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 consented to the implementation of the National Retirement Scheme (SPK) yesterday.
His Majesty also announced the introduction of minimum wage in phases across all industries in the private sectors, in alignment with the best practices at the regional and international level.
The monarch in a titah at the audience and investiture ceremony at Balai Singgahsana Indera Buana, Istana Nurul Iman, also called on the people to strengthen their spirit to meet the uncertainties facing the country. On SPK, His Majesty said, the new scheme will replace the Employees Trust Fund (TAP) and Supplementary Contributory Pension (SCP) schemes to ensure the people’s well-being.
The monarch believed SPK will provide retirees a better monthly income for the rest of their lives, whereas the TAP scheme only contributed financial benefits at a limited rate up to 55 years old, and five years after, no benefits would be received anymore, while the SCP benefits would only be given out after the member reaches 60 years old and only for 20 years.
The monarch hoped all employees, in formal or non-formal sectors, will contribute to the new scheme.
The SPK scheme is undoubtedly the same or similar to the pension scheme and this is the advantage of SPK, stressed His Majesty.
With the new retirement scheme and introduction of a minimum wage, the monarch hopes to see support from all parties on the initiatives that aim to better the livelihood and well-being of the people.
His Majesty also hopes to see stakeholders be more active in ensuring that achievements made meet the international benchmarks.
This, His Majesty added, includes public services as well as services provided by the private sector, such as water and electricity which are the basis of living and economic activities.
The monarch noted that the Sultanate is not exempted from the uncertain times of the world, including geopolitical tensions, climate change and inflation. While the country is affected by the global inflation crisis due to its dependence on imported goods, it is low compared to other countries in the region thanks to the government’s efforts.
Meanwhile, His Majesty’s Government has inked agreements and memoranda of understanding with several countries to expand business, trade and investment opportunities.
His Majesty also called on relevant parties to keep entrepreneurs and business chambers up to date on bilateral and multilateral platforms such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (R-CEP) Agreement and ASEAN FTA.
“We all need to work together to ensure economic growth and business resilience,” His Majesty said.
The monarch also touched on the issue of unemployment, which is currently at the lowest level for the past 10 years.
The last year’s unemployment rate of 5.2 per cent was a slight increase from the 4.9 per cent in 2021, shared His Majesty.
His Majesty said the Manpower Planning Employment Council (MPEC) will continue to work closely with the business sector to reduce unemployment.
The monarch believes that the country needs to attract more quality foreign direct investments to diversify the economy and provide job opportunities and spin off to local small and medium enterprises.
On climate change, His Majesty said the Brunei Darussalam National Climate Change Policy (BNCCP) has outlined 10 strategies to reduce greenhouse gas emissions and pave the way for a low-carbon and climate-resilient country.
The Sultanate is eyeing a target of 20 per cent reduction in greenhouse gas emissions by 2030, in line with the commitment under the Paris Agreement and the commitment to net zero emissions by 2050.
His Majesty expressed gratitude to Allah the Almighty for the blessings that enabled the country to celebrate His Majesty’s 77th birthday in a peaceful and safe environment. His Majesty also thanked all parties who sent congratulatory messages to the monarch and the royal family on the occasion. – Lyna Mohamad
