NSSF Announces New Employer Contribution Structure For 2024 To Bolster Social Security In Kenya

The National Social Security Fund (NSSF) has released new contribution rates for employers, which will take effect starting with the February 2024 payroll.

This announcement is part of the organization’s ongoing efforts to enhance social protection for all workers in Kenya, as mandated by the NSSF Act of 2013 and Article 43 of the Kenyan Constitution.

Year 2 Contribution Rates

In alignment with the Third Schedule of the NSSF Act 2013, there are two tiers of contribution rates:

Lower Limit (Tier 1) 

• The total monthly contribution is set at KES 7,000.00.
• This is split equally between the employee and the employer, each contributing KES 420.00.
• The total Tier 1 NSSF contribution, therefore, stands at KES 840.00.

Read Also: NSSF Warns Kenyans Against Fraudsters Conning Them Money Over “NSSF Jobs”

Upper Limit (Tier 2)

• The contribution on the upper limit is calculated at 6% of the upper limit less the lower limit, amounting to KES 29,000.00.
• Both the employee and employer contribute KES 1,740.00 each.
• The total for Tier 2 NSSF contributions comes to KES 3,480.00.

The total NSSF contribution per employee per month will be KES 4,320.00.

Compliance and Support 

Employers are reminded that remittances should be made by the 9th day of each subsequent month to avoid penalties. The NSSF encourages employers to reach out for any necessary clarification, emphasizing the availability of support to ensure compliance with the NSSF Act.

Appreciation for Ongoing Compliance 

The Fund extends gratitude to all employers who have consistently complied with the contribution requirements, supporting the operation of the NSSF Act since 2013. This cooperative effort is crucial for providing a secure financial future for Kenya’s workforce.

Employers and employees alike are urged to familiarize themselves with these new rates and to prepare for their implementation. The NSSF has expressed its dedication to supporting employers in achieving compliance and urges all stakeholders to ensure that contributions are made promptly.

By adhering to these updated contribution rates, employers will play a vital role in providing social security benefits to employees, safeguarding their rights as outlined in the Kenyan Constitution. The NSSF, through its commitment to ‘Growing You. For Good,’ continues to work towards enhancing the welfare of all workers in Kenya’s formal and informal sectors.

For further details, employers are encouraged to visit the official NSSF Kenya social media pages or the NSSF website or to contact the Fund directly through the provided communication channels.

Read Also: Dear Employer, Here Are The Year 2 NSSF Contributions For 2024 Effective February