adminJune 1, workers together with their employers would be contributing a combined seven percent of their earnings to NSSA up from six percent.
Individual workers used to contribute three percent while the employer contributed the other three percent but the two are now sharing seven percent equally every month.
Government also pegged US$700 as the pensionable ceiling, up from US$200.
Workers earning less than US$700 would have their contributions calculated using their actual salaries while those earning above US$700 would still contribute 3,5 percent of US$700, even if they earn much more than the US$700.
The changes were documented in a Government Gazette published yesterday.
“The National Social Security Authority (Pensions and Other benefits Scheme) (Rates of Benefits) Notice 1993, published in Statutory Instrument 393 is amended in Section 10A (Rates and Contributions) by the deletion of ‘’three per centum’’ and the substitution of “three and half per centum’’ with effect from 1st June 2013.
“The maximum amount of monthly earnings in respect of which contributions shall be payable shall be US$700 with effect from June 1, 2013,” read the publication.
The minimum amount of compensation paid in respect of a worker who dies from a workplace accident has been increased from US$200 to US$300.
With effect from August 1, the minimum rate of retirement pension has been upped from US$40 to US$60.
Online Reporter