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The NASSIT Act, 2001

  • Friday, Jul 20 2001

Being an Act to establish the National Social Security and Insurance Trust and social security scheme to provide retirement and other benefits to meet the contingency needs of workers and their dependents and to provide for the related matters.

Commencement 1. This Act shall come into operation on such date as the President shall fix order in a statutory instrument.
 
Interpretation. 2. In this act, unless the context otherwise requires - 
 
"average monthly earnings" means in relation to member, the average earnings determined by reference to the earnings used for the calculation of contribution liability during the five years in which that average is the highest;
 
"Boards" means the Board of Trustees refereed to in section 8;
 
"Director-General" means the person appointed as such under section 12;
 
earning" means all emoluments which are earned by a worker while on duty in accordance with the express or implied terms of the contract of employment or apprenticeship and which are paid or payable in cash to him at fixed or determined intervals of time-
  1. In respect of normal periods of work to be performed by the worker;
  2. Where payment is calculated in relation to set tasks, in respect of the number of tasks completed by the worker; or
  3. where payment is calculated in relation to the volume of work done in respect of the volume completed by the worker,
and includes emoluments earned by him on leave, and cost of leaving or prescribed allowance but not included any presents made by the employer, values of any food concession, house rent allowance, overtime allowance, travelling allowance, bonus, commission, or any other similar allowance payable to the worker;

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