The National Social Security Fund ( NSSF ) is a type of savings account for Kenyan workers. You can make monthly contributions until you retire or reach the age of 55, at which point you can claim the money you saved. Contributions are now easier to make thanks to the NSSF M-Pesa pay bill number, which is currently in use. The money can also be claimed by the dependent(s) or relative(s) of a deceased NSSF member.
Every month, Kenyan law requires all employers to register and submit their employees’ NSSF contributions. It is a requirement.
How to Make NSSF Contributions Using an M-Pesa Pay Bill
Because M-Pesa is a popular payment method in Kenya, most people use it to make their monthly NSSF contributions. To pay for NSSF using your NSSF pay bill number, follow these steps:
- Select Lipa na M-pesa from your M-pesa menu.
- Choose Pay Bill.
- Enter the following business number: 333300
- Enter the following account number: Your NSSF Identification Number
- Enter the amount you’d like to pay (Between Ksh. 200 to 70,000)
- Enter your M-pesa Pin Confirmation Details and click OK.
You will receive a text message confirming that the money has been transferred.
The Upper Earnings Limit will be Ksh. 18000, while the Lower Earning Limit will be Ksh. 6000, according to NSSF Act 45 of 2013. The pension contribution will be 12% of the pensionable wages and salaries. The NSSF monthly rates are split evenly between the employer and the employee.
As a result, the employer pays 6% and the employee pays the remaining 6%. Employee contributions will be deducted directly from their salaries and wages, whereas employer contributions will be deducted from the employers.