Employers' Contribution

Member contribution rate remains unchanged at 8.5% from Member’s salary, without minimum or maximum amount.

Employer contribution rate can be viewed here.

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 Employer.

Contribution rates will be revised in accordance to SPK contribution rate of 8.5% with no capping. The contribution will go to the SPK Member Account and full withdrawal under this account can be made once Member reaches age 60 years old.

After the implementation of SPK in July 2023, 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. The contribution rate from the Employer will also be based on the Employee's salary range. However, for Employees between the ages of 50 and 59 who have not decided to participate in SPK, they will remain in the TAP scheme with a contribution rate of 5% for both employees and Employers. These Members will be automatically converted into SPK after they make their TAP 55 years old withdrawal (if they continue to work) following the SPK contribution rates.

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.

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

After Member withdrawn TAP 55 Years Old, it is consisting of Member and Employer contribution. After the Member is converted to SPK, this has effect to their SPK Annuity amount for their retirement. In order to earn the optimised SPK Annuity amount, Member has the option to top-up the Employer contribution that has been withdrawn.

However, top-up is not mandatory and Member will still receive better SPK Annuity during their retirement.

Yes. Complete contribution payment is to be done latest on the 15th of the preceding month.

Employer shall be liable to pay dividend loss charge and service charges incurred resulting from late submission of the contribution payment.