This follows the withholding of monthly payments by some companies in the country.
NSSA said that companies found on the wrong side of the law will be liable to pay a legal surcharge of 50 per cent.
“NSSA has noted with great concern that some registered employers and companies are deducting contributions from their employees and not remitting the contributions of insurances premiums to NSSA in contravention of the law and severely undermining viability of schemes. NSSA inspectors have been fully deployed to verify contributing status of all existing employers,” said NSSA in a statement.
According to the struggling NSSA, that is accused by employers and employees alike of ripping them off, many companies have not made any contributions since the introduction of multiple currencies.
While threatening stiff penalties to defaulting companies NSSA extended an olive branch to companies experiencing financial difficulties.
“Companies in serious financial difficulties should approach the authority with a payment plan proposal, said a representative from NSSA.
Post published in: Economy