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{
    "id": 864781,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/864781/?format=api",
    "text_counter": 487,
    "type": "speech",
    "speaker_name": "Sen. Farhiya",
    "speaker_title": "",
    "speaker": {
        "id": 13179,
        "legal_name": "Farhiya Ali Haji",
        "slug": "farhiya-ali-haji"
    },
    "content": "Clause 24(6) states that- “Upon commencement of this Act, contributions required to be made under subsections (1) and (3) shall be deducted by a sponsor from the salary of the contributor on each occasion on which the salary is paid and shall be paid into the Scheme together with the sponsor‟s contribution before the 10th day of every calendar month or before any other day which may be notified in writing and approved by the Authority” It is my humble opinion that, “shall be deducted by a sponsor from the salary of the contributor on each occasion” be replaced by every month. This is because „each occasion‟ can be ambiguous. Clause 24(7) states that- “Any contribution not paid to the Scheme by a sponsor within ten days after the last day of the calendar month to which the contributions relate shall attract interest during the period they remain unpaid at a rate specified by the Board from time to time provided that such rate shall not be less than the rate specified in the Retirement Benefits Act and Regulations” I am of the opinion that the rate should be indicated as „at least five per cent‟ because the contributors lose value for money, in terms of what they would have earned had that money been contributed on time, when the money stays with the employers. The penalty in terms of interest that it should attract should read; „at least five per cent‟ but the Board should have a leeway of setting it higher."
}