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
Extended hours of operation this weekend at NIBs Jumbey Village Local Office
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
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.