The National Insurance Corporation is similar to Social Security in the United States. Every employer and his employees must be registered with the NIC office. Contributions to the NIC total ten percent (10%) of wages, five percent (5%) to be paid by the employee and 5% by the employer. In the event of absence from work due to illness, maternity and accident, the NIC pays sixty (65%) of the employee’s wages over a period of three (3) months.
Other areas covered by the NIC include:
a. Invalidity Benefit
b. Sickness Benefit
c. Survivors Pension
d. Retirement Benefit
e. Funeral Grants
f. Employment Injury Benefit
g. Maternity Benefit/Grants
h. Disablement Benefits
i. Medical expense
Who should register?
Individuals or companies, where at least one person is employed either part-time or full-time, must register with the National Insurance Corporation within seven (7) days of starting the business.
How to register?
1. An application for registration of the Business Name as an employer must be supported by the Statement of Particulars and Certificate of Registration of the business name.
2. An application for registration of a company as an employer must be supported by the Certificate of Incorporation, Notice of Directors and Notice of Registered Office.
A registration number will be issued.
For further information, please contact the National Insurance Corporation.