Employees Trust Fund (TAP) is conducting a series of briefings on National Retirement Scheme (SPK) for the public sector.
A recent session saw the participation of 1,231 officers and staff from the Ministry of Finance and Economy (MoFE), Ministry of Education (MoE) and Ministry of Home Affairs (MoHA).
The briefing said SPK is aimed at strengthening the social welfare of TAP members at retirement by taking into consideration the economic challenges and other factors including income replacement rate (IRR) for all income groups and protection against longevity risk by paying up to lifetime annuity.
The session discussed SPK’s more flexible withdrawal scheme to cater to members’ pre-retirement needs and its solution to addressing the welfare for the deceased member’s dependent by providing extended coverage for dependents, before and after retirement. SPK is also more inclusive towards its members, where it not only employees in the formal sectors but also covers all types of employment including workers in the non-formal sectors or those who are self-employed.
Apart from presentation about the new retirement scheme, the participants gave feedback and joined a question-and-answer session.