Payment of Contributions
Rate of Contributions
Every registered employer is required to remit to the Fund 20% of the employee’s gross salary as joint contribution between the employer and the employee. The rate of the employee’s share should not exceed 10% of his/her monthly salary.
The employer is required to remit contributions within one month from the month of payment of salaries. Employers may pay their contributions either at NSSF office or through the bank. Contributions shall be deemed paid only if cash payment has already been receipted at NSSF office or cheque issued has been honoured by any credible bank.
- Contributions can be paid at any NSSF offi ce in any of the following ways:-
- Crossed Cheque
- Bankers Cheque
- Bank Draft
- Post or Money Orders
Forms for Remittance of Contributions
Employers shall submit payment of contributions attaching all supporting particulars of insured persons to whom the contributions relate by completing Form NSSF/ CON.5. The employer may either use computer print-outs of the Form NSSF/ CON.5 or printed form.
Failure to Pay Contributions
Failure to remit contributions to the Fund may result in the following consequences:-
- Breach of the NSSF Act
- Delay the Fund’s timely investment of members’ funds
- Deny the members’ right to get timely benefits.