NSSF attracts penalties, which are at the rate of 5 % of the total contributions for each month or part of the month that is remitted late. If you fail to remit the amount 15 % of every month, you will attract a penalty.
The new NSSF regulation states:
- That under the new National Social Security Fund (NSSF) Act, every employer who engages one or more employees is required to promptly register with NSSF as a contributing employer;
- Ensure prompt registration of all employees as members of NSSF;
- Promptly deduct and remit contributions in full by the 15th day of the following month. Late payments of mandatory contributions shall attract a penalty at the rate of 5% of the total contributions for each month or part of the month that is remitted late;
- Promptly submit accurate monthly returns in the prescribed format by the 15th day of the following month;
- Maintain proper and up to date records of employees’ earnings and particulars.
- An employer who fails to comply with the above commits an offence.
