CCNPF-Contributions-during-Lockdown
As a member of the Contract Cleaning National Provident Fund youare already well on your way to saving for your retirement.Membership of the Fund also provides you with death, disabilityand funeral benefits.
Every month your employer deducts a percentage of yourwages/salary as a contribution to the Fund. This percentage isstipulated in the Rules of the Fund. The minimum percentage is 5.25%.You can see this deduction on your payslip. In addition your employeralso contributes 5.25% of your wages to the Fund every month.
All your own contributions are allocated towards your retirement savings.
The cost of risk benefits i.e. death, disability and funeral arededucted from the employer’s contribution and the balance isallocated towards your retirement savings.
Retirement savings are invested by the Fund over the term of yourmembership. The interest earned through this investment is added toyour retirement savings (fund credit) in the form of a bonus declaration.
Contributions
The Employer will deduct monthly from the employee’ basic salary/wages a certain percentage which is stipulated in the Fund rules. The percentage to be deducted from the salary is set hereunder:
Member contribution: minimum 5.25% of member’s monthly pensionable salary.
Employer contribution: minimum 5.25% of member’s monthly pensionable salary.
Total contribution: 10.5%
