Contributors

All employed and self-employed persons in Grenada are mandated by the National Insurance laws to register and pay contributions. In this section the contributors are broken down into four sections: Self-employed, Voluntary, Employee and Employer.

Who Contributes?

62 (1)
Employer

An employer is a person or  corporate body with whom an employee has entered into a contract of service or apprenticeship expressed or implied…

66
Employee

An employee is a person who performs services under a contract of service or apprenticeship with an employer. All Employees are required…

60
Voluntary

A voluntary contributor is someone who is between ages 16 and 60, and while not employed or self-employed, wish to continue to have…

36
Self-Employed

A self-employed contributor is someone who is not in the employment of a registered employer, but is otherwise gainfully employed. All self-employed…

CONTRIBUTIONS

An employer is a person or  corporate body with whom an employee has entered into a contract of service or apprenticeship expressed or implied where such a person or corporate body is liable to pay salary, wages or other remuneration for services performed by the employee.

  • Must register with the NIS
  • Must ensure that all its employees are registered with the NIS
  • Must deduct and pay the required contributions on behalf of all employees in current employment.

The contribution rate is as follows:

6% payable by the employer.

5% payable by the employee

Insurable earnings are the earnings on a monthly or weekly basis on which contributions are to be deducted.

The maximum insurable earnings on which contributions are payable are:

         $5,000.00           –       Per month

         $1,160.00           –       Per week

Contributions are payable on all the following income:

  • Overtime wages/payments
  • Cost of living bonus
  • Additional Payments in respect of dependents
  • Supplements for long service in industry efficiency
  • Commission on sales or similar payments
  • Gratuities paid by employer
  • Payment for night or shift work
  • Service charges
  • Any of an employee’s liabilities paid on behalf by the employer
  • Holiday Pay
  • Danger or dirt money or similar payments

Contributions are due and payable at the end of each month.  A grace of up to fourteen (14) days are allowed with penalty and interest.

Penalties and interest for late payment are applied as follows:

  • A 10% surcharge on the amount payable
  • An additional 1% interest for every month or part of a month that the contribution payment remains outstanding.

Monthly remittances can be submitted using an excel template (checklist) clearly stating the following:

  • The name and registration number of the employer
  • The name and registration number of each employee
  • In the case of weekly paid employees the amount earned each week
  • The insurable earnings and total 11% contribution
  • The total contributions to be paid

Payment can be made using the following options:

  • NIS Headquarters Building, Melville Street, St. George’s
  • Grenville sub-office, Cnr Jubilee & Victoria Streets, Grenville
  • Carriacou sub-office, Hillsborough, Carriacou

         At the following banks;

  • Republic Bank Grenada Ltd,
  • Grenada Co-operative Bank; and
  • Frist Caribbean International.

Non-nationals are required to pay contributions if they are employed or is a self-employed person in Grenada.

The contribution rate for a self-employed person is 11% of gross earnings. Self-employed persons over the age of 60 are required to pay 1% of gross earnings to cover the Employment Injury Benefit.

The maximum insurable earnings on which contributions are payable by the self-employed person are similar to that of an employee and are:

         $5,000.00           –       Per month

         $1,160.00           –       Per week

A self-employed person is entitled to all the benefits offered by the National Insurance Scheme.

A voluntary contributor is one who is between ages 16 and 60, is ordinarily resident in Grenada and while not employed or self-employed, wish to continue to pay contributions voluntarily in order to keep your contributions unbroken or to enable you to qualify to receive a pension.

The contribution rate for a voluntary contributor is 11% of insurable earnings.