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NOTICE: The Catastrophe Fund is now The Resilience and Regeneration Fund. Click here to access the details: Resilience and Regeneration Fund

We’ve updated our Contribution Rates. Find the information here. 

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RATES AND CONTRIBUTIONS

RATES AND CONTRIBUTIONS

ATTENTION EMPLOYERS: Please remember to update the Month and Year respectively, to December 2023 when submitting schedules to ensure accurate and timely processing. Thank you.

RATES AND CONTRIBUTIONS CONTENT

Rates and Contributions

Schedules of contribution rates for various employers are included in this handbook. These schedules are designed to assist employers in calculating contributions payable and to simplify the entering of the contributions on the schedules.

The earnings, which should be taken into account for the purpose of contributions to the scheme, should include gross wages and all other remunerations paid in cash or in kind, including:

  1. overtime payments;
  2. cost of living bonus;
  3. family allowance;
  4. supplement or reward for long service, industry or efficiency;
  5. commission on sales or profits on sales;
  6. gratuities paid out by the employer;
  7. danger or dirt money;
  8. payments on account of night or shift work;
  9. production bonuses;
  10. payments in kind;
  11. arrears of salary;
  12. holiday pay or monies set aside out of the insured person’s remuneration throughout the year or part of a year to be paid out to the insured person periodically.

In case of payments in kind the provision of:

  • one principal meal a day shall be evaluated at $2.50 a day;
  • two or more principal meals a day shall be evaluated at $5.00 a day;
  • free lodging shall be evaluated at $6.00 a week; and the evaluated amount shall be included in the earnings for the appropriate period for which contributions are paid.

If there is any difficulty in determining the rate of pay for the purposes of contributions, the matter may be referred to the National Insurance Board for a decision.

Contributions and Reciprocal Agreements

Barbados currently has reciprocal agreements in place with Canada, Quebec, the United Kingdom and CARICOM. Employers with employees travelling to or coming from any of these destinations for the purpose of work should contact the National Insurance Office with regard to the payment of contributions.

Voluntary Contributions

A person on ceasing employment, may apply to the National Insurance Board to become a voluntary contributor when he/she has paid at least 150 contributions as an employed or self-employed person. An application to become a voluntary contributor must be made to the Board within three months of ceasing employment. Such persons on becoming voluntary contributors can continue to contribute for old age contributory grant or pension and survivors’ benefit only. The rate of contributions payable by a voluntary contributor is determined by the National Insurance Board. The relevant code for “type” when paying these contributions is ‘Z’.

Employees

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