Section 4: RATE OF CONTRIBUTION TO THE SCHEME

(1) The contribution for any employee to which this Act applies shall be made in the following rates relating to his monthly emoluments:
(a) a minimum often per cent by the employer; and
(b) a minimum of eight per cent by the employee.
(2) The rates of contribution mentioned in subsection (1) of this section may, upon agreement between any employer and employee, be revised upwards, from time to time, and the Commission shall be notified of such revision.
(3)
Any employee to whom this Act applies may, in addition to the total contributions being made by him and his employer, make voluntary contributions to his retirement savings account.
(4) Notwithstanding any of the provisions of this Act, an employer may agree-
(a) on the payment of additional benefits to the employee upon retirement; or
(b) elect to bear the full responsibility of the Scheme provided that in such a case, the employer's contribution shall not be less than 20 percent ofthe monthly emoluments of the employee.
(5)
In addition to the rates specified in sub-section (1) of this section, every employer shall maintain a Group Life Insurance Policy in favour of each employee for a minimum of three times the annual total emolument of the employee and premium shall be paid not later than the date of commencement of the cover.
(6)
Where the employer failed, refused or omitted to make payment as and when due, the employer shall make arrangement to effect the payment of claims arising from the death of any staff in its employment during such period.
(7)
Subject to such guidelines as may be issued, from time to time by the Commission, the categories of persons covered under section 2(3) of this Act or persons exempted under Section 5 of this Act shall be entitled to make voluntary contributions under the Scheme.