In a bid to have its employees understand the new Act so that they can explain it to the Liberian workers and the general public, the National Social Security & Welfare Corporation (NASSCORP) recently conducted two-week training for employees on the New Act.
The New Act replaces the People’s Redemption Council (PRC) Decree No. 14, the operating law of NASSCORP for the past 37 years.
The training, conducted by the Division of Public Information, Education & Training (PIET), focused on the highlights of the new law, including extension of coverage, contribution rate, pension vesting period and payment of survivor’s pension.
Other changes discussed during the training included abolition of civil service pension and the incorporation of same into the National Pension Scheme run by NASSCORP, the dropping the recondition for widower’s benefit and the abolition of refund to employers and employees who have contributed to the scheme, and the new rate funeral grant set at US$500 across the board.
The training was conducted from April 18-27, 2017 and brought together coordinators, assistant coordinators, assistant directors, executive secretaries, officers, assistants, driers cadets and contractors.
According to lead facilitator Isatu Ville-Cheeks, under the new law, contribution will be increased from 7.75% to 10%. Under this arrangement, employers will pay 2% towards Employment Injury Scheme (EIS) and Employers and Employees will pay 4% each under the National Pension Scheme (NPS).