The Pension scheme is mandatory for all employees to which it applies and is contributory. The rate is a minimum contribution of 7.5% deducted from the employee’s monthly emolument (comprising basic salary, housing and transport allowance) and another 7.5% paid by the employer. This will bring the total monthly contribution to 15%.
Voluntary Contribution
The act also makes provision for voluntary contributions. Contributors in this category are allowed to determine the amount, frequency and investment maturity, for funds invested.
