THE mandatory retirement age for citizens and permanent residents working in the public and private sector will be extended by another five years to 60 come January 1 next year, when the government introduces a new supplementary pension scheme to complement the existing Employees' Trust Fund (TAP).
His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam made this disclosure yesterday during a titah in conjunction with his 63rd birthday. With the "Supplemental Contributory Pension" (SCP) scheme, eligible retired government employees will receive annuities as soon as they reach the mandatory retirement age.
His Majesty said the SCP will be equipped with "survivorship protection" to guarantee the beneficiary in the case of death before the mandatory retirement age.
Like TAP, the SCP scheme applies to all citizens and permanent residents working in the private and public sector.
"All employees and employers will be required by law to make monthly contributions, of which a part will be used for the survivorship protection fund," said His Majesty, adding that mandatory contributions from employers will be limited to appropriate amounts to reduce the burden.
TAP participants who have not made sufficient contributions prior to their mandatory retirement will not be left out. "I have suggested that the government provide assistance to this group in order for them to catch up," he said, adding that an Act will be formulated for the implementation of the SCP.
In customary fashion, the monarch delivered several key points pertaining to current state of affairs and the national agenda in his titah last night.
"Even though effects from the global financial crisis is still being felt by many other countries, not excluding ours, alhamdulillah, during these times, our economy is still resilient, for our consistent efforts in strengthening and expanding the foundation since the 1997 financial crisis," he said, citing a positive report recently published by the International Monetary Fund.
His Majesty said the Muslim community must supplement efforts dealing with natural disasters, floods, landslides and the current H1N1 Influenza pandemic currently sweeping the country with recitals of the doa, performing Qunut Nazilah and Hajat prayers. "As a nation of faith, we cannot simply handle this the normal way," he said.
With $1.1 billion allocated for the development of industries and trade in the current national development plan (the RKN 2007-2012), many more new areas will be offered to the private sector both in and outside the country for commercial padi farming in order to make it "a more viable business", His Majesty said.
"God willing, citizens will have the chance to enjoy results during the harvest season next month," said the monarch with regards to an initiative undertaken by the Department of Agriculture last April to use seeds capable of yielding at least bi-annual harvests on padi fields in Kg Wasan.
Touching on poverty, His Majesty said the government will continue efforts "in line with the present situation".
On zakat, His Majesty said he is still waiting for a response from the relevant authorities on "several matters that was raised during the Brunei Islamic Religious Council meeting six months ago".
The monarch called on financial institutions to provide more opportunities and ways for the masses to save with good returns. "Laws and regulations need to be strengthened to prevent citizens from being conned into illegal activities, such as get-rich schemes," he said.
The Letter of Exchange signed between former Malaysian premier Abdullah Ahmad Badawi and His Majesty to demarcate the maritime boundary between Brunei and Malaysia early this year represents one of the government's "most important commitments in securing peace and harmony for the citizens", said the monarch.
"Through the agreement, Brunei Darussalam will have sovereign rights over the continental shelf and an exclusive economic zone of 200 nautical miles.
"I believe that the country will be able to reap the benefits from hydrocarbon exploitations and other maritime resources," said His Majesty, adding that it will open up a host of opportunities including business ventures, labour and job creation.
The monarch also called upon government agencies to draw up policies and devise ways to achieve efficient energy use to avoid wastage, pointing out the $68 million electricity bill paid by government agencies every year.
"If we can avoid wasting 10 per cent, we will be able to save as much as $6.8 million a year," His Majesty pointed out, adding that Brunei should follow in the footsteps of countries like Japan, known for its prudent energy usage.
His Majesty expressed gratitude towards companies in the private sector for creating job opportunities in Brunei while acknowledging the lengthy period of time taken to fill in vacant government posts last year.
"It took around six to eight months (to fill in the vacant posts) — which eventually led to 5,000 new vacancies and retirements.
"If this process can be shortened, then that number will automatically be reduced, and the applicants would not have to wait that long," he said.
On the international front, His Majesty said Brunei will continue to strengthen bilateral relations with other countries, and will participate in humanitarian missions in accordance with Brunei's capabilites.
Via: The Brunei Times
His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam made this disclosure yesterday during a titah in conjunction with his 63rd birthday. With the "Supplemental Contributory Pension" (SCP) scheme, eligible retired government employees will receive annuities as soon as they reach the mandatory retirement age.
His Majesty said the SCP will be equipped with "survivorship protection" to guarantee the beneficiary in the case of death before the mandatory retirement age.
Like TAP, the SCP scheme applies to all citizens and permanent residents working in the private and public sector.
"All employees and employers will be required by law to make monthly contributions, of which a part will be used for the survivorship protection fund," said His Majesty, adding that mandatory contributions from employers will be limited to appropriate amounts to reduce the burden.
TAP participants who have not made sufficient contributions prior to their mandatory retirement will not be left out. "I have suggested that the government provide assistance to this group in order for them to catch up," he said, adding that an Act will be formulated for the implementation of the SCP.
In customary fashion, the monarch delivered several key points pertaining to current state of affairs and the national agenda in his titah last night.
"Even though effects from the global financial crisis is still being felt by many other countries, not excluding ours, alhamdulillah, during these times, our economy is still resilient, for our consistent efforts in strengthening and expanding the foundation since the 1997 financial crisis," he said, citing a positive report recently published by the International Monetary Fund.
His Majesty said the Muslim community must supplement efforts dealing with natural disasters, floods, landslides and the current H1N1 Influenza pandemic currently sweeping the country with recitals of the doa, performing Qunut Nazilah and Hajat prayers. "As a nation of faith, we cannot simply handle this the normal way," he said.
With $1.1 billion allocated for the development of industries and trade in the current national development plan (the RKN 2007-2012), many more new areas will be offered to the private sector both in and outside the country for commercial padi farming in order to make it "a more viable business", His Majesty said.
"God willing, citizens will have the chance to enjoy results during the harvest season next month," said the monarch with regards to an initiative undertaken by the Department of Agriculture last April to use seeds capable of yielding at least bi-annual harvests on padi fields in Kg Wasan.
Touching on poverty, His Majesty said the government will continue efforts "in line with the present situation".
On zakat, His Majesty said he is still waiting for a response from the relevant authorities on "several matters that was raised during the Brunei Islamic Religious Council meeting six months ago".
The monarch called on financial institutions to provide more opportunities and ways for the masses to save with good returns. "Laws and regulations need to be strengthened to prevent citizens from being conned into illegal activities, such as get-rich schemes," he said.
The Letter of Exchange signed between former Malaysian premier Abdullah Ahmad Badawi and His Majesty to demarcate the maritime boundary between Brunei and Malaysia early this year represents one of the government's "most important commitments in securing peace and harmony for the citizens", said the monarch.
"Through the agreement, Brunei Darussalam will have sovereign rights over the continental shelf and an exclusive economic zone of 200 nautical miles.
"I believe that the country will be able to reap the benefits from hydrocarbon exploitations and other maritime resources," said His Majesty, adding that it will open up a host of opportunities including business ventures, labour and job creation.
The monarch also called upon government agencies to draw up policies and devise ways to achieve efficient energy use to avoid wastage, pointing out the $68 million electricity bill paid by government agencies every year.
"If we can avoid wasting 10 per cent, we will be able to save as much as $6.8 million a year," His Majesty pointed out, adding that Brunei should follow in the footsteps of countries like Japan, known for its prudent energy usage.
His Majesty expressed gratitude towards companies in the private sector for creating job opportunities in Brunei while acknowledging the lengthy period of time taken to fill in vacant government posts last year.
"It took around six to eight months (to fill in the vacant posts) — which eventually led to 5,000 new vacancies and retirements.
"If this process can be shortened, then that number will automatically be reduced, and the applicants would not have to wait that long," he said.
On the international front, His Majesty said Brunei will continue to strengthen bilateral relations with other countries, and will participate in humanitarian missions in accordance with Brunei's capabilites.
Via: The Brunei Times
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