The Bahamas To Increase Social Security Ceiling

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June 3—The social security ceilings for salaries and wages paid beginning July 1, 2016, will increase to $650 per week from $620 and $2,817 per month from $2,687, the National Insurance Board of The Bahamas said in an update to its website June 2.

Employers must contribute 5.9 percent of payroll under the ceiling amounts to the National Insurance Board, while employees must contribute 3.9 percent of their salary up to the ceiling.

The last increase to the social security ceiling occurred on July 1, 2014.

To contact the editor responsible for this story: Michael Baer at mbaer@bna.com

For More Information

The June 2 announcement on the increase to the social security ceiling is available at http://www.nib-bahamas.com/NIB-News/rate-increases-2016.

More information on payroll issues in The Bahamas can be found in the The Bahamas country primer.