NSSF has launched a self-service portal that can compute various types of contributions to enable employers upload monthly returns online.
The National Social Security Fund (NSSF) will no longer accept physical or manual returns for employee statutory contributions from the end of this month.
NSSF, which has perennially battled claims of inefficiency in the management of public funds, has launched a self-service portal that can compute various types of contributions to enable employers upload monthly returns online.
“This is to notify our esteemed customers that the NSSF online platforms are available to employers for NSSF electronic payments,” said the fund in a notice posted in the dailies.
“The NSSF mobile app (available on Google Play Store and App Store) can also allow employers to upload their monthly returns up to a maximum of 20 employees,” said the State run pension fund.
“Employers are now advised to submit their monthly returns electronically through any of the above channels. No returns on portable media (flash disks, CDs) will be accepted effective from February 28, 2018.”
Some employers have been on the spot for failure to remit monthly statutory contributions for employees. It remains to be seen whether the pension fund’s latest efforts will boost efficiency and enhance convenience.
NSSF spent more than 40 per cent of workers’ contributions on administration costs in the period ending June 2016, squeezing retirees’ returns.
The pension scheme used Sh172 to manage every Sh400 monthly contribution, translating to 42.9 per cent of collections, the latest financial statements show.
With costs amounting to 3.1 per cent of total assets, NSSF was in breach of the set two per cent ceiling.
This reduced the amount of cash available for investments and dimmed retirees’ returns, which have recently not kept pace with inflation.
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