MIBFA Provident & Pension Fund Contribution Increase

 2016-12-18 11:19 AM by

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As per MIBFA Circular Dated 01/06/2016 the contribution rate for both funds, Metal Industries Provident Fund & Engineering Industries Pension Fund, will increase as from 1 July 2016.

 

The contribution rate for both employee & employer will increase to 7.1% from 7.0% of pensionable remuneration.

 

Remember to change the % for employee & employer contributions on your Sage Pastel Payroll & HR package before running your July 2016 salaries.

 

To Download the full circular received from MIBFA Click Here