Local employers will now be required to submit all contributions to the National Insurance Services (NIS) within one month of the deduction from wages and salaries, commencing at the end of February.
Speaking on NBC’s Face to Face program this morning, Executive Director of the NIS, Reginald Thomas, said the move from an annual reconciliation is part of efforts improve accountability and accuracy.
Mr. Thomas said failure to make submissions within the required timeframe will result in a fine of 10 percent of the outstanding contribution for the first month and one percent for each additional month.
Mr. Thomas explained that the electronic submission process will play a major role in facilitating the submissions in a timely manner.
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