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IMPACT OF MINIMUM WAGE ON NATIONAL INSURANCE CONTRIBUTIONS

IMPACT OF MINIMUM WAGE ON NATIONAL INSURANCE CONTRIBUTIONS

8/12/2015 10:23:31 AM
The Government of The Bahamas has announced that there will be an increase in the Minimum Wage effective August 15, 2015. In this regard, the National Insurance Board advises employers that for all workers impacted by the change in the minimum wage, there will be a corresponding increase in contribution payments for the month of August and thereafter.


Please click here to view the Public Service Announcement.
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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.