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
Employee Contributions
Calculate and deduct employee contributions (minimum 8%)
Required Documents:
3
Employer Contribution
Add employer contribution (minimum 12%) to employee deductions
Required Documents:
4
Payment Submission
Submit total contributions by last day of the following month
Required Documents:
- Payment details : Payment method(cheque, Bank transfer, etc), Total value, Month
- Detailed breakup for contribution
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
- Account No: 1010 4542 3272
- Branch: Head Office
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: Last day of the following month
Required
Detailed Breakup submission (Contribution & Loan Repayment)
Deadline: Last day of the following month
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.