www.statusin.org

Organization : Social Security & Housing Finance Corporation
Type of Facility : National Provident Fund (NPF)
Country: Gambia

Website : http://www.sshfc.gm/npf.html

National Provident Fund (NPF):

Social Security and Housing Finance Corporation was establised by an Act of Parliament in 1981 taking effect on January 1st 1982.

Related : Social Security & Housing Finance Corporation Industrial Injuries Compensation Fund IICF Gambia : www.statusin.org/8845.html

The Purpose of the fund id to provide some measure as a result of specified contingencies: Old age, premature retirement, retirement on grounds of marriage (female only), iinvalidity, death and now redundancy.

Application:
The SSHFC Act 1981 applies to:
1. Any employer whose business is required to be registered under the Business Registration Act 1973;
2. Any employer not specifically exempted from the provisions of teh SSHFC Act;
3. Any employer and employee to whom before the coming into force of this, the state Pension Board Act applied;
4. Citizens of the gambia employed by Diplomatic Missions or International Institutions of equivalent status, and
5. Any employee (irrespective of nationality) of not less than 18 years of age employed in an establishment whichh is registratble under the Business Registration Act 1973.

Registration Of Employees:
The registration of employees is done on a prescribed registration form. Employees are required to give full and accurate information about themselves on the following among other things:- Full name; Permanent address; Correct date of birth; Exact employement salary; Marital satus; Date employment commenced; Date of admission into Scheme; Employee nominees and Signatures of employee and employer.

Employees must submit along with the completed registration form, two recent identical passport size photos and a genuine documentary evidence of birth: either a birth certificate, an attestation by village head endorsed by the District Chief or a National Identity Card.

Voluntary Registration:
Any employer or employee to whom the SSHFC Act does not apply, may voluntarily register with the fund. Members registered voluntarily declare their level of contribution based on their earnings. Once registered, all laws and regulations bind such members.

Dual Membership:
When an employee is currently employed by two or more different establishments, each shall pay to the SSHFC an amount equal to 15% of the salary or wages such employer pays to the employee.

Exemptions:
The SSHFC Act does not appy to the following:
1.Civil Servants to whom the Pensions Act 1950 (Cap. 137) applies;
2. Workers below the age of 18 years of age;
Workers above the age of 59;
3. Casual employees on a daily basis on piece-meal work alone and employed on a fixed term contract not exceeding one month duration; and
4. Any other category of employees which the Managing Director shall determine to be casual employees.

Benefits:
For most members, their concern is when and how to access their contributions. Claim processingIt is important to note that the savings in the National Provident Fund are for retirement purposes above other considerations. However, there are contigencies that allow members to get part if not all all their money.

Normal Retirement Benefit:
At retirement(age 60), a claiment receives lump-sum made up of:
the 10% contribution of the employer
the 5% contribution of the employee, plus s very generous interest rate based on the average rate of returns on investments. Under the NPF, all benefits are paid in one final payment so that there is nothing like a regular pension. However at the request of the claimant, part of the lump sum may be converted in an annuity, receivable periodically.

Withdrawl Benefit:
To qualify for the withdrawal benefit, a member must:
has attained the age of 45 years and be out of employment for at least two years. He/She must has at least five years scheme membership.

Members who have not attained the retirement age but wish to prematurely retire from work can do so at the age of 45 or thereafter. However, there is a cooling-off period which depends on the age of the member at the time of retiring.