Regulatory Alerts2011-01-01
Pension (Interest Rate for Outstanding Employer Contributions) Order 2011
Ken Edward Kandodo, Minister of Finance, issued this order under the Pension Act of 2011 to establish a standardized interest rate for unpaid employer pension contributions. The regulation requires employers to pay interest at the prevailing bank rate plus ten percent per annum on any outstanding contributions. This monthly calculation applies to each full or partial month that the funds remain unpaid by the employer.
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