The National Social Security Fund is a friendly service organization that exists for the public good. It offers social protection to all workers in Kenya. NSSF provides social security protection to workers in the formal and informal sectors. It registers members, receive their contributions, manage funds of the scheme, process and ultimately pay out benefits to eligible members or dependents. NSSF just introduced new NSSF Contribution Rates 2024 that are effective from February 2024.
The new rates are taking effect February 2024. The notice to employers is to note the new contributions and remit them accordingly as well. The February 2024 Payroll should have incorporated the new rates which have seen the lowest tier contributions of Kshs. 420 each by employer and employee. Making it Khs. 840.
The upper limit (tier 2) had previously been paying Kshs. 2160 unless members are doing volunary payments as well. The new rates for the amount of up to 36000 will now pay Kshs. 1740 and the same marched by the employer making it Kshs. 3480. Plus the lower limit’s 840, then the total would be Ksh. 4,320.00. Check out the new NSSF contribution rates 2024 below.
NSSF Contribution Rates 2024
For the employers, kindly check out the new NSSF contribution rates for the year 2024 until it is revised again by NSSF. The employers should be keen to submit the new payroll based on the new rates.
| Item | Contribution Amount |
| Lower Limit (Tier 1) | 7,000.00 |
| Total Contribution by Employee | 420.00 |
| Total Contribution by Employer | 420.00 |
| Total Tier 1 NSSF contribution 2024 | 840.00 |
| Upper Limit (Tier 2) | 36,000.00 |
| Contribution on upper limit (6% less lower limit) | 29,000.00 |
| Total Contribution by Employee | 1,740.00 |
| Total Contribution by Employer | 1,740.00 |
| Total Tier 2 NSSF Contribution | 3,480.00 |
| Total NSSF Contributions | 4,320.00 |
The above are the new NSSF contribution rates as of February 2024 payroll. Employers should take not and contribute accordingly to avoid penalties and other charges thereof. NSSF by employers is done using the Payroll Processing portal for generation of NSSF payment slip.
NSSF remitance is usually done on or before the 9th day of the month. Any delays will lead to penalties on the employer per employee.
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