TSC USSD Code for Checking Your Provident Fund Contribution

TSC USSD Code for Checking Your Provident Fund Contribution

TSC USSD Code for Checking Your Provident Fund Contribution. Teachers and other government employees in Kenya contribute to the provident fund in order to get a pension when they retire.

Teachers must dial the USSD Code (*378#) provided by the Teachers Service Commission to validate their accounts and create new passwords for themselves.

The ability of the teachers to confirm their contributions and fund balances is expected.Additionally, they will look up their beneficiaries and any pertinent revisions.

Public Service Superannuation Scheme (PSSS) is a pension program that entails financial payments from both the company and the employee.

The Public Service Superannuation Scheme (PSSS) Act, which was passed in 2012 but didn’t take effect until the first of January 2021, served as the basis for the development of the plan.

Operations of the Scheme are governed by the new Retirement Benefits Authority (RBA) for employees.

Prior to the introduction of the Defined Contribution program, the government ran a Non-contributory program (Free Pension).Since gaining independence, the program has been wholly funded by the exchequer.

Participation in the Provident Fund Scheme with Defined Contributions.

• personnel with less than 45 years of service who are on permanent, pensionable terms as of January 1, 2021.
• new hires who started their jobs with the government on or after January 1st, 2021.

Keep in mind that government personnel have the option to join or not if they were 45 or older on January 1, 2021.

Employees older than 45 years who choose not to enroll in the plan continued to receive benefits under the previous non-contributory pension plan, the public service pension plan.

Contributions made to the recently established Defined Provident Contribution fund

In the following manner, new basic wage contribution rates are submitted:

• a 2% contribution in the first year starting January 1, 2021;
• a 5% contribution in the second year starting January 1, 2022.
• 7.5% contribution in the third year starting January 1, 2023.

Also take note that the business contributes 15% of the employee’s base wage.

The employer and employee payments to the PSSS are invested to produce income from investments because it is a defined contribution plan.