Section 27, The National Social Security and Insurance Trust Act, 2001

(1) If any contribution is not paid within the period prescribed in section 25— (a) it shall attract an interest, equivalent to the 90-day Treasury bill rate plus twenty per centum of that rate compounded on a monthly basis; and (b) the Director-General shall— (i) serve a demand note on the defaulting employer and if payment of the contribution and interest is not made within thirty days after the service of the demand note, a further ten per centum of the 90 - day Treasury bill rate of the total outstanding shall be charged as penalty for each month of default; and (ii) shall cause legal proceedings to be taken to collect or recover the contribution together with the interest and penalty and criminal proceedings to be instituted against the defaulting employer. No. 5 The National Social Security and Insurance Trust Act 2001 15 (2) The Director-General may, with the approval of the Board, remit wholly or partly, the penalty imposed under subparagraph (ii) of paragraph (b) of subsection (1). [Margin: Employment by several employers.]