What happens if members’ contributions are not remitted after the grace period of 30 days?
According to the law, non remittance of members’ contributions by an employer is a criminal offence. A penalty of 5% is charged every month on delayed contributions. • Does the penalty affect the employee? The penalty does not involve the employee. This is the employer’s responsibility only. However, if the penalty is out standing when the employee is due for payment of benefits that period is excluded in calculation of the benefit. • How do PPF members know their contributions’ status? Contribution statements are sent to each member once a year. However, the same statements can be accessed through the PPF website i.e. www.ppftz.org • Where does PPF invest? PPF has an investment policy that is made up of three main classes as follows: a) Fixed Income Asset which includes: bank deposits; commercial papers; treasury bills; treasury bonds; corporate bonds; term loans; and promissory notes; b) Equities which include shares in locally listed and non listed companies. c) Properties which inv
