Effective January 1, 1997 the St. Vincent and the Grenadines National Insurance Board has in principle agreed to extend coverage to all self-employed persons.

 

All nationals and residents of St. Vincent and the Grenadines who are:

 

 

Example of such persons are vendors, contractors, sole proprietors, partners in companies, farmers, bus drivers and conductors, hairdressers, seamstresses, tailors, professionals such as Lawyers, Accountants, Doctors and other medical professionals.

 

A spouse engaged in trade or business for wages as a partner or in any similar arrangement is also considered to be self-employed.

 

All self-employed persons must register with the National Insurance Services no later than seven (7) days after becoming self-employed.

 

►Complete a registration form (Form SE1) {even if the person was already registered as an employed person}

 

►Submit the form along with specified documents of identification (passport/birth certificate/marriage certificate, if applicable to the National Insurance Office).

 

The self-employed person will be issued with a registration card that will bear an Identification Number. He or she will be identified for all National Insurance purposes by the number issued upon registration.

 

A person who is employed and self-employed simultaneously is exempted from paying contributions on his/her behalf.

 

 

 

At the time of registration, the self-employed person must select a category of income on which contributions will be paid.

 

 

 

The category that is selected will be valid for six months or a year. At the end of six months or a year the self-employed person will have the opportunity to select a category immediately above or below the initial one selected. In all cases, the category selected will be valid for the period chosen.

 

If no selection is made by the required time each year, the self-employed person will be expected to pay contributions based on the category selected in previous year.

 

New self-employed contributors will be allowed to pay based on their age. Persons who are less than 45 years are not required to make retroactive payments. However, persons between the ages 45 and 49 will be expected to make retroactive payments for 10 years. Persons who are entering the system for the first time at age 50 will be require to make payments from 1997. Persons who are 50 years and older will not be allowed to enter the programme unless they were previous contributors.

 

Persons who are over the age of fifty at the introduction of the programme, or who become self-employed for the first time over the age of fifty must select a category of weekly income $360.00 and below or a monthly income of $1,560.00 and below.

Contributions of 7.5% would be paid each week or month, based on the income category selected. The number of weeks for each month would be based on the number of Mondays in the month.

 

Contributions must be paid each week or each month to the Executive Director, National Insurance Services. Payment is due no later than the last day of the following month.

 

If contributions are not paid within the prescribed time, a surcharge of 10% of contributions plus interest of 1% per month for any payment more than one month late will be charged.