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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.

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The National Insurance Board
3/2/2009 12:00:00 AM
As of March 2, 2009, all claims submitted for short-term benefits by employed persons (i.e., persons who have bosses) must be accompanied by an Employers Certification form (Med 4). The new Med 4 form is a single- sheet addition to the Med 1, Med 1A and Med 2 forms. It requires the employer to certify that an employee is/was/will be off from work for the period stated.
Press Response on clear policy
2/2/2009 12:00:00 AM
The National Insurance Board’s (NIB) primary objective, as mandated in the National Insurance Act, continues to be providing income-replacement for workers when they are unable to work. To deliver on this income-replacement promise to workers of The Bahamas, NIB collects contributions from self-employed persons and from employers on behalf of employees.