Zimbabwe NSSA Ceiling Increase

Zimbabwe Mid Year Finance Bill Update

In terms of Statutory Instrument 64 of 2022 gazetted on 01 April 2022, the monthly insurable earnings ceiling is now reviewable quarterly.

In view of this, we would like to advise that the new ceiling for the months of July, August, and September (Q3) of 2023 is ZW 2 414 896.00 per employee. This is effective 01 July 2023 which becomes due on 10 August 2023.

Click here to access the NSSA Public Notice.

NSSA Ceiling Increase Update

The NSSA ceiling limit has increased based on the TCPL rate as issued by the NSSA effective 01 July 2023.

Impact of the Zimbabwe NSSA Ceiling Increase on PaySpace

• These changes have been implemented on the system effective 01 July 2023.
• All Zimbabwe USD and local companies have been recalculated in Production.
• If employees have been remunerated in USD, update the Interbank Rate note component if necessary (Tax code IBR).

Should you have any questions regarding the Zimbabwe NSSA Ceiling Increase, please feel free to visit our Support page for more ways to get in touch, or email us at [email protected]

The PaySpace Team