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{
    "id": 841046,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/841046/?format=api",
    "text_counter": 324,
    "type": "speech",
    "speaker_name": "Garissa Township, JP",
    "speaker_title": "Hon. Aden Duale",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "(a) the employer’s contribution at one point five per centum of the employee’s monthly basic salary; and (b) the employee’s contribution at one point five per centum of the monthly basic employee’s salary: Provided that the sum of the employer and employee contributions shall not exceed five thousand shillings a month. (2) The benefits to an employee shall accrue as follows – (a) for employees who qualify for affordable housing, the contributions accrue to the employee and shall be used to finance the purchase of a home under the affordable housing scheme; or (b)for employees who are not eligible for affordable housing, upon the expiry of fifteen years from the date of the start of making the contributions, or after the attainment of retirement age, whichever is sooner ─ (i) a transfer of their contributions to a pension scheme registered with the Retirement Benefits Authority; (ii) a transfer of their contributions to any person registered and eligible for affordable housing under the National Housing Development Fund; or (iii) a transfer of their contributions to their spouse or dependent children; or, (iv) to receive their contributions in cash: Provided that contributions paid out in cash shall be included in the contributor’s taxable income for the year and be subjected to tax at the prevailing rates. (3) All contributions shall get a return based on the return on the Fund. (4) The employer shall remit both employee and employer contributions to the National Housing Development Fund before the ninth day of the following month. (5) If the contributions due under this section are not paid on or before the day on which the payments are due, a penalty of five percent of the contributions shall be payable by the employer for each month or part thereof during which the contributions remain unpaid, and any such penalties shall be recoverable as a sum due and payable to the National Housing Development Fund. (6) This section shall become effective upon the gazettement of regulations prescribing the requirements for qualification to the scheme by the Cabinet Secretary responsible for housing in consultation with the Cabinet Secretary responsible for finance."
}