What is NSSF Voluntary Membership Plan?
What is NSSF Voluntary Membership Plan? The NSSF Voluntary Membership Plan provides employers and workers not compelled by the mandatory provisions of the NSSF Act the opportunity to save voluntarily for their retirement.
Individual Voluntary Contributors
According to Section 13A of the NSSF (Amendment Act), there are 3 types of Voluntary Members:- Existing Members - who may make voluntary contributions to the fund over and above his or her standard contributions. Such a member may authorise his or her employer in writing to deduct an agreed rate from the employee’s wage payment and remit the voluntary contribution to the Fund. An employer authorised by an employee under subsection shall, for every month during which he or she pays wages for the member, pay to the fund, within fifteen days next following the last day of the month for which the relevant wages are paid, the voluntary contribution of the sum agreed.
- Self-Employed Person – A person who is self-employed may apply for membership in the Fund and shall make voluntary contributions to the Fund.
- Any Other – Any other person may apply for membership and make voluntary contributions to the Fund. according to Section 13A (5).
Features of the NSSF Voluntary Membership Plan
Choice
you decide how much you contribute based on your income and life aspirations
Flexibility
Contributions can be fixed or varying; made daily, weekly, monthly, quarterly, semiannually or annually
Peace of mind
you will take pride and satisfaction in knowing that you have a secure retirement plan for yourself and your family
Return
you get a good return on your savings
