News

News

National Insurance 2024 Adjustments to Insurable Wage, Pensions and Grants

National Insurance 2024 Adjustments to Insurable Wage, Pensions and Grants

6/4/2024 2:19:21 AM
National Insurance adjustments to the insurable wage, pensions and grants ensures that workers can insure more of their income and that Benefits offered remain relevant and adequately meet the needs of Bahamians by staying in line with inflation. This adjustment (increase) in the wage ceiling is based on the change in the retail price index over the two previous calendar years plus 2%. As of July 1, 2024 the weekly insurable wage will increase from $740 per week to $810 per week and from $3,207 per month to $3,510 per month. The first automatic increase occurred in July 2014 and occurs every two years. The next adjustment is scheduled for July 1, 2024.

Comments (0) Add Comment Add Comment
Name

Comment
Captcha
Enter the code from the picture
Coming soon: NIB’s C-10 EzSUBMIT & PAY Mobile App!
One of several technology upgrades this year - the C-10 EzSUBMIT & PAY Mobile Application will revolutionize your contribution management, resulting in a better customer experience, and an increase in compliance.
Public Notice: Temporary Office Closure Due to the effects of Hurricane Milton
The National Insurance Board wishes to advise the public that the offices located on the islands of Bimini, Abaco and Grand Bahama are temporarily CLOSED due to impending weather conditions resulting from the effects of Hurricane Milton.
Public Notice: Temporary Office Closure - Due to the effects of Hurricane Milton.
The National Insurance Board wishes to advise the public that the Bimini Local Office will be CLOSED tomorrow, October 9, 2024.
50th Anniversary Service of Thanksgiving and Praise
The National Insurance Board (NIB) family gathered at the historic Grants Town Wesley Methodist Church to mark a significant milestone—NIB’s 50th anniversary. This church, which was the first place of worship for the NIB family five decades ago, provided a reflective and fitting backdrop for the commemorative service.
Fake Ad
Fake Ad
8/13/2024 4:06:11 PM
Every 2 years, based on the 2010 Amendments to the National Insurance Regulations, there is an automatic increase to the insurable wage ceiling, pensions and specified grants.....
Public Notice: Temporary Fox Hill Local Office Closure
Fox Hill Local Office will CLOSE on Tuesday, August 13th, 2024 at 1pm and will REOPEN Wednesday August 14th, 2024 at 9am.