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The Bahamas Increases Insurable Wage Ceiling

Aug. 30, 2021, 7:05 PM

Effective July 1, 2020, the Bahamas National Insurance Board increased the insurable wage ceiling to BSD$710 (U.S. $710) per week from BSD$670 (U.S. $670) per week and to BSD$3,077 (U.S. $3,077) per month from BSD$2,903 (U.S. $2,903) per month.

This ceiling adjustment resulted in a maximum increase in contributions of BSD$1.56 (U.S. $1.56) per week for employees, BSD$2.36 (U.S. $2.36) per week for employers, and BSD$15.22 (U.S. $15.22) per month for self-employed persons, the board said in a news release. However, the contribution rate remained unchanged at 3.9% for employees and 5.9% for employers.

The insurable wage ceiling is ...

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