Focus

Brunei launches new retirement plan to ensure national well-being

16 Jul 2023 09:17am
Brunei's Sultan Haji Hassanal Bolkiah said on Saturday that the sultanate had started implementing the National Retirement Scheme (SPK). - Photo by AFP
Brunei's Sultan Haji Hassanal Bolkiah said on Saturday that the sultanate had started implementing the National Retirement Scheme (SPK). - Photo by AFP
A
A
A

BANDAR SERI BEGAWAN, Brunei - Brunei's Sultan Haji Hassanal Bolkiah said on Saturday that the sultanate had started implementing the National Retirement Scheme (SPK).

He made the announcement in a speech for his 77th birthday celebration, which is an important event on the Southeast Asian country's annual calendar and usually lasts for a month.

The SPK is implemented in replacement of the Employee Trust Fund (TAP) and Supplementary Contributory Pension (SCP) scheme, which will not only strengthen the well-being of members upon retirement but also give a better retirement income, said the sultan.

He said the Brunei government will introduce the minimal wage system across all industry sectors for private sectors in stages in alignment with the best practices at the regional and international levels.

The sultan also said Brunei's unemployment rate is at the lowest level for the past 10 years.

Brunei needs to move faster by encouraging more quality foreign direct investment to help diversify the economy and provide job opportunities and spin-offs to local small and medium businesses, he added.

The sultan also called on Bruneians to strengthen their spirit and determination to face uncertainties. - XINHUA

Related Articles:
BRUNEI
RETIREMENT PLAN
WELL BEING
Sultan Haji Hassanal Bolkiah
National Retirement Scheme
SPK
More Like This
A doctor stands near bodies lined up for identification after they were unearthed from a mass grave found in the Nasser Medical Complex Photo by AFP
A doctor stands near bodies lined up for identification after they were unearthed from a mass grave found in the Nasser Medical Complex Photo by AFP
World Bodies uncovered in Gaza mass graves raise suspicions of organ theft
165 remain unidentified after their bodies were disfigured
Students and onlookers watch a rally in support of Israel outside the gates of Columbia University from a nearby bridge on April 25, 2024 in New York City. Israel supporters are reacting to the growing number of college campuses throughout the country whose student protesters are setting up pro-Palestinian tent encampments on school grounds. - Photo by AFP
Students and onlookers watch a rally in support of Israel outside the gates of Columbia University from a nearby bridge on April 25, 2024 in New York City. Israel supporters are reacting to the growing number of college campuses throughout the country whose student protesters are setting up pro-Palestinian tent encampments on school grounds. - Photo by AFP
World Columbia University drops deadline for dismantling pro-Palestinian protest camp
Police have carried out large-scale arrests in universities across the country, at times using chemical irritants and tasers to disperse protests.
Rumy Al-Qahtani, Miss Saudi Arabia, poses for a picture during an interview with AFP at her home in Riyadh on April 19, 2024. Qahtani is set to be the first ever participant representing Saudi Arabia in the Miss Universe competition in 2024. (Photo by AFP)
Rumy Al-Qahtani, Miss Saudi Arabia, poses for a picture during an interview with AFP at her home in Riyadh on April 19, 2024. Qahtani is set to be the first ever participant representing Saudi Arabia in the Miss Universe competition in 2024. (Photo by AFP)
World Saudi could get first Miss Universe contestant this year
Saudi model Rumy al-Qahtani created a buzz online in late March when she posted to her hundreds of thousands of Instagram followers that she was "honoured" to represent Saudi Arabia at Miss Universe at the upcoming event.
A student sits in as law enforcement stands by during a pro-Palestine protest at the The University of Texas at Austin on April 24, 2024 in Austin, Texas. - Photo by AFP
A student sits in as law enforcement stands by during a pro-Palestine protest at the The University of Texas at Austin on April 24, 2024 in Austin, Texas. - Photo by AFP
World Pro-Palestinian US campus protests grow as police crack down
Riot officers used chemical irritants and tasers at one university as administrators at some of the country's most prestigious institutions battled to prevent occupations taking hold.