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<h1>Social Security Programs Throughout the World: The Americas, 2013</h1>
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<h1>Bahamas</h1>
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<div class="exchangeRate">Exchange rate: <abbr class="spell">US</abbr>$1.00 = 1.00 Bahamian dollar (B$).</div>
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<h2>Old Age, Disability, and Survivors</h2>
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<h3>Regulatory Framework</h3>
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<p><span class="h4">First laws:</span> 1956 (<span class="nobr">old-age</span> noncontributory pensions) and 1967 (public assistance for disability).</p>
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<p><span class="h4">Current law:</span> 1972 (national insurance).</p>
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<p><span class="h4">Type of program:</span> Social insurance and social assistance system.</p>
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<h3>Coverage</h3>
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<p><span class="h4">Social insurance:</span> Employed persons and <span class="nobr">self-employed</span> persons.</p>
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<p>Voluntary coverage is available.</p>
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<p><span class="h4">Social assistance:</span> Residents of the Bahamas.</p>
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<h3>Source of Funds</h3>
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<p><span class="h4">Insured person</span></p>
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<p><span class="h5">Social insurance:</span> 3.9% of weekly covered earnings. Voluntarily insured persons contribute 5% of weekly average wages or income, based on the insured's wages or income in the year before registration.</p>
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<p>The maximum annual earnings used to calculate contributions are B$31,200.</p>
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<p>The compulsorily insured person's contributions also finance cash sickness, maternity, unemployment, and work injury benefits. The voluntarily insured person's contributions also finance the funeral and maternity grants.</p>
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<p><span class="h5">Social assistance:</span> None.</p>
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<p><span class="h4">Self-employed person</span></p>
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<p><span class="h5">Social insurance:</span> 6.8% of covered earnings.</p>
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<p>The maximum annual earnings used to calculate contributions are B$31,200.</p>
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<p>The <span class="nobr">self-employed</span> person's contributions also finance cash sickness and maternity benefits.</p>
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<p><span class="h5">Social assistance:</span> None.</p>
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<p><span class="h4">Employer</span></p>
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<p><span class="h5">Social insurance:</span> 5.15% of covered payroll.</p>
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<p>The maximum annual earnings used to calculate contributions are B$31,200.</p>
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<p>The employer's contributions also finance cash sickness, maternity, and unemployment benefits.</p>
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<p><span class="h5">Social assistance:</span> None.</p>
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<p><span class="h4">Government</span></p>
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<p><span class="h5">Social insurance:</span> None.</p>
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<p><span class="h5">Social assistance:</span> The total cost of all <span class="nobr">income-tested</span> allowances.</p>
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<h3>Qualifying Conditions</h3>
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<p><span class="h4">Social insurance</span></p>
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<p><span class="h5">Retirement pension:</span> Age 65 with at least 500 weeks of paid contributions.</p>
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<p>Entitlement ceases if the insured person earns B$300 or more a week.</p>
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<p>Early pension: An early pension may be paid from age 60 to 64.</p>
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<p>Deferred pension: The pension may be deferred up to age 69.</p>
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<p>The benefit is paid locally for insured persons who live abroad.</p>
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<p><span class="h5">Disability pension:</span> Younger than age 65, assessed with a permanent incapacity for any work, and has at least 150 weeks of paid contributions.</p>
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<p><span class="h5">Survivor pension:</span> The deceased received or was entitled to receive an <span class="nobr">old-age</span> or disability pension or had at least 150 weeks of paid contributions at the time of death.</p>
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<p>Eligible survivors include a dependent <span class="nobr">widow(er)</span> who was married to the deceased and was disabled or aged 40 or older and incapable of gainful employment; a dependent <span class="nobr">widow(er)</span> who was caring for a child younger than age 16 (age 21 if a student, no limit if disabled) at the time of death; a dependent widow who was pregnant with the deceased's child at the time of death; dependent children younger than age 16 (age 21 if a student, no limit if disabled); and dependent parents who are disabled or aged 40 or older and incapable of gainful employment.</p>
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<p><span class="h5">Funeral grant:</span> Paid when an insured person or the spouse of an insured person dies if the insured had at least 50 weeks of paid contributions.</p>
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<p><span class="h4">Social assistance</span></p>
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<p><span class="h5">Noncontributory <span class="nobr">old-age</span> pension (income tested):</span> Aged 65 or older, retired, and has less than 500 weeks of paid contributions.</p>
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<p><span class="h5">Disability assistance (income tested):</span> Assessed with a disability and and has less than 500 weeks of paid contributions.</p>
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<p><span class="h5">Survivor assistance (income tested):</span> The deceased had less than 500 weeks of paid contributions.</p>
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<h3>Old-Age Benefits</h3>
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<p><span class="h4">Social insurance</span></p>
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<p><span class="h5">Retirement pension:</span> 30% of the insured's covered wage is paid with at least 500 weeks of paid or credited contributions. The pension is increased by 1% of the covered wage for each <span class="nobr">50-week</span> period of paid or credited contributions exceeding 500 weeks, up to 60%.</p>
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<p>With less than 500 weeks of paid contributions, a lump sum of six times the number of <span class="nobr">50-week</span> periods of paid contributions multiplied by the covered wage is paid.</p>
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<p>The covered wage is based on the insured's average weekly earnings in the best five years of contributions in which at least 26 contributions were made.</p>
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<p>Early pension: The benefit is reduced by 0.58% for each month the insured is younger than age 65.</p>
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<p>Deferred pension: The benefit is increased by 0.58% for each month the insured is older than age 65, up to 35%.</p>
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<p>The minimum pension is B$64.33 a week.</p>
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<p><span class="h4">Social assistance</span></p>
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<p><span class="h5">Noncontributory <span class="nobr">old-age</span> pension (income tested):</span> B$59.18 a week is paid.</p>
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<h3>Permanent Disability Benefits</h3>
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<p><span class="h4">Social insurance</span></p>
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<p><span class="h5">Disability pension:</span> 30% of the insured's covered wage is paid with at least 500 weeks of paid or credited contributions; 15% to 28% of covered wage with 150 to 499 weeks. The pension is increased by 1% of the covered wage for each <span class="nobr">50-week</span> period of paid or credited contributions exceeding 500 weeks, up to 60%.</p>
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<p>The covered wage is based on the insured's average weekly earnings in the best three years of contributions in which at least 26 contributions were made.</p>
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<p>The maximum annual wage used to calculate benefits is B$31,200.</p>
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<p>The minimum pension is B$69.48 a week.</p>
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<p><span class="h4">Social assistance</span></p>
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<p><span class="h5">Disability assistance (income tested):</span> B$59.18 a week is paid.</p>
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<h3>Survivor Benefits</h3>
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<p><span class="h4">Social insurance</span></p>
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<p><span class="h5">Spouse's pension:</span> 50% of the retirement or disability pension the deceased received or was entitled to receive is paid to an eligible <span class="nobr">widow(er).</span></p>
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<p>The minimum survivor pension is B$69.48 a week.</p>
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<p><span class="h5">Orphan's pension:</span> 10% of the retirement or disability pension the deceased received or was entitled to receive is paid to each eligible child, up to five children (if the <span class="nobr">widow(er)</span> receives a survivor pension) or 10 children (if the <span class="nobr">widow(er)</span> does not receive a survivor pension); B$32.16 a week is paid to each full orphan.</p>
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<p>The minimum orphan's pension is B$28.30 a week.</p>
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<p><span class="h5">Other eligible survivors:</span> If there is no eligible <span class="nobr">widow(er)</span> or orphan, 50% of the retirement or disability pension the deceased received or was entitled to receive is paid to an eligible parent.</p>
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<p>The minimum survivor pension is B$69.48 a week.</p>
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<p>All survivor benefits combined must not exceed 100% of the retirement or disability pension the deceased received or was entitled to receive.</p>
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<p><span class="h5">Funeral grant:</span> A lump sum of up to B$1,680 is paid to the person who pays for the funeral.</p>
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<p><span class="h4">Social assistance</span></p>
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<p><span class="h5">Survivor assistance (income tested):</span> B$59.18 a week is paid to persons aged 18 or older; B$23.67 a week to children younger than age 18.</p>
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<h3>Administrative Organization</h3>
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<p>Ministry of Finance (<a href="https://www.bahamas.gov.bs/wps/portal/public/fina/MOF/">http://www.bahamas.gov.bs/finance</a>) provides general supervision.</p>
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<p>National Insurance Board (<a href="http://www.nib-bahamas.com">http://www.nib-bahamas.com</a>) administers the program.</p>
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<h2>Sickness and Maternity</h2>
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<h3>Regulatory Framework</h3>
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<p><span class="h4">First and current law:</span> 1972 (national insurance).</p>
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<p><span class="h4">Type of program:</span> Social insurance system. Cash benefits only.</p>
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<h3>Coverage</h3>
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<p>Employed and self-employed persons.</p>
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<h3>Source of Funds</h3>
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<p><span class="h4">Insured person:</span> See source of funds under Old Age, Disability, and Survivors.</p>
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<p><span class="h4">Self-employed person:</span> See source of funds under Old Age, Disability, and Survivors.</p>
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<p><span class="h4">Employer:</span> See source of funds under Old Age, Disability, and Survivors.</p>
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<p><span class="h4">Government:</span> None.</p>
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<h3>Qualifying Conditions</h3>
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<p><span class="h4">Cash sickness benefits:</span> Must have at least 40 weeks of contributions, including 26 weeks of paid or credited contributions in the year immediately before the incapacity began or in the last contribution year, or 13 weeks of paid or credited contributions in the 26 weeks immediately before the incapacity began.</p>
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<p><span class="h4">Cash maternity benefits:</span> Must have at least 50 weeks of contributions, including 26 weeks of paid or credited contributions in the last year of contributions or in the 40 weeks before the benefit is paid.</p>
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<p><span class="h4">Maternity grant:</span> Must have at least 50 weeks of paid contributions.</p>
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<p><span class="h4">Funeral benefit:</span> Paid when an insured person or the spouse of an insured person dies if the insured had at least 50 weeks of paid contributions.</p>
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<h3>Sickness and Maternity Benefits</h3>
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<p><span class="h4">Sickness benefit:</span> 60% of average weekly covered earnings is paid after a <span class="nobr">three-day</span> waiting period for up to 26 weeks; may be extended for 14 weeks in certain circumstances.</p>
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<p>The minimum benefit is B$69.42 a week.</p>
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<p><span class="h4">Sickness allowance (means tested):</span> B$59.18 a week is paid for an insured person who does not meet the contribution requirements for the sickness benefit.</p>
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<p><span class="h4">Maternity benefit:</span> 66.6% of average weekly covered earnings is paid for 13 weeks beginning no earlier than six weeks before the expected date of childbirth; may be extended for two weeks in certain circumstances.</p>
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<p>The minimum benefit is B$69.48 a week.</p>
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<p><span class="h4">Maternity grant:</span> A lump sum of B$450 is paid for each live birth.</p>
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<p><span class="h4">Funeral benefit:</span> A lump sum of B$1,680 is paid.</p>
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<h3>Workers' Medical Benefits</h3>
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<p>No statutory benefits are provided.</p>
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<p>Public and private medical care is available at public hospitals and clinics. Government subsidizes the cost for public care patients, children, the elderly, and needy persons.</p>
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<h3>Dependents' Medical Benefits</h3>
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<p>No statutory benefits are provided.</p>
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<p>Public and private medical care is available at public hospitals and clinics. Government subsidizes the cost for public care patients, children, the elderly, and needy persons.</p>
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<h3>Administrative Organization</h3>
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<p>Ministry of Finance (<a href="https://www.bahamas.gov.bs/wps/portal/public/fina/MOF/">http://www.bahamas.gov.bs/finance</a>) provides general supervision.</p>
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<p>National Insurance Board (<a href="http://www.nib-bahamas.com">http://www.nib-bahamas.com</a>) administers the program.</p>
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<h2>Work Injury</h2>
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<h3>Regulatory Framework</h3>
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<p><span class="h4">First law:</span> 1943 (workmen's compensation).</p>
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<p><span class="h4">Current law:</span> 1972 (national insurance).</p>
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<p><span class="h4">Type of program:</span> Social insurance system.</p>
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<h3>Coverage</h3>
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<p>Employed persons and <span class="nobr">self-employed</span> persons.</p>
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<p>Exclusions: Family labor.</p>
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<h3>Source of Funds</h3>
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<p><span class="h4">Insured person:</span> None.</p>
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<p><span class="h4">Self-employed person:</span> 2% of covered earnings.</p>
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<p>The maximum annual earnings used to calculate contributions are B$31,200.</p>
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<p><span class="h4">Employer:</span> 0.75% of covered payroll.</p>
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<p>The maximum annual earnings used to calculate contributions are B$31,200.</p>
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<p><span class="h4">Government:</span> None.</p>
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<h3>Qualifying Conditions</h3>
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<p><span class="h4">Work injury benefits:</span> There is no minimum qualifying period.</p>
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<h3>Temporary Disability Benefits</h3>
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<p>66.6% of average weekly covered earnings is paid after a <span class="nobr">three-day</span> waiting period for up to 40 weeks.</p>
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<p>The minimum benefit is B$69.48 a week.</p>
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<p>The maximum benefit is B$399.96 a week.</p>
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<h3>Permanent Disability Benefits</h3>
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<p><span class="h4">Permanent disability pension:</span> For an assessed degree of disability of 100%, 66.6% of average weekly covered earnings is paid. A lump sum of B$1,000 is also paid.</p>
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<p>The minimum benefit for a total disability is B$69.48 a week.</p>
|
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<p>The maximum benefit is B$399.96 a week.</p>
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<p><span class="nobr">Constant-attendance</span> supplement: If the insured has a 100% disability and requires the constant attendance of others to perform daily functions, 20% of the permanent disability pension is paid.</p>
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<p>Partial disability: For an assessed degree of disability of at least 25%, a reduced pension is paid according to the assessed degree of disability. A lump sum of B$500 is also paid.</p>
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<p>The minimum benefit for a partial disability is B$59.18 a week.</p>
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<p><span class="nobr">Lump-sum</span> grant: For an assessed degree of disability of 1% to 24%, a lump sum of B$100 to B$2,400 is paid according to the assessed degree of disability.</p>
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<h3>Workers' Medical Benefits</h3>
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<p>Benefits include hospitalization, general and specialist care, medicine, and transportation, and are paid for up to 40 weeks (for an assessed degree of disability of 25% or less) or two years (for an assessed degree of disability of more than 25%).</p>
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<h3>Survivor Benefits</h3>
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<p><span class="h4">Spouse's pension:</span> 50% of the temporary disability pension the deceased received or was entitled to receive is paid.</p>
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<p><span class="h4">Orphan's pension:</span> 10% of the temporary disability pension the deceased received or was entitled to receive is paid to each dependent child younger than age 16 (age 21 if a <span class="nobr">full-time</span> student), up to five children (if the <span class="nobr">widow(er)</span> receives a survivor pension) or 10 children (if the <span class="nobr">widow(er)</span> does not receive a survivor pension).</p>
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<p><span class="h4">Industrial death benefit:</span> A lump sum of one month of the spouse's or orphan's pension is paid.</p>
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<p><span class="h4">Industrial funeral benefit:</span> A lump sum of B$1,800 is paid to the person who paid for the funeral.</p>
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<h3>Administrative Organization</h3>
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<p>Ministry of Finance (<a href="https://www.bahamas.gov.bs/wps/portal/public/fina/MOF/">http://www.bahamas.gov.bs/finance</a>) provides general supervision.</p>
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<p>National Insurance Board (<a href="http://www.nib-bahamas.com">http://www.nib-bahamas.com</a>) administers the program.</p>
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<h2>Unemployment</h2>
|
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<h3>Regulatory Framework</h3>
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<p><span class="h4">First and current law:</span> 2009 (national insurance), implemented in 2009 and 2010.</p>
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<p><span class="h4">Type of program:</span> Social insurance system.</p>
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<h3>Coverage</h3>
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<p>Employed persons younger than age 65.</p>
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<p>Exclusions: <span class="nobr">Self-employed</span> persons.</p>
|
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<h3>Source of Funds</h3>
|
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<p><span class="h4">Insured person:</span> 0.5% of salary.</p>
|
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<p><span class="h4">Self-employed person:</span> Not applicable.</p>
|
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<p><span class="h4">Employer:</span> 0.5% of payroll.</p>
|
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<p><span class="h4">Government:</span> Covers any deficit.</p>
|
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<h3>Qualifying Conditions</h3>
|
|
<p><span class="h4">Unemployment benefit:</span> Must have at least 52 weeks of paid contributions, including 13 weeks of paid or credited contributions in the 26 weeks before unemployment began, and seven weeks of paid or credited contributions in the 13 weeks before unemployment began.</p>
|
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<p>To remain eligible, the insured must register with the labor exchange every four weeks, be available and looking for work, and must accept suitable employment.</p>
|
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<h3>Unemployment Benefits</h3>
|
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<p><span class="h4">Unemployment benefit:</span> 50% of the insured's average covered weekly earnings is paid after a <span class="nobr">two-week</span> waiting period for up to 13 weeks (may be extended in certain circumstances) in any <span class="nobr">52-week</span> period.</p>
|
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<p>After receiving benefits for 13 weeks in any <span class="nobr">52-week</span> period, the insured must wait 52 weeks to be eligible for another claim.</p>
|
|
<p>The minimum unemployment benefit is B$69.48 a week.</p>
|
|
<p>The maximum unemployment benefit is B$300 a week.</p>
|
|
<p>Schedule of payments: The benefit is paid biweekly.</p>
|
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<h3>Administrative Organization</h3>
|
|
<p>Ministry of Finance (<a href="https://www.bahamas.gov.bs/wps/portal/public/fina/MOF/">http://www.bahamas.gov.bs/finance</a>) provides general supervision.</p>
|
|
<p>National Insurance Board (<a href="http://www.nib-bahamas.com">http://www.nib-bahamas.com</a>) administers the program.</p>
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</div>
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</article>
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