News

At their monthly meeting on Sunday, June 23, 2024, members of the PLP New Providence Women's Branch were treated to an insightful and engaging presentation on NIB's benefits and assistances, and the upcoming Insurable Wage and Contribution Rates Increase. The featured presenter was Dr. Tami Francis, Deputy Director of Core Operations & Actuarial Services, who was accompanied by Mrs. Jemma Roache, Assistant Internal Auditor at NIB.

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

What is the NI Insurable Wage Ceiling Adjustment ? The adjustment (increase) in the insurable wage ceiling is based on the change in the retail price index and change in salaries paid over the two previous calendar years plus 2%. The first automatic increase occurred in July 2014 and occurs every two years.

In preparation for the July 1, 2024 contribution rates increase, the National Insurance Board (NIB) collaborated with the Grand Bahama Chamber of Commerce, and hosted their monthly business meeting on May 29, 2024 at the Pelican Bay Hotel.

National Insurance 2024 Adjustments to Insurable Wage, Pensions and Grants

Compliance made Convenient