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COVERAGE
The National Insurance Scheme extends protection and social insurance coverage to all persons between the ages of 16 and 60 years who are engaged in insurable employment. This is done on a compulsory basis for employed and self-employed persons and can continue on a voluntary basis for those who cease such employment before reaching age 60 years until the attainment thereof. Persons outside of this age range who are in insurable employment are also covered but for Industrial Benefit only.
SOURCE OF FUNDING OF THE SCHEME
Both the employer and employee pay contributions into the Scheme based on a 'Payroll System'. The total contribution is 13% of the actual wage/salary paid to the employee but is derived by a 5.2% deduction from the employee's pay and the remaining 7.8% by the employer on behalf of the employee. The actual wage/salary is, at present, subjected to a ceiling of $104,278.00 per month ($24,064.00 per week) for National Insurance purposes.
The self-employed person contributes 11.5% of his declared earnings as contributions, while the voluntary contributor will pay 9.3% of his insurable earning as determined during the last two years of his employment.
For employed persons under 16 years and over 60 years, employers are required to pay 1.5% of the employees' insurable earnings, subject to the ceiling before-mentioned, to cover such employees for industrial benefits only. This is not a deduction from the employees' wage/salary but a payment by the employer on behalf of the employees.
Investment is the only other source of income for the Scheme.
Employed Contribution History
| EFFECTIVE DATE |
Monthly |
Weekly |
| |
Ceiling |
Ceiling |
| January 2009 |
126,504 |
29,193 |
| March 2008 |
113,660 |
26,229 |
| March 2007 |
104,278 |
24,064 |
| April 2006 |
99,312 |
22,918 |
January 2005 |
92,817 |
21,420 |
| January 2004 |
88,397 |
20,399 |
| January 2003 |
84,188 |
19,428 |
| Feburary 2002 |
80,180 |
18,503 |
| January 2000 |
76,000 |
17,538 |
| October 1999 |
60,000 |
13,846 |
| November 1998 |
46,000 |
10,615 |
| April 1998 |
45,000 |
10,384 |
| March 1997 |
35,220 |
8,128 |
| April 1995 |
25,520 |
5,890 |
| April 1996 |
29,350 |
6,773 |
| November 1994 |
22,000 |
5,077 |
| June 1994 |
20,000 |
4,616 |
| September 1993 |
14,000 |
3,231 |
| April 1992 |
10,000 |
2,308 |
| April 1991 |
4,000 |
480 |
| May 1989 |
1,500 |
180 |
Self-Employed Contribution History
| EFFECTIVE DATE |
Monthly |
Weekly |
| |
Ceiling |
Ceiling |
| January 2009 |
126,504 |
29,193 |
| March 2008 |
113,660 |
26,229 |
| March 2007 |
104,278 |
24,064 |
| April 2006 |
99,312 |
22,918 |
| January 2005 |
92,817 |
21,420 |
| January 2004 |
88,397 |
20,399 |
| January 2003 |
84,188 |
19,428 |
| February 2002 |
80,180 |
18,503 |
| January 2000 |
76,000 |
17,538 |
| October 1999 |
60,000 |
13,846 |
| November 1998 |
46,000 |
10,615 |
| April 1998 |
45,000 |
10,384 |
| March 1997 |
35,220 |
8,128 |
| April 1995 |
25,520 |
5,890 |
| November 1994 |
22,000 |
5,077 |
| June 1994 |
20,000 |
4,616 |
| September 1993 |
14,000 |
3,231 |
| April 1992 |
10,000 |
2,308 |
| April 1991 |
4,000 |
923 |
| May 1989 |
1,500 |
346 |
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