Bandar Seri Begawan [Brunei], July 16: Brunei's Sultan Haji HassanalBolkiah 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.
Source: Xinhua