New NSSF ACT 2013

The NSSF ACT 2013 comes into effect from June 1st 2014.

There is a raise in NSSF contributions from a maximum of KShs 200 to the new rate of 6%. However, the act has allowed for a transitional period building up to the 6%.
For users of wingubox ™ payroll, these changes have been effected automatically for you. You may view the new formula by going to:

• On the main menu:
• “Payroll Settings”->”Deductions”->”Other deduction formulae”
• Select NSSF and view the new formula

You’ll notice it is possible to switch between the old NSSF rates and the new ones for purposes of processing pay slips pre-2014.

Below is a table guide that will demonstrate your transitional payments.

This table is based on NSSF act 2013 and Deloitte Kenya interpretation notes.