RE: REVISION IN CONTRIBUTION CEILING FOR 2024
The Authority wishes to advise that the maximum monthly deductible employee’s
contribution amount for the year 2024 has been revised to K 1,490.80 and
correspondingly, the maximum monthly payable employee and employer statutory
contribution amount has moved to K2,981.60.
The above adjustment follows changes in the National Average Earnings (NAE) figure as determined by the Zambia Statistics Agency. The NAE figure for 2024 has increased to K 7,454.00 from K 6,710.00 in 2023.
The contribution rate, however, remains unchanged at 10 percent of an employee’s
monthly gross earnings and for NAPSA purposes, earnings refer to any benefit given
by an employer in exchange for the employee’s service.
Earnings therefore, include
basic salary, bonuses, commission, severance pay, overtime allowance, leave
allowance, acting allowance, commuted leave days etc.
Employers are accordingly advised to update their payroll systems with the 2024 contribution ceiling parameter.
More taxes on already stressed people