The Cook Islands National Superannuation Fund (CINSF) Board are pleased to announce that the Board have approved two new categories of contributions rates for the period 1 October 2020 until 31 December 2020.
The first category is for employers that have been approved for a Business Grant or Wage Subsidy under the COVID-19 Economic Response Plan after 31 March 2020, these employers will contribute 1% for the employer and 1% for the employee contributions.
The second category is for employers that were not approved for a Business Grant or Wage Subsidy under the COVID-19 Economic Response Plan after 31 March 2020, these employers will contribute 5% for the employer and 5% for the employee contributions.
Operationally there are changes to the CINSF Te Roro Employer software being made to enable the 2 categories of contribution rates to be applied. The changes will be rolled out over the next 4 weeks in time for the October months data and payment to be submitted and paid by the 20th of November. We apologise in advance for the inconvenience caused by these changes, and appreciate your patience and understanding as we implement the features to enable the new rates to be applied effectively.
The CINSF Board have approved the latest contribution rates in continued support for the Cook Islands Governments Economic Response Plan.
Meitaki Maata e Kia Manuia
CINSF Board of Directors
Click here to view the CEO’s notice on Changes to the Contribution Rates