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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 insurable wage ceiling is based on the change in the retail price index over the two previous calendar years plus 2%. See the new NIB Rate Sheet, effective July 2024, which outlines the increases to pensions, grants and the increase in the insurable wage ceiling.