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
National Insurance Board at BCCEC Power Breakfast
The National Insurance Board co-partnered with the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) for its popular Power Breakfast for a demonstration of NIB’s newest dynamic and innovative Employer’s Self-service (ESS) portal.
Group Life and Medical Insurance Brokerage- Deadline Extension
The National Insurance Board (NIB) is seeking suitably qualified Bahamian Companies to provide Brokerage Services for the Group Life and Health Insurance plan for active and retired employees of the National Insurance Board and the Bahamas Mortgage Corporation.
Town Meeting - Gray's Long Island
Town Meeting - Gray's Long Island
11/8/2019 3:38:33 PM
The National Insurance will hold a Town Meeting on Wednesday November 13, 2019...READ MORE...
Power Breakfast NIB and BCCEC
Power Breakfast NIB and BCCEC
11/8/2019 12:11:25 PM
The Bahamas Chamber of Commerce and The National Insurance present...
Marsh Habour Office Re-opens
Marsh Habour Office Re-opens
11/4/2019 4:27:39 PM
The National Insurance Board Wishes to advise the public that our Marsh Habour office has re-opened for business.
NIB Pilots Online Portal for Employers
On October 7 of this year, the National Insurance Board (NIB) celebrated 45 years of social security administration in The Bahamas.Throughout its history, the Board has improved its service delivery by introducing innovative and convenient products and services to thousands of workers and employers who participate in the social security programme.