Payroll Calculators updated for 2017 PAYE rates
New NSSF Rates from June 2014
The new National Social Security Fund (NSSF) rates per the NSSF Act No.45 come into effect from June of 2014. Here are some important points to note:
- Saigar & Company payroll calculators have already been updated with the new NSSF rates. See here
- New rate is set at 6% of pensionable salary.
- There will be a transitional period that will slowly lead up to the 6%
- There are stiff penalties for failure to register as an employer, register employees or comply with payment
According to the NSSF
- The new National Social Security Fund (NSSF) member contributions have increased to grow your foundation for an even better future.
- Employees contributions range from 360 shillings to a maximum of 1,080 shillings per month for the first year.
- Employers will also be contributing an equal amount.
- Voluntary contributor: Minimum monthly contributions are now 200 shillings, up from 100 shillings.