Section 43
Payment of service charge on contributions in arrears
of National Retirement Scheme Act
ActIn forceProvision 43 of 49
Section 43
(1)
Where the amount of the contributions which an employer is liable to pay under this Act in respect of any month is not paid within such period as may be prescribed, the employer shall be liable to pay service charge on such amount for every day such amount remains unpaid commencing from the 16th day of the month succeeding the month in respect of which the amount is payable and the service charge shall be calculated at such rate and manner as the Board may determine.
(2)
The Board may, in any case in which it thinks fit, waive the payment of the whole or part of, or remit in whole or in part, any service charge due or paid under subsection (1).