Friday 12 February, 2016
NASFUND can charge employers
NASFUND can charge employers a penalty interest for late or outstanding contributions if they do not pay workers’ contribution on time, chief executive officer Ian Tarutia says.
Tarutia was responding to a question from ‘ The National if there were penalties for late payments by employers.
“ If there are no changes and deductions are still showing on their (members’) payslips, it means employers are withholding payments to the FUND,” he said.
“ This is a breach of the Act and can incur penalty interest for late payments.
“ The employer is responsible for remitting the employee (member) and employer Superannuation deductions to the Fund.
“ The contribution rates are: worker (member) 6 percent of salary and pays 8.4 per cent.
“This is required under Section 78 of the Superannuation Act.
“The FUND can charge penalty interest for late or outstanding conributions.
“ Employers are required to remit contributions by the 14th day of the following month which the deductions relate to”, he said.
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