What is the national insurance rate in Barbados?

11.10 percent
The rates of the national insurance contributions for employees are 11.10 percent and for employer’s 12.75 percent, up to the maximum insurable earnings of BBD4,820 per month from income in the year 2019.

How do I get a National Insurance number in Barbados?

Here’s how:

1. Visit the Registration Section of the Office on Culloden Road.
2. Fill out the relevant form.
3. Make sure you bring the necessary identification – passport, Barbados ID card, Original Birth Certificate.

What are the benefits of the National Insurance Scheme?

The National Insurance Scheme (NIS) is a compulsory, funded social security scheme. It offers financial protection to contributors and their families against loss of income arising from injury on the job, incapacity, retirement and the death of the insured.

How do I apply for NIS online?

the Ministry of Labour and Social Security’s website at www.mlss.gov.jm and select “National Insurance Scheme” from the menu at the left of the screen. This will take you to the NIS page of the site. Scroll down the page to and click on Registration. On the new page, select and download the NIS registration form.

How is pension calculated in Barbados?

For insured persons aged 47 or younger on December 31, 2002, the pension is 2% of average annual earnings for the first 20 years of contributions plus 1.25% average annual earnings for each year exceeding 20. The minimum weekly pension is B$148. The maximum pension is 60% of average covered earnings.

What is the new NIS rate in Barbados?

National Insurance contributions Effective from 1 October 2018, the employee’s share is 11.1%, with the employer paying 12.75%. Self-employed individuals make quarterly contributions of 17.1% on earnings of up to a maximum of BBD 4,880 per month.

How is vacation pay calculated in Barbados?

the average pay shall be the number of weeks given for the annual holiday divided by 52 and multiplied by the total remuneration of the employee for that year of employment.

How is maternity leave calculated in Barbados?

How is the Maternity Benefit Computed? Average insurable weekly earnings means the sum of the insurable earnings on which contributions were based over the two contribution quarters but one before the contribution quarter in which maternity benefit is payable divided by the number of weeks in the quarter.

How is NIS pension calculated in Barbados?

The pension is 40% of avg. annual insurable earnings over the best 3 years, plus 1% of total insurable earnings after 150 contributions.

What percent of national insurance do I pay?

Employers pay Class 1A and 1B National Insurance on expenses and benefits they give to their employees. They must also pay Class 1A on some other lump sum payments, for example redundancy payments. The rate for the tax year 2021 to 2022 is 13.8%.

What are the requirements for NIS?

All persons between the ages of 18 and 70 who are gainfully occupied in insurable employment are required to be registered with the NIS. The insurable population includes employed persons, self employed persons and voluntary contributors. Employed persons are those who work in a business, not their own.

What documents are required for NIS?

Valid Photo ID (Voter’s ID, Driver’s Licence or Passport). Application: Download Application Form from www.mlss.gov.jm or collect form at the nearest Ministry of Labour and Social Security (MLSS) office. Fill out and hand in form with supporting document (s) at the nearest MLSS office.