Employers' Responsibilities

Contribution

Learn more about the mandated Employers' contribution responsibilities towards contributing to the welfare of their Employees' retirement. 

Prescribed Contribution Rates for Employer

Salary Group

Employer contribution rate

$500.00 and below

Set at $57.50

$500.01 - $1,500.00

10.5% (min $57.50)

$1,500.01 - $2,800.00

9.5%

$2,800.01 and above

8.5%

Example of contribution amount for Employer and Employee:

Example salary

$400.00

  • Employee's contribution (8.5%):
  • $400.00 x 8.5% = $34.00
  • Employer's contribution minimum:
  • $57.50

Example salary

$1,000.00

  • Employee's contribution (8.5%):
  • $1,000.00 x 8.5% = $85.00
  • Employer's contribution (10.5%):
  • $1,000.00 x 10.5% = $105.00

Example salary

$2,500.00

  • Employee's contribution (8.5%):
  • $2,500.00 x 8.5% = $212.50
  • Employer's contribution (9.5%):
  • $2,500.00 x 9.5% = $237.50

Example salary

$3,000.00

  • Employee's contribution (8.5%):
  • $3,000.00 x 8.5% = $255.00
  • Employer's contribution (8.5%):
  • $3,000.00 x 8.5% = $255.00

Note:

  1. The SPK contribution rate is rounded to two decimal points.

  2. There is no longer a maximum mandatory contribution cap for SPK. The contribution is based on the full amount according to the prescribed rates for Employees and Employers, with a minimum contribution of $57.50 for Employers.

  3. For Employees deferring to join SPK, the contribution rate will be adjusted according to the SPK contribution rate, which is 8.5% of the Employee's salary without a minimum or maximum contribution limit.

  4. Employer will contribute in accordance to rates stated in the above table and the amount of contribution will be distributed 5% to Employee’s TAP Account and the remaining balance to Employee’s SCP Account.


Definition of Wages and Deductible Remunerations

Remuneration in money due to an Employee for the work done.


Basic salary

For Employee who does not have basic salary or any remuneration receive based on work done,

such as

Commission, Allowance or

Apprentice Allowance

Non-deductible Remunerations


• Backdated Increment

• Acting Allowance

• Special Allowance

• Living Allowance

• Overtime Allowance

• Housing Allowance

• Medical Allowance

• Amenities Allowance

• Travelling Allowance

• Payment for supply of any food, fuel, light and water

• Gratuity Payment (Baksis)

• Service Charge

• Retrenchment, lay off or termination benefit

• Unexpected expenses by the type of employment

• Contribution Payment to a pension fund or provident fund

Should the remuneration is not listed above, you may email the details of the remuneration via enforcement@tap.com.bn.


Voluntary Contribution


Both Employer and Employee may contribute more into the scheme voluntarily apart from the mandatory contribution. The additional contribution from Employer will be credited into the SPK Member Account which member can withdraw before retirement.


For voluntary contribution made by Employer for the Members who deferred joining SPK, the voluntary contribution will go to SCP account automatically. The balance in the SCP account will be transferred to SPK Retirement Account for retirement purpose when Member is converted to SPK after the withdrawal of TAP account at 55 years old.