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Rokiah Mahmud
The Nationwide Retirement Scheme (SPK) is a brand new scheme initiated by the Authorities of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam via the Ministry of Finance and Financial system (MoFE) and the Workers Belief Fund (TAP).
The brand new scheme will exchange TAP and Supplemental Contributory Pension (SCP) schemes.
SPK is aimed toward strengthening the social welfare of TAP members at retirement by making an allowance for the financial challenges and different components.
Firstly, SPK goals to supply a greater and enough retirement earnings by utilizing earnings substitute charge (IRR) for all teams particularly the low-income group.
Secondly, with the rise of the nation’s life expectancy, SPK will proceed to guard its members in opposition to longevity threat by paying as much as lifetime annuity.
Thirdly, SPK offers extra versatile withdrawal schemes to cater to members’ pre-retirement wants.
Moreover, SPK additionally addresses welfare for the deceased member’s dependent by offering prolonged protection for dependents, earlier than and after retirement.
Lastly, SPK is extra inclusive in direction of its members, the place not solely workers within the formal sectors but additionally covers all varieties of employment together with employees within the non-formal sectors or those that are self-employed.
Underneath SPK, the contribution from worker’s wage shall be deposited to member’s account whereas contributions from employers shall be collected underneath Retirement Account. There isn’t a change within the contribution charge of 8.5 per cent for worker’s necessary contribution charge.
Nevertheless, the cap for max contribution of BND98 shall be eliminated.
Alternatively, the employer necessary contribution charge are: for wage BND500 and under, minimal contribution of BND57.50; for wage BND500.01 to BND1,500, the contribution charge is up to date to 10.5 per cent; for wage BND1,500.01 as much as BND2,800, the contribution charge is up to date to 9.5 per cent and for wage BND2,800.01 and above the contribution remained at 8.5 per cent with no cap of BND98.
For withdrawals, members are allowed an unconditional withdrawal of 30 per cent from the member’s account on the ages of 45, 50, and 55, and a 100-per-cent member’s stability withdrawal on the age of 60.
Members are additionally in a position to withdraw 50 per cent from member’s account from the age of 40 for the aim of housing which incorporates shopping for, constructing, repairing and renovating the home. Other than withdrawal on the age of 60, 100 per cent withdrawal may be made to deceased member’s beneficiaries; terminal sickness, incapacitation and renouncing citizenship.
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