Contributions to the National Insurance Fund are calculated as a percentage of an employee’s insurable earnings, up to the established insurable earnings ceiling. Both the employer and the employee share the responsibility of making contributions, with the employer responsible for deducting the employee’s portion from wages and remitting the total amount to the Board.
Contributions are calculated on earnings up to $4,000. Any earnings above this amount are not subject to contributions.
Employer contributions are due monthly, & contributors have a 30-day or one-month grace period. Essentially, the current month is being paid for the previous month.
The Board has announced an increase in the contribution rate for self-employed persons. For updated rates and effective dates, please refer to the News & Media page or contact your nearest NIB office.
