From 1 July 2016 all employers that have employees (including companies with shareholder employees) and persons who are self-employed, are required to register with the Cook Islands National Superannuation Fund and commence contributions.
Part of the changes to the Fund that members and employers requested, was the updating of the regulation that had limited the classifications of employers that were required to be registered with the Fund. The new regulation removes individual classes and instead requires all employers to register with the Fund.
Employees are required to contribute 5% of their gross income and Employers are required to match that by also contributing 5% of the employee’s income to their superannuation accounts.
The CINSF office is now increasing its resources temporarily to assist all those employers and their employees that have not yet registered with the Fund to do that before 1 July 2016.
