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).
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 : MANAGEMENT
- Popular News
- Annual Reports
NASSCORP Boss Reappointed to International Post
MONROVIA, November 15, 2019 —The Director-General of the National Social…
ISSA Thanks NASSCORP's Director General
NASSCORP Attends 2019 World Social Security Forum
MONROVIA, November 4, 2019 —A 17-member delegation of the National…
NASSCORP NEW ACT
NASSCORP NEW ACT 2016 AN ACT TO REPEAL DECREE NO.14…
2015 Annual Report
EXECUTIVE SUMMARY Click to Download 2015 Annual Report
2014 Annual Report
EXECUTIVE SUMMARY The Executive Summary of the 2014 Annual Report…
2013 Annual Report
EXECUTIVE SUMMARY The Executive Summary of the 2013 Annual Report…
2012 Annual Report
EXECUTIVE SUMMARY In adherence to the Institution's statute, the Management…