Contribution Rates
The current employer and employee contribution rates set under the SINPF Act, and how they are calculated.
Contribution Rates
The current employer and employee contribution rates set under the SINPF Act, and how they are calculated.
The standard rate is 12.5% of gross wages
Under the SINPF Act, members contribute a minimum of 5% of their wages and employers contribute 7.5% on behalf of each employee. Together this makes a total monthly contribution of 12.5%, which is credited to the employee's individual member account.
| Rate | |
|---|---|
Employee | 5 % |
Employer | 7.5 % |
Total | 12.5 % |
Who contributions are payable for
An employer is any person, company, association or body of persons employing an employee under a contract of service, apprenticeship or a contract for service. An employer becomes liable to pay monthly contributions once an employee has worked six or more days and been paid a wage of $20.00 or more in a month.
The Unidentified contributions are funds paid by employers for their employees, but remain unidentified with the fund because of the following reasons:
While employees whose membership numbers and name are correctly quoted on the monthly contribution schedules are being updated, the contributions for employees who are affected by the above reasons are transferred to the Unidentified Account until such time their correct SINPF account number determine.
Although it is the employer’s obligation to register their workers, we encourage employees to take a proactive role in ensuring that they are registered with the Fund. If you are registered, it is important that your name and membership number on your employment records matches those on your birth certificate and SINPF card. This will enable SINPF to update your accounts in a timely manner.
List of employers arranged in alphabetical order, for ease of reference to identify your unidentified contributions in Suspense account. Please check list of all your previous and current employer to ensure that all your contributions are identified and posted to your correct members account.
Please contact our Suspense Account team on phone: 21659 ext. 217 or email: ??? for validation, and confirmation of your unidentified contributions.
It is a statutory requirement that all employers must complete and submit the Contribution Schedule together with payment to SINPF every month. From 1st July 2015, all Employers are required to use the new Contribution Schedule Electronic Data Interface (EDI) Format.
EDI is a user-friendly Microsoft Excel spreadsheet; reducing administrative cost to your organization, efficient and an effective means of managing and timely posting of your employees’ contributions to NPF Contribution System.
It is important that all fields on the form must be completed accurately by the Employer. Do not delete any fields on the EDI template. Should you require further clarification, please call us on 21659 or email edi (at)sinpf.org.sb.
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