An embedded life cover to the principal member of Kes 500,000.
Cover extends to Last Expense paid within 48 hours, Permanent Total Disability and Critical Illness.
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With Enwealth Umbrella Fund, we help you opt out your NSSF Tier II benefits with much ease. Below are Ewealth Umbrella Fund benefits:
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Frequently Asked Questions
What are Tier I contributions?
Tier 1 contributions are monthly contributions in respect of Pensionable Earnings up to the Lower Earnings Limit, that are done directly to NSSF.
What are Tier II contributions?
Tier 2 contributions are contributions that are over and above the normal contributions that are done to NSSF. This is how much money that can go into your existing pension fund.
What is Lower Earnings Limit?
This is the amount gazetted by the Cabinet Secretary from time to time as the average statutory minimum monthly basic wage for the top urban centres, second tier urban centres and rural areas for the year.
How much will Tier II contributions cost?
Tier 2 contributions are the bulk of your statutory contribution. It costs 6 % of your salary and is phased over a 5-year period.
How are Tier II contributions calculated?
Tier 2 contributions are based on your earnings between lower earnings limit and upper earnings limit.
The below table provides such a summary.
What is the deadline for making monthly Tier II contributions?
The deadline for making contributions is the 10th day of every month.
Is there a penalty for delayed contribution?
Yes, there is a penalty for delayed contribution. If you delay your contribution you will be denied the opportunity to get better benefits.
What is a contracted-out scheme?
It is an occupational retirement benefits scheme including an umbrella retirement benefits scheme or an individual retirement benefit scheme which has been approved and registered by the Retirement Benefits Authority for purposes of receiving Tier II Contributions and, where applicable, Tier II Fund Credit transfers.