TSC Provident Fund Contribution. Teachers and other public servants pay into the provident fund in order to get a pension when they retire.Teachers must key in the Teachers Service Commission -provided USSD Code (*378#) to verify their accounts and generate new passwords for themselves.
It is planned that the teachers will be able to verify their contributions and fund balances.They will also research their beneficiaries and any relevant updates.A pension program known as the Public Service Superannuation Scheme (PSSS) requires cash contributions from both the employer and the employee.
The plan was created with reference to the Public Service Superannuation Scheme (PSSS) Act, which was passed in 2012 but didn’t go into force until the first of January 2021.The new Retirement Benefits Authority (RBA) for Employees controls how the Scheme operates.
TSC Provident Fund Contribution
The government operated a Non-contributory program (Free Pension) before the establishment of the Defined Contribution program.Since becoming independent, the exchequer has provided all funding for the program.
Participation in the Provident Fund Scheme with Defined Contributions.
Personnel who, beginning of January 1, 2021, are on permanent, pensionable terms and have less than 45 years of service.
any new employees who began working for the government on or after January 1st, 2021.
Remember that if a government employee was 45 or older on January 1, 2021, they had the option of joining or not
The previous non-contributory pension plan, the public service pension plan, continued to provide benefits to employees over 45 who chose not to join in the scheme.
Contributions given to the Defined Provident Contribution fund, which was just formed
New basic wage contribution rates are filed in the manner described below:
a first-year contribution of 2% beginning on January 1, 2021;
a second-year contribution of 5% beginning on January 1, 2022.
Third-year contribution of 7.5 percent will begin on January 1, 2023.Remember that the employer contributes 15% of the employee’s base pay as well.Being a defined contribution plan, the employer and employee contributions to the PSSS are invested to generate income from investments.