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NIB participates in the Ministry of Finance’s Voluntary Compliance Exercise

NIB participates in the Ministry of Finance’s Voluntary Compliance Exercise

6/12/2024 2:06:05 PM

The National Insurance Board, along with key stakeholders, partnered with the Ministry of Finance for a Voluntary Compliance Exercise from Monday, June 3 – Saturday, June 8, 2024.

This initiative , featuring several strategically placed pop-up locations, was put forth with the intent of educating and assisting business owners and operators on government policies, and the procedures on establishing and operating a business. The goal was to foster and encourage full compliance, with the relevant government agencies present in one convenient location.  

Pop-up locations included the Mall at Marathon, Courtesy House (Carmichael Road), the Port Department, and Sandy Port Development.





















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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.