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NIB Recognized in 50th Independence Celebrations

NIB Recognized in 50th Independence Celebrations

5/9/2023 11:22:44 PM
The national tree, the Lignum Vitae, is planted at the National Insurance Board’s (NIB) Headquarters on Baillou Hill Road as one of the many initiatives in the Countdown to 50 calendar of events showcasing Bahamian culture, arts, music, cuisine, and history.

Participating in the planting ceremony, which took place on Friday April 28, 2023 to coincide with International Arbour Day, was Minister of State in the Office of the Prime Minister The Honourable Myles LaRoda, Chairman of NIB Philip McKenzie and NIB’s Director Sonia Gill.

The tree planting ceremony, organized by the National Independence Secretariat Committee, symbolizes NIB’s place as key pillar in the growth and enrichment of the nation’s citizens and NIB’s historical significance in the country. In 2024, NIB will celebrate its 50th year in Social Security Administration and its role of providing much needed Benefits and Assistances to insured Bahamians in time of need.

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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.
Direct Deposit
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.
The National Insurance Board and The Bahamas Pharmaceutical Association announced on Thursday that they are working together to successfully launch the National Prescription Drug Plan (NPDP) in August of this year.
The National Insurance Board and The Bahamas Pharmaceutical Association announced on Thursday that they are working together to successfully launch the National Prescription Drug Plan (NPDP) in August of this year.
The National Insurance Board Press Release on Unemployment Benefit
Prime Minister the Right Honourable Hubert Ingraham this week approved the request from the National Insurance Board (NIB), to close out the interim phase and begin the next, permanent phase of the Unemployment Benefit with effect from June 1, 2010. His authorization is in accordance with the Unemployment Benefit Regulations which allow for the Minister with responsibility for National Insurance to advise on the effective date of the permanent phase of the approved program. This new phase will afford unemployed workers the same level of coverage and benefit provisions as the interim phase, but with different qualifying conditions, and a modest increase in contributions.
By Jimenita Swain ~ Guardian Senior Reporter ~ jimenita@nasguard.com: Early registration for the National Prescription Drug Plan is expected to begin next week Monday, said Minister of Health Dr. Hubert Minnis yesterday.