What does NSSF stand for in Lebanon?
What does NSSF stand for in Lebanon?
The National Social Security Fund (NSSF) provides employees with insurance coverage for sickness and maternity care.
What does NSSF cover?
The National Social Security Fund is a friendly service organization which exists for the public good. It offers social protection to all Kenyan workers. We provide social security protection to workers in the formal and informal sectors.
Who is eligible for NSSF?
Mandatory: The Fund covers all employers who have 5 or more employees between 16 and 55 years of age, with the exception of employees under the Government Pensions scheme. It is the obligation of the employer to remit contributions to the Fund for his/her employees every month.
How is NSSF calculated in Lebanon?
The sum is calculated by the employee’s final monthly salary multiplied by the number of years of service up to 20 years, and 1.5 months of final salary multiplied by the total number of years beyond 20 years. For example, an employee with a final salary of LL2.
How is the NSSF funded?
The NSSF is a defined contribution scheme and is financed largely by contributions from employers and employees. The total contribution is equal to 15 percent of an employee’s gross salary, with the employer contributing 10 percent and the employee 5 percent.
What is the notice period in Lebanon?
Notice periods The employer and the employee shall each be required to advise the other of intent to terminate the contract as follows: one month in advance in the case of the employment duration being more than three months and less than three years.
When can I withdraw my NSSF money?
Eligibility: Members are eligible for this benefit when they reach the age of 55 years, or when they ultimately retire from regular employment.
Can I withdraw my NSSF money before retirement?
However a person will only be required to pay tax on his / her pension if the money is withdrawn from the fund before the member is 60 years of age.
What is the tax for salary?
How to Calculate Taxable Income on Salary?
| Net Income | Income Tax Rate |
|---|---|
| Up to Rs.2.5 lakhs | Nil |
| Rs.2.5 lakhs to Rs.5 lakhs | 5% of (Total income – Rs.2.5 lakhs) |
| Rs.5 lakhs to Rs.10 lakhs | Rs.25,000 + 20% of (Total income – Rs.5 lakhs) |
| Above Rs.10 lakhs | Rs.1,12,500 + 30% of (Total income – Rs.10 lakhs) |
How is NSSF deduction calculated?
NSSF contribution rates comprise a total of 12% of the employee’s entire pensionable salaries and wages. NSSF monthly rates are divided into two equal parts whereby the employer pays 6%, and the employee pays the remaining 6%.
What is Lebanese labor law?
1) The labor law was passed in 1946. The social security law was enacted in 1963. 2) The employment contract if in writing must be in the Arabic language. 3) trial period is three months. 4) Every company with more than 15 employees must submit to the Ministry of Labor for its approval its internal regulations.