIB considers prosecution for non-compliance a last resort, there has been an increase in legal proceedings within the last several months – largely a result of our increased efforts to ensure that contributions are paid into NIB on time. The increased charges primarily include failure to pay contributions, and failure to produce employment records as requested by The National Insurance Board. Legal action is commenced only when all efforts to resolve the outstanding contributions directly with the employer have failed. In addition, action is only brought when the Board’s Inspectors confirm, through their local intelligence, that there is employment activity.
In the case of fishermen and farmers in the Family Islands, NIB’s officers are very sensitive in the discharge of their duties. Before beginning legal action against anyone – employer or self-employed person – the Board, through its Inspectors, makes a series of documented attempts to secure compliance. Cases are then only advanced after a thorough investigation is conducted and there is confirmation that the persons were, indeed, gainfully employed or have employment activities. NIB has Inspectors and/or managers resident in the Family Islands and these stewards understand the local economies and use a sensitive and commonsense approach when recommending prosecution. If a fisherman or farmer is unemployed, or not gainfully employed, and provides confirmation of this to NIB, the required adjustments are made and no further action will be taken.
Studies confirm that a significant number of self-employed persons do not pay contributions, and a large number of employers are paying late or not at all. This is a serious state of affairs – one that has the potential to adversely impact the future of the National Insurance Scheme. As we have previously stated, the National Insurance Scheme is solvent and strong – however, there are specific recommendations that have been made by the Board’s Actuary. One of these is the improvement of our collection efficiency throughout The Bahamas; if we continue business-as-usual, i.e., we do not improve our collection efficiency, the National Insurance Scheme will be challenged around 2032.
The National Insurance Board encourages all employers and self-employed persons throughout The Bahamas to visit their nearest NIB Local Office to resolve their arrears and/or continue to pay contributions on time. Legal action will only be pursued if businesses/self-employed persons fail to cooperate and/or fail to enter into a binding Installment Agreement with NIB.
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Talent Management Closing the Feedback Loop
1/25/2012 11:53:00 AM
Feedback metrics and more traditional deata helped the National Insurance board of The Bahamas commit to customer service.
NIB Computer World Honors
6/16/2011 6:13:00 AM
In connection with its National Prescription Drug Programme (NPDP), the National Insurance Board has had another star added to its crown in a year that has already recorded a number of outstanding successes for the Board. NIB has been named a Laureate in the 2011 Computerworld Honors Programme and is being considered for a second even more celebrated honour. The achievements of NIB and other 2011 Laureates will be recognized publicly on Monday, June 20 at a black tie awards ceremony and gala celebration at the Andrew W. Mellon Auditorium in Washington, DC. Raymond Wells, Deputy Director, Information Technology will represent NIB at the 2011 event.
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.
Explanation-of-the-Key-Features-of-the-Amendments-to-the-National-Insurance-Benefits-Contributions-Regulation
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.
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