{"id":48,"date":"2020-07-02T15:08:38","date_gmt":"2020-07-02T15:08:38","guid":{"rendered":"http:\/\/192.168.21.185\/sbfpfund\/?p=48"},"modified":"2020-07-15T10:28:54","modified_gmt":"2020-07-15T10:28:54","slug":"contribution","status":"publish","type":"post","link":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/?p=48","title":{"rendered":"Contribution"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>CONTRIBUTION<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>An employee ceases to contribute to the Fund\n     on the occurrence of any of the following events: &#8211; <ol type=\"1\"><li>Reaching 65 years of age<\/li><li>Resignation from service<\/li><li>Dismissal from service<\/li><li>Retirement from service<\/li><li>Leaving service for any reason<\/li><li>If he was in post as at 30 June 2008 and has\n      opted to cease contributing to the Fund on reaching 60<\/li><\/ol><\/li><li>The Act requires that employees have to\n     contribute to the Fund for the period on leave without pay.<\/li><li>If an employee fails to settle the outstanding\n     contribution for the period on leave without pay, he\/she will forfeit the\n     right to have such leave being reckoned as contributory period.<\/li><\/ul>\n\n\n\n<p><strong>CONTRIBUTION REFUND<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>There\n     is an immediate refund, provided: &#8211; <ol type=\"1\"><li>an associate was in post prior to August 1988\n      and has signed an option form to that effect.<\/li><li>On reaching normal retirement age or anytime\n      thereafter an associate has no potentially eligible widow\/er or minor\n      children (child is overaged or married).<\/li><\/ol><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>A refund of Contribution is also made in the\n     following circumstances (also applicable for Premature Retirement). <ol type=\"1\"><li>If at the time of ceasing to be an officer or\n      employee and the latter has never contracted a civil marriage and has not\n      legally adopted a child or does not have a natural child.<\/li><li>Divorcees having no underaged children.<\/li><li>Upon withdrawal of an associate that is\n      resignation, post declared vacant and dismissal.<\/li><\/ol><\/li><\/ul>\n\n\n\n<p><strong>&nbsp;NO\nREFUND OF CONTRIBUTION<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Associate in service post August 1988 are not\n     eligible for a refund of contribution on attaining\n     the Normal Retirement Age\/effective date of Retirement (as per PRB report\n     2008).<\/li><\/ul>\n\n\n\n<p><strong>REFUND\nWITH INTEREST<\/strong><\/p>\n\n\n\n<p>A refund with interest at 4% per annum will depend mainly on the\neffective date of retirement of an associate.<\/p>\n\n\n\n<p>If the effective date of retirement falls prior to 1st July 2008 there\nis no refund with interest; but if the effective date of retirement falls after\n1st July 2008, compound interest is paid.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An employee ceases to contribute to the Fund on in case of any of the following events: reaching 65 years of age, resignation from service, dismissal from service<\/p>\n","protected":false},"author":1,"featured_media":64,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-48","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/posts\/48","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48"}],"version-history":[{"count":6,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/posts\/48\/revisions"}],"predecessor-version":[{"id":170,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/posts\/48\/revisions\/170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/media\/64"}],"wp:attachment":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}