Thursday, February 22, 2024
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Revised pension scheme to account for inflation

Azlan Othman

The new pension scheme will take into account current inflation, said Minister at the Prime Minister’s Office and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah during the fourth day of the 18th Legislative Council session yesterday.

The new scheme, which hopes to strengthen social welfare of members of the scheme, will also take into account their income upon their retirement as well as encouraging productivity, encouraging employment, competitiveness and inclusivity, said the minister.

“Several follow-up actions are under implementation including the provision and amendment of acts and improvement in information technology (IT) to ensure the implementation of the new scheme can be executed smoothly,” he said.

“Once these actions are implemented, the structure of the new scheme will be shared with employers and Employee Trust Fund (TAP) members.”

The minister was responding to Yang Berhormat Nik Hafimi binti Abdul Haadii, who asked for more details on the new pension scheme announced in a titah by 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 on Thursday.

The monarch said the full implementation will kick off in 2023, adding that all preparations ahead of the scheme need to be carried out accordingly, including the amendment to the act and changes to the information technology system.

File photo of the Ministry of Finance and Economy building