What is NSSF Voluntary Membership Plan?
What is NSSF Voluntary Membership Plan? The NSSF Voluntary Membership Plan provides employers and workers not compelled by the mandatory provisions of the NSSF Act the opportunity to save voluntarily for their retirement.
Voluntary Employers
Employers with less than 5 employees, and their employees. This is occasioned by the NSSF (Voluntary Registration and Contributions) Regulations, and in specific reference to Section 10 (1) of the NSSF Act. This provides that any employer may, “apply for voluntary registration as a contributing employer; and any eligible employee of such employer may thereafter apply for voluntary registration as a member of the Fund”
Individual Voluntary Contributors
This is by Section 10 (3) of the NSSF Act, which states that “any member of the Fund in respect of whom the standard contribution has ceased to be payable under this Act may apply in the time and in the manner prescribed to make voluntary contributions to the Fund
- Existing members of NSSF who for one reason or another are no longer in formal employment but still earn from other sources and have not qualified for their benefits.
- Former NSSF members, whom the Fund already paid their respective benefits, but are still able and willing to save with the Fund.
Features of the NSSF Voluntary Membership Plan
Choice
you decide how much you contribute based on your income and life aspirations
Flexibility
Contributions can be fixed or varying; made daily, weekly, monthly, quarterly, semiannually or annually
Peace of mind
you will take pride and satisfaction in knowing that you have a secure retirement plan for yourself and your family
Return
you get a good return on your savings
