A new Pension Reform Act came into effect on 1st July 2014. Under this new Law, it is now compulsory for all employers with fifteen (15) or more employees to contribute a minimum of ten per cent (10%) of each employee's monthly emolument to the employee's Pension Retirement Savings Account ("PRSA").
 
For employees, their pension contribution was also increased and it is now eight per cent (8%) of the monthly emolument. 
 
All pension contributions are required to be remitted to the PRSAs within seven (7) days of the payment of the employee's monthly emolument.
 
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