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The National Housing Trust (NHT), during the last fiscal period 2007/2008, collected $11.6 billion in contributions, up from $9.3 billion over the last financial year.
As outlined in an NHT Annual Report for the period, contributions from employers rose by 17 per cent, moving from $4.7 billion in 2007 to $5.5 billion in 2008.
The document further points out that the employees’ portion rose by 32 per cent, moving from $4.7 billion in 2007 to $6.2 billion in 2008.
“Employers are obligated to pay three per cent of the salaries of their staff to the NHT as contributions, with the employees themselves contributing two per cent of their salaries. Based on this 3:2 ratio, the minimum amount that should have been collected as employers’ contribution was $9.3 billion, indicating that at least $3.8 billion in employers’ contributions was outstanding for the period,” the report notes.
On another matter, an internet-based system was introduced for contributions refund application. The document states that the number of persons utilising the option in 2007/2008 was 76,977, an increase of approximately 15,000 persons. One hundred and fifty one thousand, four hundred and fifty three contributors received refunds at a value of $2.3 billion, up 35 per cent from $1.7 billion for the previous period.