The National Social Security Authority wishes to inform all employers of updates to the Self-Adjusting Framework for determining the monthly POBS maximum insurable earnings per employee.
According to Statutory Instrument 64 of 2022 gazetted on 01 April 2022, the monthly insurable earning ceiling is subject to a quarterly review. Consequently, we would like to note that the ceiling for the months of April, May and June (Q2) of 2024 is set at ZiG 5,010.83 per employee. The adjustment is effective from the April 2024 payroll which is due on 10 May 2024.
Click here to view the notice that was published on the NSSA’s website.
NSSA Ceiling Increase in ZiGÂ
The NSSA ceiling limit has been updated based on the TCPL rate as issued by the NSSA effective 01 April 2024.
NSSA Annual Ceiling (April – June 2024) | NSSA Monthly Ceiling (April – June 2024) | NSSA Annual Ceiling (April – June 2024) | NSSA Monthly Ceiling (April – June 2024) |
ZiG 60Â 129.96 | ZiG 5Â 010.83 | USD 6 013.00 | USD 501.08 |
Impact of the Zimbabwe USD – NSSA Ceiling in ZiG: Quarter 2 of 2024 on PaySpace
- These changes have been implemented on the system effective 01 April 2024.
- Open runs have NOT been recalculated. If customers would like to apply the changes, navigate to Config > Force Company Recalculation.
- If employees have been remunerated in USD, update the ‘Interbank Rate’ note component (Tax code IBR) with the conversion rate from ZiG to US Dollar.
- If the April run is already closed, attach an interim run to April 2024 called Zim_NSSA StatutoryUpdate, which will not be billed. In this scenario, if the ‘Interbank Rate’ note component is in use, it must be advised in the interim run for the calculation to correct month-to-date.
- No changes were applied in the local entities of Zimbabwe.
Should you have any questions regarding the Zimbabwe USD – NSSA Ceiling in ZiG: Quarter 2 of 20245, please feel free to visit our Support page for more ways to get in touch, or email us at [email protected]
The PaySpace Team