10%

The new rate was to have come into effect as of 1 July 2021.

However, in a statement yesterday SNPF said, “That having considered the ongoing ramifications of the global Covid-19 pandemic on our national economy and the ability of certain businesses to make ends meet - The Fund has again decided not to enforce compliance to the 10% minimum member and employer contribution until 1 July 2022.”

“This does not affect those who have already changed or are willing to change earlier to the 10% minimum,” the provident fund said.

Parliament had approved the increase while passing the NPF Amendment Act 2019.

 “The Fund will enforce compliance to the 10% minimum member and employer contribution from 1 January 2022.”

A three year charted scale of the incremental increase of 1 per cent per annum showed that the employee and employers’ contributions in 2019 was 8%, 9% in 2020 and the 10% this year.