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National Pension Fund (NPF)

            The National Pension Fund 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 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 of the NPF.

               The NPF is a defined contribution system. Private fund licensed managers are expected to be involved in the management of the fund that is estimated to cover 13 million workers. Initially, employers and employees will make an equal contribution of 3% of the monthly wage. Retirees can choose to receive benefits in a lump sum payment or installments. Tax benefits are expected to be based on the EEE system: exemption on contributions, returns on investment and benefit payouts.

          More details at The  Fiscal Policy Office

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Update : April 05, 2006

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