How it works?
On December 12, 1972, the National Insurance Act was signed into law, establishing the national insurance program (social security equivalent). The National Insurance Board (NIB) is the entity tasked with overseeing the social security program. Its main goal is to replace lost income due to illness, incapacity, maternity, retirement, death, industrial accident, or job loss.
All persons engaging in gainful employment in The Bahamas — whether employed on a temporary, probationary, part-time or permanent basis — are required to register with The National Insurance Board. Registration should be undertaken before, or as soon as possible after commencing work. To register, persons must visit a local NIB office.
Contributions (payments) to the plan is required for each “contribution week” — a period of seven days, from Monday to Sunday. Payments are based on the wages earned during the week, up to an insurable ceiling — currently $740 (as of July 2012).
To learn more about the national insurance program visit their website at NIB – Benefits and Assistance (nib-bahamas.com). Like government entities around the world, visiting a local office can be burdensome. We can help you register.