Brunei’s Sultan, Haji Hassanal Bolkiah, said on Saturday, the sultanate had started implementing the National Retirement Scheme (SPK).
Bolkiah announced this in a speech during his 77th birthday celebration in Bandar Seri Begawan.
The celebration is an important event on the Southeast Asian country’s annual calendar and it usually lasts a month.
The SPK is implemented in replacement of the Employee Trust Fund (TAP) and Supplementary Contributory Pension (SCP) scheme.
It will not only strengthen the well-being of members upon retirement, but it will also give a better retirement income, the Sultan said.
He said the Brunei government would introduce the minimal wage system across all industry sectors for private sectors.
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It would be implemented in stages to align 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 ten years.
“Brunei needs to move faster by encouraging more quality foreign direct investment to help diversify the economy.
“It would also provide job opportunities and spin-offs to local small and medium businesses,” he added.
The Sultan called on Bruneians to strengthen their spirit and determination to face uncertainties. (Xinhua)
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