The Turks and Caicos Islands National Insurance Board today Thursday, announced a number of amendments to various sections of the National Insurance Benefits and Contributions Regulations 1992 effective January 1st and April 1st, 2015.
Deputy Director Operations, Mr. WFL Gardiner in a public announcement noted with regards to:-
1. Maternity Allowance Increase
The maximum duration and payment of a Maternity Allowance Benefit is now increased from 12 weeks to 14 weeks with effect from April 1, 2015.
2. Payment of National Insurance Contributions
To allow for easier payment of contributions, the NIB says provisions will be introduced this year for the payment of contributions at places other than an office of the National Insurance Board as well as payment via credit and debit cards.
3. Mandatory Submission of Monthly Contribution Statements
All Self Employed Persons and Employers will now be required to submit a Contribution Statement to the National Insurance Board at the end of every month, even in the absence of a payment and according to the NIB, failure to do so will be considered an offence.
4. Self Employed Continuous Employment
Of importance, is an amendment regarding the Self Employed in Continuous Employment. The National Insurance Board advises that a self-employed person who fails to notify the Board in writing of any suspension or termination of employment, will now be considered as being continuously employed and as such, will be liable to pay contributions for any period in which the NIB is not formally informed.
5. Disqualification re Entitlement to Invalidity Pension
Persons in receipt of Invalidity Pension are now disqualified from receiving his/her pension during any period that he\she is gainfully employed.
6. New Contribution Rate for Voluntary Contributors
The contribution rate for a person who elects to contribute as a Voluntary Insured person is now increased from 5.5% to 10%.
7. Increase in Wage Ceiling
Also according to the NIB, with effect from April 1, 2015, contributions in respect of an employee who earns more than $600.00 per week or $2,600.00 per month will increase from $600.00 per week to $925.00 per week for weekly paid employees and from $2,600.00 per month to $4,000.00 per month for monthly paid employees over the next three years as follows:
• April 2015 – from $600.00 to $700.00 weekly / from $2,600.00 to $3,000.00 monthly
• April 2016 – from $700.00 to $810.00 weekly / from $3,000.00 to $3,500.00 monthly
• April 2017 – from $810.00 to $925.00 weekly / from $3,500.00 to $4,000.00 monthly
Persons are encouraged to please feel free to contact the National Insurance Board at 946-1048 in Grand Turk or 941-5806 in Providenciales for further details or visit their website at www.tcinib.tc to obtain more detailed information on the recent legislative changes.
