A new schedule of contribution rates was approved for the NIS of Trinidad and Tobago The NIBTT opted to implement these changes in 3 phases over the course of 4 years.

• With effect from January 7, 2008 contribution rates were increased to 10.5% of insurable earnings.
• With effect from January 4, 2010 contribution rates were increased to 10.8% of insurable earnings
• Effective January 2, 2012 contribution rates will increase to 11.4% of insurable earnings.

Yes. However, future benefit expenditure is not 100%. Actuarial Reviews will continue to be conducted every 5 years to examine whether the level of contribution and investment income is adequate to meet benefit and administration obligations. It is expected that further increases in contributions will be required.

Yes. Also the employer alone pays class z contributions for unpaid apprentices, persons who are over 65 and still employed and persons in receipt of a retirement benefit and have returned to work.

Whether the employer makes the deduction is not even material.  You can visit the nearest NIBTT Service Centre and fill out the complaint form. The information provided would be kept under confidence and an investigation launched. Should our investigations reflect that he has failed to pay contributions due to the Board, he commits an offence. This offence carries a penalty of $4000 and 6 months imprisonment. The employer will now have to pay the outstanding contributions as well as the penalty.

A penalty of 25% will be imposed from the 16th of the next month, followed by interest of 15% on the total amount outstanding from the following month.

No.  As of March 01, 2004, once you are over 60 years, receiving a retirement pension and have been re-employed on or after March 01, 2004, then your employer pays a contribution in class z for you.

If you received a retirement grant, a supplementary grant, based on your additional contributions will be paid. If you were receiving a retirement pension, the rate of pension will be re-calculated to account for your additional contributions.  

Yes you can. If however there is an increase in contribution rates, then the employer will have to remit the shortfall.

If you were previously an insured person you can pay voluntary contributions. If not no.  

Yes, both employer and employee.

Yes. You must register them and pay contribution. It is now an offence to provide incomplete or inaccurate information of registration - the fine is $500. For registering himself or his employee(s) late, the employer is subject to another fine of $5000.  

No. The system still does not yet cover the self employed.

Yes. But you must apply before age 60 and within two years of ceasing insurable employment.

All contributions made before March 01, 2004 have been re-valued. See the Contribution and Benefit Tables for further information.

If you were employed or eligible to be registered in such employment as at February 29, 2004 and continued to be employed by the same employer on or after March 01, 2004.  In such a case, contributions are payable in Class 1. However, if you were not employed or eligible to be registered before March 01 2004, then earnings under $100.00 per week would not be insurable and contributions would not be required.

With effect from May 3, 1999 a wife working for her husband must be registered with the National Insurance System and contributions must be remitted to the system on her behalf.

Yes, in the format prescribed by the Board. See Employee Contributions on Electronic Media or contact 625 – 2177 Ext: 407/408 for more information.

The penalty was applied from the 16th day following the month-end in which the contributions should have been paid. Interest is added from the next month.

Yes. This power will be used to recover unpaid contributions and any penalties or interest imposed.

Yes. The act binds the state.

No. The penalty cannot be waived for any reason if the payment is late. The legislation gives no such power or discretion to the Board.