National Insurance Board: Self-employed persons

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Material Information

Title:
National Insurance Board: Self-employed persons
Abbreviated Title:
Self-employed persons
Physical Description:
3 p.
Language:
English
Creator:
National Insurance Board
Publisher:
National Insurance Board
Place of Publication:
Nassau, Bahamas
Publication Date:

Subjects

Subjects / Keywords:
Self-employed--Bahamas.   ( lcsh )
Spatial Coverage:
Caribbean

Notes

General Note:
Benefits paid to self-employed persons.

Record Information

Source Institution:
College of The Bahamas
Holding Location:
College of The Bahamas
Rights Management:
All rights reserved by the source institution.
System ID:
AA00013293:00001


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Full Text

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Sep

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On CompletingtheC-10 Pay ProperlyPleasepay contributions at the correct rate: The current ceiling on insurable wagesis$500weekly/$2,166.67monthly.Payon TimeWith the changes brought bythe2010 Amendmentsthattookeffect in January 2011,ithasbecome vitally importantthatself-employed persons pay contributions on time. Itisa requirementforthe receiptofIndustrial Benefitsthata self-employed personbeup-to-datewithhis contri butionsorlessthan 60 daysinarrears. Please fsadcarefuHy Instructions on reversfJ before completing this form. Ei'O.-'>00'<.......0>'( .. -----00>;::5:'-, '. ..... ,." RII\J ... O*CO ...._"0 ...0Vll ...' ...O..,,, .... -7 :_.' -._....:".'0'''' Ensure that: allcolumnsarecompleted andtotalled correctly; C.10saredulysigned; Self-employed persons, at the beginningofeach year, de terminewhatamountwillbeusedastheiraverage in sured incomeforthe paymentofcontributionsthatyear. (NIB's Inspectors areempoweredtoexamineincomerecordstoconfirmthatthe amount setisin keepingwithactual earnings.)ContributionsBenefits PayabletoSelf-Employed PersonsAll Self-Employed persons are requiredtopay contribu tionsmonthlyat a rateof8.8%oftheiraverage insurable income (insurable incomeisfrom$1to$500 per weekasofJanuary 2011). The paymentofcontributionsentitlethemtoall National Insurance benefits, with the exceptionofUnemployment Benefit. Oncetheincome levelisset, the individual must pay con tributions based onthatamountforthe entire year; attheendoftheyear, he/shecanre-evaluate the year's earn ings and make adjustmentsasneeded for the subsequentyear.iii. a married personwhoisapartnerorwhoworksfororwithhis/her spouse. Also groupedasself-employed aretheGovernor-General,thePrimeMinister,CabinetMinisters,MembersofParliament, and Senators. ii. agents who may have more than one job, andwhoare paid by commissionorfeesorwhoshareinprofit; andWhoare Self-Employed?Theterm "self-employed" describes a personwhoworksformoney,butdoesnothave a boss. Self-employed per sons fallintothree main groups: i. individuals suchascontractors, farmers, barbers, hairdressers, shopkeepers, tailors, dressmakers, doctors, lawyers, accountants, artists,transportoperators, and membersofprofessions in inde pendent practice;ClassesofSelf-Employed PersonsAsofJanuary1,2011,the distinction made between self employed persons in classes "A" and "B" isno longer particularly relevant. Priortothe 2010 Amendmentsthattookeffect on January1,2011,themain difference be tweenthetwoclasseswas one,Class"B," paid contribu tions at a higher rate than theotherand was, therefore, eligibleforindustrial benefits.AsofJanuary1,2011, allselfemployed persons pay at the same rate and have the same benefit entitlements. Contributions are payable monthly. They mustbereceivedintotheBoard no later than the 15th dayofthemonthfollowing the month whichitwas payable. Interestisau tomatically appliedtoall late payments. Amonthlycontribution statement (Form C.10) mustbehanded inwitheach payment.cheque/cashequals the total on theC.10Form; and correctstreetad d ress,postofficebox, and telephone number are clearly stated. Tor .....CO"OU'U1"lo,o,5 <)ur ...... 0 ..... '...' .........._""-'-'_"'-"<.C._=-...... ..1 .... ....... ytNQ;, .. 'S_'",-..._.,..... __ ... ., "" .. .. ro_o'''C''''U''OI'Il'

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WHENSELF-EMPLOYMENT ENDS If self-employment ends beforetheendoftheyear,theself-employed person should informhisnearestNIBLocalOffice. Shouldhenotdoso,theaccount willbecon sideredtobein arrearsofcontributions, andhewillberequiredtopay up.FURTHER INFORMATION Claiming Industrial BenefitsClaiming Industrial Benefits The self employed personwhosustainsaninjury atworkmust completetheB-44S/Eform detailing the accident. This form, alongwithaB-72form, whichistheclaimant's authorizationforNIBtoobtainmedicalinformationthatmayassistwiththeaccident approval process, mustbebroughttothenearestLocalOfficeassoonaspossible. If injury results intimeofffromwork, a medical certificateofincapacity(Med-l)mustbesubmittedtotheLocalOffice. Medical CareToobtaininitialemergencyMedicalCare, an 'Interim ReportofAccident' mustbecompleted byoronbehalfoftheselfemployedperson and submittedtothe health care facilityofhischoice. A copyofthis reportisalsotobesubmitted alongwiththeB-44S/EformtotheNIBLocalOffice. The facilityistoobtain pre-approvalfromNIBbefore treating the patient at no costtohim/her. Iftheindustrial injury happens after normal working hours, then the injured self-employed person will havetopaythehospital costs and seek re-imbursementfromNational Insurance onceitisverified by NIB thattheindustrial event was, indeed, industrial in nature. PenaltiesPaymentofNational Insurance contributionsisnotanoption, it'sthelaw. If you are a self-employed person and you failtopay contributions,oryou failtoprovideinformationonyourwage status,thenyouwillbesubjecttopenalties ranging from amimimumofsixmonthsinjailora fineof$1,000, or both,toa maximumof12 monthsinjail, or a fineof$2,500,orboth. Additionally, businesses/personsnotregisteredwithin10 working daysofcommencementofemploymentactivities willbeliabletobefined. The National Insurance ActThis leaflet gives basic information on Self-Employed Persons;forfurtherdetailsonthis and anyotheraspectofthecountry's Social Security Programme, please refertothe National Insurance Act&Regulations, 1972. Hotline numbers: Ortoll-freefromtheFamily Islands: 1-242-300-1394 Website: www.nib-bahamas.com E-mail: info@nib-bahamas.com Revised2011