Press Releases:

 

Public Notice !!

 

 

For those employees in the private sector who do not meet the above criteria to qualify for additional service credits through the grandfathering provision, they are encouraged to purchase additional service credits to meet the 27 months requirement so that they can benefit from a full retirement pension.

It is important to stress that this provision will not apply to members or employees, which institutions/employers are in arrears of social security contributions. These employers are therefore required to clear these arrears by end December 2006 for their employees to benefit from the granfathering provision.

Finally, NASSIT now invites workers in the private sector who meet the stated criteria above to apply for the grandfathering provision through their respective employers to any of our Area Offices in the Country from now to the end of 2006.

We thank you for your continued patience and understanding.

 

NASSIT IS HERE TO STRENGTHEN YOUR INCOME SECURITY AT OLD AGE.

 

 

 

 

 

 

GRANDFATHERING SCHEME FOR PRIVATE SECTOR EMPLOYEES

NASSIT is pleased to inform the general public that consistent with the recommendations of the actuarial report of the Scheme, NASSIT will implement a grandfathering provision, similar to the validation of the past services of Government workers, to address the inequity in the Scheme between the public and private sector workers.

The Grandfathering provision is the process of validating the past service of private sector workers in order to enhance the contribution credits to benefit for a full pension. The grandfathering provision essentially grants additional service credit at the time of affiliation to NASSIT i.e. between the date of the inception of the Scheme in 2002 to the end of 2006, the transition period of the Scheme.

In order to qualify, private sector employees must fulfil the following criteria:

  • Age at the time of affiliation must be over 30 years; and

  • At the end of 2006, the participant must have contributed to the Scheme for at least 27 months during the first 36 months of his affiliation.

For those who meet the criteria, NASSIT will immediately grant additional service credit equal to half the difference between the member’s age at the time of affiliation and 30.