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Pension Payment Update: Resolving System Issue for Affected Customers
11/21/2024 1:58:33 PM
The National Insurance Board (NIB) wishes to inform the public, particularly our valued pensioners, ...
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NIB hosts the 32nd Meeting of the Heads of CARICOM Social Security Organization
10/28/2024 3:39:27 PM
The National Insurance Board is the proud host of the 32nd Meeting Of The Heads Of CARICOM Social Se...
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NIB Provisions and Procedures for Pension Beneficiaries Care Facility Transition
10/28/2024 3:34:37 PM
The National Insurance Board (NIB) is issuing this statement to clarify the provisions and procedure...
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NIB Hosts 32nd Annual Heads of CARICOM Meeting
10/23/2024 5:43:24 PM
The National Insurance Board (NIB) is set to host the 32nd Heads of CARICOM Social Security Organiza...
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Temporary Office Closures New Providence Local Offices
10/23/2024 4:48:00 PM
The National insurance Board wishes to advise the public that the New Providence Local Offices will ...
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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.
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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
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Extended hours of operation this weekend at NIBs Jumbey Village Local Office
11/6/2015 10:18:57 AM
The National Insurance Board remains committed to continuous improvement of service delivery, and to meeting – indeed, exceeding – customers' expectations. In this regard, the public is advised that on Friday, November 6 and Saturday, November 7, NIB will extend its hours of operations at its Jumbey Village Local Office, located in the Clifford Darling Complex on Blue Hill Road. Persons who recently claimed and qualified for Unemployment Benefit, including those recently laid off from Bahamar, are encouraged to take advantage of these extended hours to collect their Unemployment Benefit payments. The extended hours of operation are 5 p.m. to 8 p.m. this evening, and 9 a.m. to 2 p.m. tomorrow.
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.
Press Statement By Minister D Shane Gibson on Registrants Self-Service Facility
3/18/2014 9:59:19 AM
Press Statement by Chairman on Registrants Self Service Facility
3/18/2014 9:53:15 AM
Prime-Minister-Perry G. Christie Launches the 40th Anniversary Celebrations of The National Insurance Board
3/11/2014 5:21:22 PM
Minister Shane Gibson Endorses NIB Leaders Pledge to Do Business Smarter and Better
2/28/2014 10:41:46 AM
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