Farley And Partners

Contributions

The contribution rate is 15% of basic salary of the employee: 5% deducted from the wages of the employee and 10% paid by the employer on behalf of the employee.

EMPLOYERS MUST QUOTE THIS NUMBER WHEN THEY PAY CONTRIBUTION FOR THE EMPLOYES

The remittance schedule (NPF3 FORM) must accompany all contribution payments. These schedules must be accurately completed giving names, salary, Social Security numbers and the amount payable for each employee. With these numbers, member’s accounts are updated as contribution are pain in.

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