Barbados - NIS Rate Changes 2025

Barbados - NIS Rate Changes 2025

Barbados - NIS Rate Changes 2025

   

Dear Client, 

Kindly note that in accordance with the Barbados National Insurance and Social Security Services (NIS), there is a change in the components of the NIS contributions for Resilience and Regeneration Fund effective April 1st 2025. 

 The changes are as follows: 
  • The Catastrophe Fund Contribution will be renamed to Resilience and Regeneration Fund
  • The contribution will change from 0.1% to 0.25% 
  • The contribution will be outside of the NIS components and it will not be capped at the insurable earnings limit (BBD $5,280.00 per month). 
  • Employers are now required to match the employees' contributions. 
  • The NIS Contribution will be reduced to Employee 11% and Employer 12.75%

Now

Before

Please be advised that the changes are now available. You can request these changes by emailing helpdesk@hrplus.net.


Kindly confirm if you need the changes in the UAT environment for testing before deploying them to the live system.

For additional information please consult the link below

Reference: Barbados: Tax measures in 2025 budget. March 2025 report prepared by the KPMG member firm in Barbados. Pag. 15.

Kindly disregard the previous campaign regarding the personal allowance as the income tax threshold remains the same; BBD $25,000.