INCREASE OF MINIMUM CONTRIBUTIONS
We respectfully advise that pursuant to earlier notification in January and June 2015, the National Provident Fund Amendment Act (No. 2) 2015 has now been passed by Parliament which increases the minimum contribution from 5% to 6% of Gross Salaries & Wages commencing 1st July 2015. There will be another increase next year on 1st July 2016 from 6% to 7%.
It's funny how some of our clients have specifically ask us that their bankers have asked them to make sure they make a profit this year or else their interest rates on their mortgages will be increased. What in the world is this?