National Social Security Authority has reviewed upwards pension contributions payable by both workers and companies from 7% to 9%, The Chronicle reports.
The adjustments are a result of an SI 108 and 109 that was gazetted on 15 May. A statement from NSSA announcing the adjustment reads:
Following the gazetting of statutory instrument (SI) 108 and 109 of the 15th of May 2020 pertaining to a review of NSSA contribution rates and maximum pensionable salary, the Authority wishes to advise employers that these adjustments will be effective from 1 June 2020.
The contribution rate will go up to nine from seven percent, while the maximum pensionable salary will go up from $700 to $5 000.
All pensions on the payroll as at 1st October, 2019, in terms of this Scheme shall be increased by 200 percent with effect from the appointed date. Any pensions that are lower than the minimums stated in this section after applying the 200 increase, shall be increased to the minimum set for the category in terms of section 5
The Chronicle said the document also states that:
- The minimum monthly retirement pension is pegged at $240
- Children and dependants are expected to get $30 and $53,33
- All widowers or widows will get $160
More: The Chronicle