Since April 2022, the dissemination programme of the National Retirement Scheme (SPK) has boasted nearly 13,000 members, comprising employees in government and private sectors.
Public inputs have been received and additional improvements have been made by the Ministry of Finance and Economy and Employee Trust Fund (TAP) to strengthen the benefits.
This was said by 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 19th Legislative Council (LegCo) session yesterday.
Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew said in line with the titah 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 regarding the implementation of the SPK, starting from the financial year 2023/2024, some BND105.7 million will be used for the salary of public sector staff.
The SPK dissemination effort will be extended to those aged 50-59 at International Convention Centre (ICC) till March 22.
The second session will be held at the Health Promotion Centre (HPC) from March 27 to April 21.
The minister added that the SPK, scheduled to be launched this July, is a government effort to improve the existing pension scheme to replace TAP and Supplemental Contributory Pension (SCP).
With the new scheme, it will enhance the social well-being of its members upon retirement with the use of income replacement ratio or monthly pension based on salary during better service during retirement later.
It will also take into account the inflation rate in ensuring that members’ income is not affected in the future.
The scheme is for the government sector, private sector employees and self-employed individuals.