The NSSF covers all employers who have 5 or more employees between 16 and 55 years of age, with the exception of employees under the Government Pensions Act. The NSSF Act requires a registered employer is required to pay contributions to the Fund for his\her employees every month during which he/she pays salaries.
The NSSF Act also provides for voluntary membership for employers with less than 5 employees.
Rate of Contribution
The employer must deduct 5% from the employee's total gross monthly wage and add 10% of the total gross monthly wage making a total contribution of 15% for each employee. The Payment of contributions must be paid by the 15th day of the following month.
Interest Rate
Interest rates are reviewed from time to time by the Minister of Finance, Planning and Economic Development on the advice of the Board and adjusted in line with the actual valuation of the Fund. Interest rate paid to members is basing on the financial performance of the Fund.
Guide for Employer
- The employer ensures that all the employees between the age of 16 and 55 years registered with NSSF
- Remit contributions at the end of every month for which wages / salaries are paid.
How does a qualifying employer register?
- A qualifying employer registers by completing Employer Data Collection Form.
- This form is submitted to a nearest NSSF Office for electronic registration.
- Employer registration number is generated from the system and then a certificate of registration is issued to the employer.
Employee Registration
- He or she fills out a member employee data collection form at the nearest NSSF Office
- The form is submitted to the registration officer for capture into the system.
- A registration number is generated from the system instantly.
Contributions and Arrears Collected July 2007 to June 2008
 |
