Mybucks simplifies Tevet levy payment
MyBucks Banking Corporation said it has simplified the process employers undertake in remitting Tevet levy.
The levy is a sum of money equal to one percent of the basic payroll which an employer, regardless of size or status, pays to the Tevet Fund to support Technical, Entrepreneurial and Vocational Education and Training in Malawi.
It is based on the previous financial period of July to June.
In a statement, MyBucks Chief Commercial Officer Bernard Mkandawire said this is in line with the bank’s strategic intent of making people’s lives better through convenient and simplified banking using technology and partnerships.
“This partnership aims to offer convenience to employers holding accounts with us to pay the levy to Teveta from the comfort of their homes and offices,” Mkandawire said.
Teveta acting Executive Director Modesto Gomani applauded MyBucks for introducing the system, describing it as a convenient.
“Some employers have been complaining that the process of paying Tevet Levy through banks is at times cumbersome and the coming in of this easy way by MyBucks Banking Corporation will shorten the payment process. We hope there will be increased levels of compliance by employers in paying Tevet Levy,” he said.
