How Can You Remit Your Contributions To The National Social Security Fund?
KEY POINTS
NSSF has laid out structures to allow members to remit their contributions from the comfort of their premises using the NSSF’s eService platform and have their accounts updated on a real-time basis.
KEY TAKEAWAYS
Using the Pay Bill Number 333300 and UPN/E-Slip Number as the account number. The receipts would be downloadable on the NSSF eService Portal.
Using the same Pay Bill number 333300 for self-sponsored or those contributing voluntarily the only difference being that instead of using the UPN/E-Slip, they will use their NSSF Membership number as their Account Number.
For years, Kenya has struggled with poor savings rates and high levels of reliance on foreign aid, which have led to significant social and economic challenges. This has prompted recent discussions on what can be done for Kenyans to save more.
Kenya’s savings rate is about 13 percent, way below Africa’s average of 17 percent. The likes of Uganda and Tanzania have already crossed the 20 percent mark, signifying a more advanced savings culture as compared to Kenya.
The push to have Kenyans save more through the National Social Security Fund (NSSF) led to the drafting of the National Social Security Fund Act No. 45 of 2013 tailored towards enhancing rates in terms of the contributions for members.
And with the ruling of the Court of Appeal that gave the Act a lifeline, the enhanced rates are now in force and NSSF has been encouraging both individual contributors and employers to ensure that the contributions are done.
So, with the enhanced rates, how can you remit your contributions?
NSSF has laid out structures to allow members to remit their contributions from the comfort of their premises using the NSSF’s eService platform and have their accounts updated on a real-time basis.
The first thing that someone should know is that the contributions can be at bank, M-Pesa, EFT and RTGS, USSD, and Cash deposits.
Now, go to NSSF eService Portal through the following link: https://eservice.nssfkenya.co.ke/launch/ and generate the Unique Payment Number (UPN)/ Payment Order (e-Slip). This process must be because it will be instrumental for most payment stages, especially for employers.
Related Content: Haba Haba na NSSF, Helping the Informal Sector Save for Retirement
M-Pesa
M-Pesa contributions can be submitted through a Pay Bill number 333300 in two ways:
- Using the Pay Bill Number 333300 and UPN/E-Slip Number as the account number. The receipts would be downloadable on the NSSF eService Portal.
- Using the same Pay Bill number 333300 for self-sponsored or those contributing voluntarily with the only difference being that instead of using the UPN/E-Slip, they will use their NSSF Membership number as their Account Number.
EFT and RTGS
This is method is perfect for employers. It is fast, effective, and handles many filings at the same time. For this process:
- The reference field in the form MUST be filled with the Unique Payment Number (UPN) quoted in the E-Slip.
- The employer shall download a receipt from the NSSF eService portal in real time upon executing the transaction successfully.
USSD
This is the easiest process for those voluntary contributors. It is fast and instant. All one has to do is dial *303*1*3# and follow the prompts. Conversation SMSs will be sent and their NSSF accounts will be updated almost immediately.
Cash Deposits
For cash deposits, after generating the E-Slip from the NSSF eService Portal, one will have to present the E-Slip and the corresponding cash to KCB Bank for processing after which a receipt will be availed at the NSSF eService Portal.
For individual or voluntary contributors, the member will have to present the corresponding cash to the KCB Bank together with their NSSF Membership Number which will be used as their account number.
For the banks, the payment can be done at three banks; KCB Bank, Cooperative Bank of Kenya, and National Bank of Kenya. The account numbers are as follows:
- KCB Bank – 1103265954 or 1107110270
- Co-operative Bank – 0113620175000
- National Bank – 0100300283701
For employers, it is important to note that the deadline for remitting the contributions is on the 9th of every month. Penalties apply for those who file the returns beyond the deadline hence the need to always file in good time.
Related Content: NSSF Gives New Directives To Employers On Enhanced Rates
About Juma
Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com
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