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- 16 % Interest Rate declared for 2006.
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Employer Rate of Contribution
Employees contribute 6% of their gross salaries and the employer contributes 8.4% while is based on the employee gross salary is paid by the employer from its own funds.
Members may if they wish, make additional voluntary contributions to the Fund to maximize their benefits on withdrawal from the Fund.
The new Superannuation (General Provisions) Act 2000 provides for both employee and employer contributions to be remitted to an Authorized Superannuation Fund (ASF), unlike in the past where employees contributions were sent to Nambawan Super while employer contributions were forwarded direct to the Department of Finance.
Employer must remit their employer contributions within 14 days of the end of each month and employee contributions are required within 14 days of date of deduction.
Now employers have a choice of which Superannuation Fund they want to join and remit their contributions to.
Employers must contribute the following percentage of the earnings of their eligible employees to an ASF:
All other employers -
- 7% until December 2004
- 7.7% from 1st January 2005 to 31st December 2007
- 8.4% from 1st January 2008 onwards