Friday, March 20, 2009

Report On Private Sector Pension Scheme In Four Months

Report On Private Sector Pension Scheme In Four Months - Subramaniam

KUALA LUMPUR, March 19 (Bernama) -- The report on the proposed introduction of a pension scheme for private sector employees through the Employees Provident Fund (EPF) will be ready in four months, Human Resources Minister Datuk Dr S. Subramaniam said today.
He said the ministry had held preliminary discussions with other government agencies such as the Finance Ministry, Economic Planning Unit and EPF on the matter."The government has agreed to look into the possibility of setting up a pension scheme for the benefit of private sector employees and hopes, in four months, a report will be submitted to the Finance Ministry for further action," he said in reply to Dr Mohd Puad Zarkashi (BN-Batu Pahat) in the Dewan Rakyat.Subramaniam said the government would consider the views of all quarters before proceeding with the plan."
The government cares for all workers including those in the private sector. We want to create a system suitable to all who work from now so that when they retire they will get pension for the rest of their lives," he said.
Replying to M. Kulasegaran (DAP-Ipoh Barat) on the retirement age of private sector employees, he said the Employment Act gave employers the freedom to determine the retirement age of their employees.
It was reported in January that the Cabinet had instructed the Human Resources Ministry to prepare a working paper on a private sector pension scheme and hand it over to the Finance Ministry for implementation.-- BERNAMA

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