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Contribution rate

SECURING YOUR FUTURE

Normal Rate

The current rate of contribution (effective 1st July, 1999) is 16cents on each dollar earned, with the employer and employee each contributing 8cents each. Contributions that are paid after the due date carry a surcharge at a rate of 2%. The rate card below provides in tabulated form gross wages and the contribution liable in each case. Failure to pay contributions on the due date is a serious and is a punishable offence.

Voluntary Excess

Contributions may be paid in excess of the statutory amount but should not exceed 30% (inclusive of the statutory 16%) of the gross wages. Such contributions are called 'voluntary excess' contributions because they are paid in excess of statutory 16 cents. Any excess contribution can only be paid by the employer, not the worker. The employer cannot deduct more than the statutory 8 cents from the worker's salary. All voluntary excess contributions must be noted on the employer's contribution schedule (CS Form), which is submitted monthly to the FNPF office.