The National Insurance Board would like to remind all Employers that effective July 1, 2022 there will be an increase in the insurable wage ceiling. This increase is based on the change in the retail price index over the prior two calendar years plus 2%.
The first automatic adjustment to the wage ceiling occurred in July 2014 and occurs every two years. The biennial adjustment in the wage ceiling ensures that the insurance coverage and benefits offered by the National Insurance Board remain relevant and adequately meet the needs of Bahamians.
The insurable wage ceiling will increase from $710 per week ($3,077 per month) to $740 per week ($3,207 per month). 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.
To read more about the adjustments click here.
You can also access all of the forms and the Contribution table on NIB's home page under "Quick Links" (left hand side).