NIS (National Insurance Scheme) is Guyana’s government attempt at providing Social Insurance Coverage on a compulsory basis, to all persons between the ages of sixteen (16) and sixty- (60) years who are engaged in Insurable Employment.
There are 2 categories of persons that are required to pay NIS, each having different rates.
Employed
This covers persons who are in the employ of another person, business or organization. In this scenario, an NIS payment of 14% of the employee’s Gross Salary is paid to NIS. This 14% is paid partially by the employee and partially by the employer.
Employee Contribution: 5.6% per month
Employer Contribution: 8.4% per month
Maximum
While the NIS adds up to a total of 14% (5.6% Employee + 8.4% employer) of Gross Salary, there is a cap to the amount of NIS that can be paid. The cap is as follows:
Employer Contribution Maximum: $23,520 per month
Employee Contribution Maximum: $15,680 per month
Self-Employed
If you are self employed, you pay a total NIS of 12.5% of your Gross Salary.
Maximum
While the NIS adds up to a total of 12.5% of Gross Salary, there is a cap to the amount of NIS that can be paid. The cap is $35,000 per month.
NIS Calculator
Use the NIS calculator below to calculate your NIS contribution.
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