PUBLIC SERVICE ANNOUNCEMENT
Pursuant to "AN ACT TO REPEAL DECREE NO: 14 OF THE PEOPLE'S REDEMPTION COUNCIL OF THE ARMED FORCES OF LIBERIA AND TO CREATE A NEW CHAPTER 89 OF THE EXECUTIVE LAW ESTABLISHING THE NATIONAL SOCIAL SECURITY AND WELFARE CORPORATION OF THE REPUBLIC OF LIBERIA" passed by the Honorable National Legislature of the Republic of Liberia and approved on December 27, 2016 by Her Excellency the President of the Republic of Liberia, Madam Ellen Johnson Sirleaf and printed in to Handbill on February 13, 2017; the Management of the National Social Security and Welfare Corporation (NASSCORP) wishes to inform all employers and employees covered by its Pension and Employment Injury Schemes of the following adjustments in contribution as per section 89.16(a) of the New Chapter 89 of the Executive Law:
"The contribution payable under this ACT in respect of an employee shall comprise contribution payable by the employer (hereinafter referred to as employer's contribution) and contribution payable by the employee (hereinafter referred to as the employee's contribution) and shall be paid to the Corporation. Contribution rate shall be total of 10% of the total gross remuneration of each employee; 2% under the Employment Injury Scheme payable by the employer; 4% employer contribution and 4% employee contribution to be remitted by the employer."
Notwithstanding the above and in an effort to allow for adequate education for employers and employees about the New Chapter 89 of the Executive Law and to provide time for employers to plan their respective budgets in order to accommodate the adjustments in contribution, the Management is pleased to inform all contribution paying institutions that Section 89.16(a) as quoted above will become effective on 1st July A.D. 2018. This means that the increment in total contributions from 7.75% to 10% will not take effect until 1st July 2018. Please be advised that all other Provisions of the New Chapter 89 of the Executive Law are in full force.
Signed: THE MANAGEMENT