The NASSIT Scheme is financed from members' contributions and investment income
Contributions can be paid either by cash, cheque or bank transfer to any NASSIT office.
- Employers should deduct 5% from the earnings of an employee at the end of every month, as that employee’s Social Security contribution;
- The employer should then add 10% of the employee’s earnings as that employer's contribution on behalf of the employee;
- The total 15% contribution should be paid to NASSIT within fifteen days after the end of the month.
- If a person is concurrently employed by two or more contributing employers, all the employers must pay social security contributions on the wages/earnings given to that employee.
- No employer is allowed by law to reduce, whether directly or indirectly, the earnings or other emoluments of any member of the Scheme.
- A self-employed/voluntary contributor pays the full 15% on his/her declared income.
- Directors of companies are considered employees if they are engaged under a contract of service and paid a salary on top of fees.
- Contributions are payable for contract, part-time/casual employees.
For the late payment or non-payment of contributions:-
- The amount due shall attract an interest equivalent to the 90-day Treasury bill rate, plus twenty percent of that rate compounded on a monthly basis;
- The Director General shall serve a demand note on the defaulting employer; and if payment of the contribution and interest is not made within thirty days after the service of the demand note, another ten percent of the 90-day Treasury bill rate of the total amount shall be charged;
- The Director General shall then cause legal proceedings to be instituted to collect or recover the contribution, together with the interest.
- he commits an offence, and upon summary conviction shall be liable to a fine not exceeding Le5,000,000.00 (Five million leones), or an imprisonment for a period not exceeding three months, or both fine and imprisonment;
- there shall then be the immediate registration of all the employees concerned. 11
- the contributions for the period for which the employer fails to register his employees shall be paid as arrears together with interest and penalty.