Section 5B: National Savings Fund Account

5B. National Savings Fund Account (1) The Fund shall, in respect of every employee, hold a National Savings Fund Account into which shall be credited— (a) the 2.5 per cent contributions payable by the employer under section 5; (b) the one per cent contributions payable by the employee under section 5; (c) the recycling fee payable under section 47 of the Employment Rights Act; and (d) any interests earned on the contributions and the recycling fee as determined by such actuary designated by the Minister. (2) There shall be paid out of the National Savings Fund Account of an employee— (a) any lump sum; (aa) the amount of contribution to be paid as premium under such health insurance policy as is specified by an employee under section 5F; (b) the Transition Unemployment Benefit payable at the rate specified in the Third Schedule; (c) any other benefit that may be prescribed. [S. 5B inserted by s. 70 (4) (e) of Act 33 of 2008 w.e.f. 2 February 2009; s. 30 (b) of Act 14 of 2009 w.e.f. 1 July 2009; amended by s. 13 (c) of Act 37 of 2011 w.e.f. 15 December 2011.]