Published 3rd October 2022, 11:30am
The National Pensions Holiday was established by the National Pensions (Amendment) Act, 2020 and occurred from 1st April 2020 to 30th September 2022, as a result of several subsequent Orders issued by the Cabinet. During this period, pension contributions were not required for employees and employers within the private sector; however, these payments remained mandatory for Statutory Authorities and Government Owned Companies.
The National Pensions Holiday expired on 30th September 2022, and the Government has decided not to issue an extension.
Employers are required to make the next pension payment to their administrator by 15th November 2022 for contributions and deductions taken from 1st to 31st October 2022. As required by the National Pensions Act (2012 Revision), the mandatory contribution rate remains at 10%, of which, at least, 5% is funded by the employer and the remaining 5% can be deducted from the employee.