The recent changes to the Economic Response Plan (ERP) by the Government of the Cook Islands and subsequent amendments to contribution rates and eligibility criteria by the Cook Islands National Superannuation Fund (CINSF) Board, have meant that the CINSF Software Te Roro will require changes to the information that must be submitted online to complete the employer’s monthly declaration.
The CINSF has 2 categories of contribution rates for employers:
- Employers that have been APPROVED for a Business Grant or Wage Subsidy under the COVID-19 ERP after 31 March 2020, and their employees that contribute to the CINSF at the rate of EMPLOYER 1% and EMPLOYEE 1%
- Employers that were NOT APPROVED for a Business Grant or Wage Subsidy under the COVID-19 ERP after 31 March 2020, and their employees that contribute to the CINSF at the rate of EMPLOYER 5% and EMPLOYEE 5%
On Monday 16 November, the Te Roro employer software will be upgraded to assist with lodging monthly CINSF declarations as follows:
- The MONTHLY GROSS PAY amounts to employees are now to be entered into Te Roro and the software will calculate the contribution portions for Employer and Employees to be paid, in accordance with the categories of contribution rates for employees set out above.
- Voluntary contributions remain unchanged.
If an employer is eligible for the 1% contribution rate, but the employer and employee agree to contribute at a higher rate, employers can contact the CINSF office to make arrangements to adjust the contribution calculation rate for their business.
All other Te Roro features remain unchanged. Contributions remain payable by the 20th of the month
If employers have any queries please contact the CINSF office on email@example.com or call the office on 25515.