Contribution Process
Step-by-step guide for employer contributions
5-Step Contribution Process
Follow these steps to ensure timely and accurate contribution payments to MSPS
1
Employee Registration
Register new employees with MSPS within 30 days of employment
Required Documents:
- Employee registration form
- Copy of NIC
2
Monthly Contributions
Calculate and deduct employee contributions (minimum 8%)
Required Documents:
- Contribution calculation sheets
3
Employer Contribution
Add employer contribution (minimum 12%) to employee deductions
Required Documents:
- Employer contribution summary
4
Payment Submission
Submit total contributions by 15th of following month
Required Documents:
- Payment voucher
- Contribution Breakdown
5
Confirmation
Receive confirmation and update employee records
Required Documents:
- Payment receipt
- Updated member statements
Payment Methods
Bank Transfer
Direct transfer to MSPS account
- Account Name: Mercantile Service Provident Society
- Bank: DFCC Bank (7454)
- Account No: 1010 4542 3272
- Branch: Head Office (001)
Cheque Payment
Cheque payable to MSPS
- Payable to: Mercantile Service Provident Society
- Cross the cheque for security
- Include company name on back
- Submit with contribution return
Online Banking
Internet banking facility
- Available 24/7 online
- Instant payment confirmation
- Email transaction receipt
- Include reference number
Standing Order
Automated monthly payments
- Set up once for recurring payments
- Automatic monthly deduction
- No manual intervention required
- Can be cancelled anytime
Important Deadlines
Critical Dates to Remember
New employee registration
Deadline: 30 days from employment
Required
Monthly contribution payment
Deadline: 15th of following month
Required
Annual returns submission
Deadline: Within 3 months of financial year end
Required
Address/contact changes
Deadline: Within 30 days of change
Required
Late Payment Penalty: Delays in contribution payments are subject to penalties as prescribed in the EPF Act.