The Minister of Immigration and National Insurance and Member of Parliament for Ft. Charlotte, the Hon. Alfred Sears spoke in the House of Assembly on Thursday. In his presentation on the 2023-2024 mid year budget he addressed the pending increase to National Insurance contributions set for this summer.
Sears said, “effective the first Monday in July 2024 the contribution rate for NIB will be increased by 1.5% to be shared equally between the employer and the employee and thereafter a 1.5% increase every two years from July 1st, 2024 to July 1st, 2044.”
The Minister expressed that the impact of the rise to minimum wage earners was considered. “In the first year if paying on minimum weekly wage of $260 the employers portion will increase from $15.34 to $17.29. The employees contribution payment on the minimum weekly wage will increase from $10.14 to $12.09. For both the employer and the employee this represents a difference of $1.95 each week. The monthly salaries on the minimum wage of $1,127 employers and employee will pay a difference of $8.45 each month.”
The rate raise of National Insurance contributions was announced by Prime Minister, the Hon. Philip Davis in a statement release in June 2023.
