The Barbados National Insurance Scheme (NIS), specifically regarding the Resilience and Regeneration Fund (RRF) effective April 1st 2025 is now available.
The changes are as follows:
- Contributions to the RRF are calculated on Gross wages and Salaries, excluding allowances.
- RRF are not subject to the NIS Earnings Ceiling.
Contributions
- EE NIS: 11% BASE GROSS INSURABLE EARNINGS
- EE NIS: 12.75% BASE GROSS INSURABLE EARNINGS
- EE AND ER RESILIENCE FUND (RRF): 0.25% BASE GROSS SALARY ITEMS
Step 1: Navigate to Barbados RRF Parameters
A new screen, Barbados RRF Parameters, has been added to allow users to update RRF Insurable Earnings entries.
Navigation: Payroll>>Maintenance>>Statutory Deductions>>Barbados>>Barbados RRF Parameters
Step 2: Configure the RRF Calculation
Select the default record in the screen and edit the value of field 1, depending on the type of calculation required for the RRF.
When "0 RRF Insurable Earnings Defined By" is selected:
Fld 1 0 = “NIS” Insurable Earnings equal to RRF Insurable Earnings
1 = RRF Insurable Earnings are a subset of “NIS” Insurable Earnings
2 = RRF Insurable is independent of “NIS” Insurable Earnings.
Use 1 to select the Subset option which allows you to add the list of codes that form the basis for the RRF Calculation (Earnings and Other Incomes).
Step 3: Download the Template
After changing the value, download the template to add the Earnings and Other Income codes to be used.
This is a one-time setup. Once the codes are imported, you will not be required to add them again.
Please also ensure that all new codes are correctly mapped in this section going forward.
| When "0 RRF Insurable Earnings Defined By" is selected: | |
|---|---|
| Column A "Type" | 0 = “NIS” Insurable Earnings equal to RRF Insurable Earnings |
| 1 = RRF Insurable Earnings are a subset of “NIS” Insurable Earnings | |
| 2 = RRF Insurable is independent of “NIS” Insurable Earnings. | |
| Column B "Fld1" | T = Timesheet |
| A = Allowance | |
| O = Other Income | |
| Payroll Code | Select the corresponding Payroll Code type |
| Column C "Fld2" | Enter the Payroll Code of the Earning, Allowance or Other income. |
Open the template and remove the instruction section. Complete the information on the template using the parameters below with the codes that are applicable for the calculation.
Note: The template is not required for option 0 = “NIS” Insurable Earnings equal to RRF Insurable Earnings.
Template Sample
Step 4: Import the Template
Import the template using the option below.
Review the data on the screen and proceed to process payroll as normal to validate the calculation.
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