NSSF Payslip Deductions Starting February 2024
Beginning February 2024, NSSF will hive off between Ksh.420 and Ksh.1,740 from workers’ pay-slips. A document from NSSF detailing the new rates indicates that the lower earnings limit or the amount that is considered the lowest pensionable salary has been raised to Ksh.7,000 up from the current Ksh.6,000.
This category of employees will now contribute Ksh.420 from the current Ksh.360.
Subsequently the Upper Earnings Limit has now been hiked to Ksh.29,000 from the current Ksh.18,000, meaning that most workers’ will contribute Ksh.1,740 up from Ksh.1,080.
Each contribution will be matched by the employer, as has been the case.
The rates will remain in place until the next review in January 2025. The new deduction plan, that began last year, will gradually increase rates over a five-year period.