In order to facilitate the collection or payment of contributions, the Seychelles Pension Fund Act provides inter alia for the deduction at source by an employer of the worker’s contribution, the monthly payment into the fund by the employer of both the worker's and employer's portion of the contribution by the 15th day of the following month.
The task of the Compliance Unit is to implement the detection systems referred to below and maintain a performance indicator based on Employer default rate of 5% for those in arrears with payment by one month and the average of 3% for defaulters in arrears by more than one month.
Detection Systems
|
Type |
Late Payment/ Underpayment System |
Complaint System |
Survey System |
|
Purpose |
To detect late payment and significant decrease in monthly contributions |
To detect omission and underpayment |
To detect omission and underpayment |
|
Method |
System setup cases monthly for recovery actions |
Feedback from various sources, eg employees, govt depts, etc. |
Surveys & spot checks by industry types employer cohort, etc. |
Furthermore, the Unit has to ensure that salary details are provided and as well as family details so as to keep the database on members up-to-date to facilitate the processing and early payment of benefits when due.