It should be noted that the adjustments are not an increase in the contribution rate, which remains unchanged – 9.8% for employed persons; 8.8% for self-employed persons; 5% for voluntarily insured persons; and 2% for summer students and workers in receipt of the Retirement Benefit.
Biennial Adjustment to the Wage Ceiling
The biennial increase in the wage ceiling ensures that the insurance coverage and benefits offered by the National Insurance Board remains relevant and adequately meets the needs of Bahamians. This increase in the wage ceiling is based on the change in the retail price index over the two previous calendar years plus 2%. The first automatic increase occurred in July 2014 and occurs every two years. The insurable wage increase will increase from $710 per week ($3,077 per month) to $740 per week ($3,207 per month).
Biennial Adjustment to Grants, Short-term and Long-term Benefits and Assistances
The biennial adjustments to pensions and grants began in July 2012. This adjustment is based on the change in the retail price index in the two previous calendar years prior to the adjustment year.
Grants Adjustments effective July 1, 2022
Short-term Benefits Adjustments effective July 1, 2022 (minimum rates)
Long-term Benefits Adjustments effective July 1, 2022 (minimum rates)
Long-term Assistances Adjustments effective July 1, 2022 (minimum rates)