16-7-2023 (BANDAR SERI BEGAWAN) Sultan Hassanal Bolkiah of Brunei announced on Saturday the implementation of the National Retirement Scheme (SPK) during his 77th birthday celebration speech. This scheme will replace the Employee Trust Fund (TAP) and Supplementary Contributory Pension (SCP) program, aiming to enhance the well-being of retirees by providing them with better retirement income.
The Sultan emphasized that the Brunei government plans to introduce a minimum wage system in stages across all private sector industries. This move aligns with regional and international best practices and aims to ensure fair wages for employees.
Additionally, Sultan Hassanal Bolkiah highlighted the positive state of Brunei’s economy, noting that the country’s unemployment rate is at its lowest level in the past decade. However, he emphasized the need for Brunei to accelerate its efforts in attracting quality foreign direct investment to diversify the economy further. This would generate job opportunities and foster growth for local small and medium-sized enterprises.
In the face of uncertainties, the Sultan urged Bruneians to strengthen their spirit and determination. As Brunei embraces the National Retirement Scheme and pursues economic diversification, it aims to secure a prosperous future for its citizens.
