What is SPK Member Account?
A Member Account is an account where all contributions made by the Member, as well as voluntary contributions from the Member and Employer, are credited.
Contribution Rate
8.5% of basic salary every month.
What is the definition of wages that is deductible for SPK?
Wages refer to the remuneration in money due to an Employee for work done. This includes, among other things, basic salary. For Employees who do not have a basic salary, it includes any remuneration received based on work done, such as allowances, apprentice allowances, commissions, or directors' fees.
What can you do with your contribution in SPK Member Account?
Based on withdrawal eligibility, members can make the following scheme withdrawals for pre-retirement purposes.
FAQ
Frequently Asked Questions
Under SPK scheme, contributions from both the Member and Employer are allocated as follows:
Member Account: The Member's mandatory contributions and any voluntary contributions from both the Member and the Employer are allocated to the Member Account. The Member's contributions are deducted from their basic salary and are considered their rightful savings.
Employee (You) Contribute 8.5% per month of your salary into your Member Account
Retirement Account: The Retirement Account consists of contributions from all Employers,including Self-Employed Members, as well as contributions from the Government and Government Match-Up contributions. The Retirement Account operates similarly to the government pension scheme and is funded by mandatory contributions from the Employer with additional Government assistance.
Employer Contribute according to the prescribed rate into Retirement Account
Amount of contribution will be based on basic salary only.
Contribution Calculation:
Contribution from Employee is $1,000.00 x 8.5% = $85.00 Your Member Account
Contribution from your Employer is $1,000.00 x 10.5% = $105.00 Retirement Account
Your wages will be based on your commission received since you do not have basic salary.
Contribution Calculation:
Contribution from Employee is $400.00 x 8.5% = $34.00 Your Member Account
Contribution from your Employer is $57.50 (the minimum contribution rate) Retirement Account
Types of remuneration NOT mandatory to be included as wages under SPK are as follows:
- Bonus
- Backdated Increment
- Acting Allowance
- Special Allowance
- Living Allowance
- Overtime Allowance
- Housing Allowance
- Medical Allowance
- Amenities Allowance
- Travelling Allowance
- Payment of supplies of any food, fuel, light and water
- Gratuity Payment
- Service Charge
- Retrenchment, lay off or termination benefit
- Unexpected expenses by the type of employment
- Contribution Payment to a pension fund or provident fund
If you are unsure regarding type of remuneration, you may send us an email via enforcement@tap.com.bn