The Supplemental Contributory Pension (SCP) Scheme Unit through the Employees Trust Fund yesterday held a briefing for personnel’s at the Ministry of Defence held at the Exhibition Hall, Bridex, Jerudong.
Yesterday’s briefing was conducted for the second time for the ministry and was presented by Rosli bin Haji Haron, Acting Manager from the Corporate Communication Department of TAP.
The introduction of SCP was announced in a Titah by His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam on July 14, 2009 in conjunction with His Majesty’s 63rd birthday and was enforced as of January 1, 2010.
The SCP Scheme is an additional scheme to the existing TAP Scheme aimed at assisting citizens and permanent residents of Brunei Darussalam in their efforts to formulate proper financial planning to prepare for retirement.
The main objective of the scheme is to ensure all SCP members that meet the prescribed requirements receive a minimum monthly annuity of $150 when they reach the mandatory age of 60.
Through this scheme, which guarantees a payment of $150, adding up to the existing Old Age Pension (OAP) of $250 extended by the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, retirees will be receiving a minimum monthly annuities of $400. He also explained that the contribution for SCP is 3.5 per cent from the employee’s wage and the employer is required to contribute an additional 3.5 per cent.
Meanwhile, he also said that the minimum contribution from the employer is $17.50 based on the $500 salary and the maximum contribution is $98 based on the $2,800 salary.
For more information, the public can log on to www.mof.gov.bn for more information on the SCP scheme.
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