{"id":1218,"date":"2024-07-09T10:38:19","date_gmt":"2024-07-09T10:38:19","guid":{"rendered":"https:\/\/socialsecurity.govmu.org\/socialsecurity\/?page_id=1218"},"modified":"2024-07-09T10:40:48","modified_gmt":"2024-07-09T10:40:48","slug":"national-savings-fund","status":"publish","type":"page","link":"https:\/\/socialsecurity.govmu.org\/socialsecurity\/?page_id=1218","title":{"rendered":"National Savings Fund"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
National Savings Fund<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

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 .<\/p>

The objects of the Fund shall<\/p>

  1. 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.<\/li>
  2. To set up and operate for the benefit of employees , such schemes, including loan schemes, as may be prescribed.<\/li><\/ol>

    \u00a0<\/p>

    Money credited to the Fund:<\/p>

    1. Contributions of 2.5% from every employer , in resect of every employee<\/li>
    2. Contribution of 1% deducted from every employee of the private sector , with regards to Transitional Unemployment Benefit<\/li>
    3. Recycling Fee payable under section 47 of the Employment Rights Act 2008<\/li><\/ol>

      \u00a0<\/p>

      Money paid out from the Fund:<\/p>

      1. Lumpsum payments<\/li>
      2. Transition Unemployment Benefits<\/li>
      3. Cost of administering the Fund<\/li><\/ol>

        \u00a0<\/p>

        The difference between money credited to the fund and money paid out from the Fund is called Surplus Fund.<\/p>

        \u00a0<\/p>

        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 \u2013<\/p>

        1. The need for an appropriate level of liquidity in the Fund<\/li>
        2. The need to secure future value of the Fund<\/li>
        3. Any advice received from the NSF Technical Committee.<\/li><\/ol>

          \u00a0<\/p>

          The portfolio of the National Savings Fund for quarter ended 30 September 2019 is available on link below:<\/p>

          \u00a0<\/p>

          PERFORMANCE REPORT FOR QUARTER ENDED 30 SEPTEMBER 2019\u200b<\/p>

          \u00a0<\/div>
          \u00a0<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

          National Savings Fund 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 be to provide for the payment of a lumpsum to every employee on his […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1218","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/socialsecurity.govmu.org\/socialsecurity\/index.php?rest_route=\/wp\/v2\/pages\/1218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/socialsecurity.govmu.org\/socialsecurity\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/socialsecurity.govmu.org\/socialsecurity\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/socialsecurity.govmu.org\/socialsecurity\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/socialsecurity.govmu.org\/socialsecurity\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1218"}],"version-history":[{"count":4,"href":"https:\/\/socialsecurity.govmu.org\/socialsecurity\/index.php?rest_route=\/wp\/v2\/pages\/1218\/revisions"}],"predecessor-version":[{"id":1270,"href":"https:\/\/socialsecurity.govmu.org\/socialsecurity\/index.php?rest_route=\/wp\/v2\/pages\/1218\/revisions\/1270"}],"wp:attachment":[{"href":"https:\/\/socialsecurity.govmu.org\/socialsecurity\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}