Paying the NIS (National Insurance Scheme)
The National Insurance Board
The National Insurance Board of Trinidad and Tobago (NIB) helps people in the country by running a program that gives money to those who need it in times of sickness, pregnancy, old age, or when someone passes away. Both workers and their bosses pay into this scheme, and the Board manages the money. They also advise the government on what changes might be needed. Overall, the Board's job is to give financial help and support to people when they need it most.
Payment is made by the 15th of the following month. A penalty of 25% is charged for late payment. More information is obtained here: https://www.nibtt.net/faq/cont_FAQs-rev.html
Below is the NIS amounts that have been deducted for Monthly paid workers. We are going to use this to pay the NIS to the government, which is done either online here: https://apps.nibtt.net/EOBP/ or at any NIB offices. Unlike the Health Surcharge and the PAYE, each NIS payment is itemized, as the amount paid would determine the employees' benefits/compensations, especially when it is time for them to retire.
January 2013 - 4 weeks
Janet James - $208.28
Bob Harris - $208.28
Sherry Khan - $232.44
Tina Jones - $258.96
Total Employee NIS Deduction/Contribution: $907.96
There are two forms used when paying, the NI184, which has the itemized calculations and the NI187, which is a summary.
For the calculation, you put the weekly NIS amount once for the employee and the employer pays twice the amount.
PLEASE note that the forms are from 2013, therefore the NIS rates were different. We just need to apply it. For the assignment, we would be using the current rates.
Click here to download the forms to show how the forms were filled out.