The National Savings Fund was created in 1995 under the National Savings Fund Act . The Fund shall be administered by the Minister in accordance with the Finance and Audit Act .
The objects of the Fund shall
(i) be to provide for the payment of a lumpsum to every employee on his retirement or in respect of every employee , at the time of his death.
(ii) To set up and operate for the benefit of employees , such schemes, including loan schemes, as may be prescribed.
Money credited to the Fund:
(i) Contributions of 2.5% from every employer , in resect of every employee
(ii) Contribution of 1% deducted from every employee of the private sector , with regards to Transitional Unemployment Benefit
(iii) Recycling Fee payable under section 47 of the Employment Rights Act 2008
Money paid out from the Fund:
(i) Lumpsum payments
(ii) Transition Unemployment Benefits
(iii) Cost of administering the Fund
The difference between money credited to the fund and money paid out from the Fund is called Surplus Fund.
The Surplus Fund may held on deposit with the Government , loaned or invested in such manner as the NPF/NSF Invesment Committee set up under Section 38 of the NationalPensions Act may determine , having due regard to –
(i) The need for an appropriate level of liquidity in the Fund
(ii) The need to secure future value of the Fund
(iii) Any advice received from the NSF Technical Committee.
The portfolio of the National Savings Fund for quarter ended 30 September 2019 is available on link below:
PERFORMANCE REPORT FOR QUARTER ENDED 30 SEPTEMBER 2019
