NHT encourages employer arrears amnesty programme take-up by MSMEs and charitable organisations
Published:Sunday | September 29, 2024 | 10:53 AM
Micro, Small and Medium Enterprises (MSMEs) and registered charitable organisations are being encouraged to take advantage of waivers offered through the National Housing Trust's (NHT) Employer Arrears Amnesty Programme.
NHT Assistant General Manager for Compliance Management, Dameon McNally, told JIS News that the programme is intended to alleviate financial challenges experienced by entities with outstanding contributions while simultaneously encouraging compliance.
The Employer Arrears Amnesty Programme is being offered to qualified organisations up to March 2025.
These include MSMEs with up to 50 workers, earning no more than $425 million annually, and charitable organisations registered with the Ministry of Finance and the Public Service.
Entities filing all annual and monthly returns, remitting all outstanding employee contributions and paying 80 per cent of their outstanding employer contributions by September 30, will receive a 20 per cent waiver on employer contributions.
Additionally, they will benefit from the cancellation of all interest and penalties associated with arrears.
“For those unable to meet the September deadline, filing all monthly returns between October and December will lead to a waiver of all penalties and interest. However, this option does not include a waiver of contributions,” McNally informed.
He further advised that entities unable to meet the financial obligations by then, can benefit from a waiver of interest on outstanding employee contributions.
This, if they settle all outstanding employee and employer contributions by March 31, 2025.
The interest incurred on the outstanding employer contribution should also be paid.
“We encourage all employers to take action now to maximise the benefits available through this initiative,” McNally said.
Employers and registered charities are urged to ensure they meet the deadlines to fully benefit from the programme.
Those interested in the waiver can contact the National Housing Trust at (876) 929-6500-9 for more information.
- JIS News
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