Over 700 officers and staff from the Prime Minister’s Office, the Ministry of Finance and Economy and the Ministry of Culture, Youth and Sports attended a briefing on the National Retirement Scheme (SPK) recently.
The session touched on the objective of SPK – to further strengthen the well-being of Employees Trust Fund (TAP) members during retirement by taking into account various factors and challenges using the income replacement rate (IRR).
Participants were also briefed on the annuity or monthly payments extended for life to deal with the increasing age, matters relating to the type of SPK withdrawal that is more flexible and allows withdrawals for members’ use before retirement, and dependents welfare that is more expansive not only prior to retirement but also during retirement.
The new SPK scheme is also more inclusive, opening to members who work in the informal sector or those who are self-employed.
The briefing will continue next month for other ministries, the private sector, the informal sector and employers.