News

News

The National Insurance Board Press Release on Unemployment Benefit

The National Insurance Board Press Release on Unemployment Benefit

3/4/2010 7:43:45 AM
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.

In April, 2009, the National Insurance Board (NIB) introduced the interim phase of the Unemployment Benefit, bringing to 10 the number of income-replacing benefits that replace a portion of wages lost when contributors to National Insurance lose employment income for specified reasons. At December 31, 2009, NIB had paid out unemployment benefits nationwide to 14,071 Bahamians, totaling some $20.833 million. During the initial design, NIB recognized the prevailing economic conditions and its impact on the unemployment levels in The Bahamas, and so designed liberal eligibility conditions – including contribution requirements – for the first phase. The intent was to help ease the financial burden of as many unemployed workers as possible. There was no adjustment to the NIB contribution rate.

The permanent phase of Unemployment Benefit requires an adjustment in contributions, and so, on June 1, 2010 – for the first time in the 35-year existence of the National Insurance programme – the rate of contributions 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; though relatively slight, this increase represents a further strengthening of our social security safety net.

Additionally, the contribution conditions that must be satisfied to qualify for Unemployment Benefit will change. In this permanent phase, a claimant must have paid at least 52 contributions to National Insurance in his work life. In addition, he must have paid and/or been credited with 13 contributions in the 26 weeks immediately before the week unemployment began, and he must have paid and/or been credited with seven contributions in the 13 weeks immediately before the week unemployment began.

As in Phase I, the benefit will be paid at a rate of 50% of the average insurable income for up to 13-weeks. Cheques will be paid every two weeks.

Leading up to the implementation of the permanent phase of the Unemployment Benefit, NIB will continue to keep the public informed through its ongoing public relations initiatives.
Comments (3) Add Comment Add Comment
Posted By: Mrs. Knowles on 4/22/2010 6:39:36 AM
It is been said that the Unemployment Benefit has been extended beyond 13 weeks. Kindly confirm.
Posted By: Ms. Williams on 5/4/2010 4:59:30 PM
If you have already received unemployment benefits and after the 13 weeks you were not able to find a job and are still unemployed up to now, can you re-apply for the unemployment benefit? If so, how long after receiving benefit can you apply?
Posted By: Marisa on 5/14/2010 3:59:12 PM
I was wondering if you can receive the second phase off the unemployment benefit if you already receive the first phase of it. If you are still unemployed
Name

Comment
Captcha
Enter the code from the picture
Public Notice - Temporary Office Closure - San Salvador Local Office
The National Insurance Board wishes to advise the public that the San Salvador Local Office will CLOSE today, January 29, 2025 due to unforeseen circumstances.
Grand Bahama Chamber of Commerce meeting on Wednesday, January 29, 2025
NIB is presenting at the Grand Bahama Chamber of Commerce meeting on Wednesday, January 29, 2025. Our featured presenter: Mrs. Indira Kinglocke-Archer, Assistant Director of Compliance and Contributions will present on some of the recent amendments to the National Insurance Act & Regulations.
Public Notice - Temporary Office Closure - Fox Hill Sub Office - 23rd-January-2025
Public Notice - Temporary Office Closure Fox Hill Sub Office
NIB and PMU Sign 2025- 2029 Industrial Agreement, Favorable for 174 Managers,  In Record Time
The National Insurance Board (NIB) is pleased to announce the official signing of the 2025- 2029 Industrial Agreement between NIB and the Public Managers Union (PMU). This momentous occasion represents months of discussions, careful deliberation, and the successful culmination of negotiations.
NIB Responds to Potential National Sick-Out, Reaffirms Commitment to Service and Negotiations
The National Insurance Board (NIB) has been informed of a potential national sick-out involving members of the Union of Public Officers (UPO) over the next three days as a result of stalled negotiations.....
2025 Pension Payment Schedule
2025 Pension Payment Schedule
12/23/2024 1:13:12 PM
2025 Pension Payment Schedule