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National pension fund

               The National Pension Fund (NPF) scheme is proposed as another mandatory saving for retirement. Once established, the future NPF will fit into Pillar 2 of the Multi-Pillar Model of the World Bank. The NPF; however, will not replace provident funds or retirement mutual funds, but will rather enhance saving channels for future retirees.

               The Fiscal Policy Office of the Ministry of Finance has proposed the NPF development plan to reinforce retirement saving in the private sector. Once approved, the NPF office will be established as an independent supervisory agency.

               The NPF is a defined contribution system and is estimated to cover 13 million workers. Licensed private fund managers are expected to be involved in the management of the fund. Initially, the employer and employee make an equal contribution of 3% of the worker’s monthly wage. Retirees can choose to receive benefits in a lump sum payment or installments. Also, Tax benefits are expected to be based on the EEE system: exemption on contributions, returns on investment and benefit payouts.

More details at Fiscal Policy Office

last updated date 04/05/2553

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