In the wake of the 7th December 2023 incident in the Providence area, Seychelles Pension Fund has joined the national initiative to assist the local business community and employers in that region through a proposal to alleviate the financial pressures as they go through the rebuilding phase.
Seychelles Pension Fund has initiated a deferred contribution option for employer contributions only, for a period of 3 months, from November 2023 until January 2024. The contributions for these 3 months shall be remitted not later than the 21st April 2024, without the applicable surcharges. The employee contributions remain applicable in view that they are deducted directly from the employees’ salary.
The proposal is applicable to all employers in the Providence, Cascade and Petit Paris areas who are up to date with their contributions but are currently unable to meet their payment obligations due to the ongoing reparation works on their businesses.
There are 434 employers based in Providence and 45 at Cascade according to SPF’s database, out of which 429 employers are up to date with their SPF contribution payments.
Section 18 of the Seychelles Pension Fund (SPF) Act 2005 states that every employer is required to deduct from the Seychellois employee’s salary 5% as SPF contributions. The employer is also required to pay the as employer contribution on behalf of the worker. The contribution payment is to be remitted to SPF not later than the 21st of the following month.
SPF has in the past been consistently sensitive to issues affecting one of its largest stakeholders; the business community. To recall that during the Covid 19 period, SPF reached out with a series of measures including deferment in contributions to reduce pressures from the pandemic.
