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How is NSSF contribution calculated in Tanzania?

How is NSSF contribution calculated in Tanzania?

There is a state social security scheme known as the National Social Security Fund (NSSF), which every employer in the private sector must contribute to. The employer’s contribution is 20% of the employee’s cash remuneration; however, the employer is entitled to recover up to half of this from the employee.

How much is NSSF monthly contribution?

Employees contributions range from 360 shillings to a maximum of 1080 shillings per month for the first year. Employers will also be contributing an equal amount as yours towards your future. Voluntary contributor: Your minimum monthly contributions are now 200 shillings 100 shillings.

Is NSSF compulsory in Tanzania?

NSSF covers all other employers in the country and participation for both employers and employees is compulsory. NSSF is both a pension fund and a provident fund.

How is pension calculated in Tanzania?

Pension benefits shall be calculated as follows: (a) Commuted pension: (1/580 x Number of months contributed Pension formula x Annual Pensionable Emoluments) x 12.5 x 25%. (b) Monthly pension: 1/580 x Number of months contributed x Annual Pensionable Emoluments) x 75% x 1/12.

How can I check my NSSF contribution status?

How to check NSSF status via SMS

  1. Send the word “NSSF” to 6773 and follow instructions.
  2. Type NSSF, NSSF No, Date of Birth, Full Names and send to 6773.
  3. You will receive a PIN (after they validate their data)
  4. Type Bal, your new PIN” and send to 6773.
  5. View your statement balance.

How do I check my NSSF contributions online?

Below is the procedure:

  1. Launch the NSSF Self- Service Portal on your browser.
  2. On the portal, click the “ Member self-service links” option.
  3. Select the “NSSF contributions statement” tab.
  4. A statement’s account login page displays.
  5. After logging in, expect a welcome remark.
  6. The page redirects you to your account.

How do I check my NSSF contributions?

Can one withdraw money from NSSF?

Yes, all National Social Security Fund (NSSF) members who qualify for withdrawal of their savings can now submit and track their claims online and through their mobile phones.

What is PPF in Tanzania?

The Parastatal Pensions Fund (PPF) was established by the Parastatal Pensions Act No. 14 of 1978, as amended from time to time, with the objective of providing pensions and other related benefits to all employees in the Parastatal and private sectors of the economy.

Is gratuity mandatory in Tanzania?

Other than wages or salaries, employers may also pay bonus or gratuity to their employees as an incentive package. However, these are not statutory mandatory payments under the Employment Act (other than in the Income Tax, Chapter 332, Revised Edition 2019 of the laws of Tanzania where they are taxable).

Can I withdraw my NSSF money before retirement?

However a person will only be required to pay tax on his / her pension if the money is withdrawn from the fund before the member is 60 years of age.

When can you claim NSSF money?

Eligibility: Members are eligible for this benefit when they reach the age of 55 years, or when they ultimately retire from regular employment.