National Insurance Contributions cont'd
No National Insurance contributions are due while your employees are receiving the short term benefits from the NIBTT i.e. Sickness, Maternity or Injury Benefit. The contributions due over these benefit periods are met by the National Insurance Board.
Contributions Held In Statutory Trust
Pursuant to Section 39.A of the National Insurance Act, an employer holds in trust for the NIBTT the total value of contributions due.
These contributions must be kept separate and apart from the assets of the employer and must not be subject to attachment in respect of any of the employers debts or liabilities and must form no part of the assets of the employer in the event of liquidation, assignment or bankruptcy of the employer or his business.
When Are Contributions Due?
Contributions are due in respect of each week or part of a week that an employee works with an employer. This includes periods of apprenticeship, probation or try-outs.
Where salaries are paid in respect of a fortnight or calendar month, the number of contributions due are based on the number of Mondays in the said fortnight or month.
Contributions are to be deducted no later than when the payment of such earnings is made.
Contributions for a month must be paid on or before the last day of the month. However, there is a grace period up to the 15th day of the following month.
How to Pay Contributions
Your contributions are payable in Cash, Certified Cheque or Manager's Cheque at the Service Centre in your district.
Uncertified cheques will be accepted, however, if your cheque is dishonoured the NIBTT reserves the right to withdraw the facility.
All sums due and owing to the NIBTT must be paid to the cashier at the NIBTT Service Centre.
The form/s submitted to the NIBTT Service Centre will constitute evidence of contributions paid or payable. You must ensure that you obtain an official receipt and stamped copy of the form/s submitted.
Payments deposited into the Drop box after 3:00 p.m. will be processed as if they had been received the next business day.
Please note that such payments will attract penalty and interest in accordance with Section 39B of the NI Act under the following circumstance:
- a penalty of twenty-five per cent of the outstanding sum; and
- interest on the entire sum (penalty and outstanding sum at the rate of fifteen per cent per annum from the sixteenth day of the following month until payment).
Submission of Contribution Data
Where employers do not have the National Insurance Number for a new employee, the employee's name, date of birth, and start date of employment should be inserted on the NI184 Form. They must also submit a completed NI4 Form for each such employee.
The Service Centre will process these NI Forms and provide the employer with the National Insurance Numbers.
Contribution details may also be submitted to the Board
via Compact Disk or Diskette. For further information, please contact our
Records Department at
Telephone Number (868)625-2171/8
Ext:2406 or Fax (868)622-2006.