News

News

NIB New Contribution Rate to take effect June 1, 2010

5/27/2010 4:55:00 AM
For the first time since the National Insurance programme started in 1974, the rate of contribution payments will be increased for employed persons. Beginning June 1, 2010, the rate will be increased by 1% – one half percent (.50%) to be paid by the employer, and one-half percent (.50) to be paid by the employee. This means that the current rate of 8.8%, shared 5.4% for employer and 3.4% for employee, will change to 9.8%, shared 5.9% for employer, and 3.9% for employee. This translates to a maximum weekly increase of $2 for the employer and $2 for the employee.

The increase was necessitated by the addition of Unemployment Benefit to the National Insurance benefits package; it will only impact Employed Persons - i.e., persons who have bosses. The rate of contributions for all other contributors - self-employed persons, voluntarily insured persons, and Summer students - will not change because contributions paid by them in these categories will not qualify them to receive Unemployment Benefit.

Click here to read the details.


Comments (0) Add Comment Add Comment
Name

Comment
Captcha
Enter the code from the picture
Government Unemployment Programme For Self-Employed Persons
Given the unprecedented impact of COVID-19 on the Bahamian economy, the Government of the Bahamas has launched a new Unemployment Assistance Programme for Self-Employed (Sole Entrepreneur)...
NIB Concludes Payment Arrangements With Several Companies to Expedite Unemployment Benefit (UEB) Payments
The National Insurance Board is pleased to advise that a number of the processes have been innovated to rapidly get Unemployment Benefit (UEB) payments to claimants, and is concluding agreements with several companies which would allow for the expedited payment of the UEB, for an initial four weeks, or longer if necessary.
Early Pension Payments Update
Early Pension Payments Update
4/7/2020 9:12:24 AM
Public Notice - Early Pension Payments Update
NIB Pays First Tranche of Government UEA Payments
The National Insurance Board (NIB) is pleased to advise that it has made the first tranche of payments on Friday, 3rd April, 2020 to recipients of the Government Unemployment Assistance Programme for self-employed persons in the tourism sector impacted by the COVID-19 shutdown in the amount of $555,893.66.
Contact NIB Listing
Contact NIB Listing
4/3/2020 1:03:48 PM
See our full directory listing...
EARLY PENSION PAYMENTS
EARLY PENSION PAYMENTS
4/2/2020 9:19:36 AM
The National Insurance Board wishes to advise the public that pension payments for the month of APRIL, 2020 will be made available early.