Granting self-employed persons additional flexibility in paying contributions to the National Insurance Scheme (NIS) has been deemed a “master stroke” by Minister of Industry, Innovation, Science and Technology Davidson Ishmael.
He said the ability to pay contributions online is an added benefit of the fresh process which will start on December 1, 2023, allowing small business persons and entrepreneurs the option of paying a minimum of $1 200 a year towards the social security services which will be known as the National Insurance and Social Security Service (NISSS) from the same date.
“They now have a high degree of flexibility on how they are going to make their contributions on a yearly basis. They can even do it once a year. This is a tremendous benefit for a self-employed person,” Ishmael said, adding that the contributions will also cover entrepreneurs in the case of on-the-job injury.
Speaking in the House of Assembly on Tuesday on the National Insurance and Social Security (Amendment) (No. 2) Bill, 2023, Ishmael noted the legislation also gives people working with other companies the opportunity to bump up their contributions based on earnings from their “side hustles”.
He noted that they will get reminders via email and text messages that their contributions are due.
The St Michael North MP told the Lower House of Parliament that the changes to the NIS support the country’s growth objectives. He said the contributions of small business owners and entrepreneurs will contribute to further economic growth.
Earlier in the debate, St George North Member of Parliament Toni Moore, who is also General Secretary of the Barbados Workers’ Union (BWU), said the NIS should ensure that it always has enough resources to carry out and maintain monitoring and enforcement.
She reminded workers that they have a duty to check to ensure that their deducted monies are being paid into the scheme.
(SP)
