Contributions by members
16 Contributions by members
Subject to subsection (1A), every member must contribute to the
Central Holding Authority.
A member is not required to contribute to the Central Holding
Authority in respect of any basic salary received by the member after the completion of 20 years service as a member but may, within 14 days (or such longer period as the Commissioner allows) after the completion of that 20 years service, by notice in writing to the
Minister and the Commissioner, elect to pay contributions or to continue to pay contributions in respect of the member's additional salary earned after the completion of that 20 years service and must contribute to the Central Holding Authority accordingly.
Subject to section 17, the rate of contribution of a member to the Central Holding Authority is:
in the case of a member who is not in receipt of additional salary – 11.5% of the member's basic salary; or
in the case of a member who is in receipt of additional salary –
11.5% of the aggregate of the member's basic salary and additional salary; or
in the case of a member who is in receipt of additional salary in respect of which the member has made an election under subsection (1A) – 11.5% of that additional salary.
The contributions payable under this section must be deducted from every amount of basic salary and additional salary payable to the member, and the amount so deducted must be paid to the Central
Holding Authority.
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