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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.

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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.....