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The NIB Smart Card is a government issued identification that features the cardholder's National Insurance account number and a photograph of persons over the age of 16. The Smart Card is required for all persons whenever transacting business with the Board.
What benefits are offered by NIB?
The National Insurance Board provides ten (10) cash benefits, four (4) cash assistances and one \u201cbenefit-in-kind\u201d. The benefits are paid in respect of Sickness, Maternity, Funeral, Retirement, Invalidity, Survivorship, Unemployment, Injury, Disablement and Death.
How does a nib work?
Contributions for persons paid on a daily or piece-work basis, will be based either on the basic amount paid for similar work, or on the total cash amount paid for the actual week or month - whichever is less. The rates of contributions are 3.9% for the employee, and 5.9% for the employer.
Why is National Insurance important?
National Insurance contributions are a tax on earnings and self-employed profits paid by employees, employers and the self-employed. They can help to build your entitlement to certain benefits depending whether you are employed or self-employed, such as the State Pension and Maternity Allowance.
What is National Insurance Board of the Bahamas?
Its primary mission was and is to provide income-replacement in respect of sickness, invalidity, maternity, retirement, death, industrial injury/disease, and involuntary loss of income.
The claim will not be processed without it. CLAIms shouLD Be seNT IN to NIB no later than three (3) months after the first day that the illness began. A delay of more than three months can result in the loss of benefit.
What is NIB in Bahamas?
National Insurance Board of The Bahamas.
How is NIB calculated in the Bahamas?
Contributions are paid at a rate of 5 percent, of the individual's average weekly earnings, based on his/her last year of employment. Contributions are due before June 30th of each year.
Does the Bahamas have unemployment?
This statistic shows the unemployment rate in the Bahamas from 1999 to 2021. In 2021, the unemployment rate in the Bahamas was at approximately 13.24 percent....The Bahamas: Unemployment rate from 1999 to 2021. CharacteristicUnemployment rate202013.32%201910.06%201810%20179.8%9 more rows
How do I renew my NIB card?
Renewal: To renew the NIB Smart Card, Form R4 should be submitted along with the expired card and passport or voter's card. Documents are submitted via the drop boxes at all NIB locations throughout the Bahamas or by email registration@nib-bahamas.com.
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