What are the contribution rates and how are they distributed between the Employer and Employee? – SSNIT

What are the contribution rates and how are they distributed between the Employer and Employee?

Published on 01 December, 2015.

Worker – 5.5% of workers’ basic salary
Employer – 13% workers’ basic salary
Total – 18.5% of workers’ basic salary

- - Out of the 18.5%, employer remits 13.5% to SSNIT within 14 days following the end of the month to the mandatory First-Tier Basic Social Security Scheme.
  - Again out of the 13.5% paid to SSNIT, 2.5% is sent to the NHIA for the member’s health insurance.
  - The residual 5% is sent to the mandatory Second Tier Occupational Scheme which will be privately managed by Trustees approved and licensed by the Board of NPRA.

The New Pension Scheme (FAQ)

What is this new Pension Scheme?

Why the New Pensions Act, 2008?

What is The 3-Tier Scheme

What are the contribution rates and how are they distributed between the Employer and Employee?

Who can become a member?

Who is exempted from the Act 766?

What are the features of the scheme?

What are the benefits under Act 766?

What are the qualifying conditions for the Superannuation Pension?

What are the qualifying conditions for the Invalidity Pension?

What are the qualifying conditions for the Survivor's Lumpsum Benefit?

What are the workers' obligation?

Who is an employer?

What are the employer's obligation under Act 766?

Can the self-employed or any contributor fix any arbitrary salary for himself?

What is Pension?

What is the National Pension Regulatory Authority?

What is a Trust?

Who is a trustee?

What is a Pensioner's Certificate?

Under the Social Security Pension Scheme What information can you update?