NATIONAL PENSION & PROVIDENT FUND PLAN IN BHUTAN. National Pension & Provident Fund
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1 NATIONAL PENSION & PROVIDENT FUND PLAN IN BHUTAN 1
2 NATIONAL PENSION AND PROVIDENT FUND PLAN IN BHUTAN Ugyen Tshewang Thimphu: Bhutan Asia-Pacific Regional INPRS Meeting: Country Report Hyderabad, May 28,
3 Retirement incomes prior to July 1, 2002! Informal (Extended/Joint Family) Systems! Formal provisions limited to:! Gratuity Scheme (est. in 1962);! Government Employees Provident Fund Scheme (1976).! Both schemes provide only lump sum benefits on retirement 3
4 Only Lump sum payments: Implications on retirement income! Empirical evidences showed lump sum benefits:! Inadequate instruments; Relatively low amounts; Depend on family income. 4
5 Initiatives on the Retirement Scheme! In 1998 the Royal Government commissioned United Nation Development Programme studies to review the post-retirement schemes. The study recommended a multi-pillar retirement scheme! The Royal Government restructured the GEPF Scheme and institutionalised the National Pension and Provident Fund in March
6 National Pension and Provident Fund Plan! Restructured the Government Employees Provident Fund Scheme as the National Pension and Provident Fund Plan in two tiers: National Pension Plan as Tier 1 Provident Fund as Tier 2 6
7 ! The GEPF Scheme covers over 30,000 employees from public sectors including the military! The NPPFP covers all GEPF members Coverage 7
8 Contributions! Members were contributing 8-10% of the basic salary (monthly) with matching contributions from the employers to the GEPF Scheme! Members participate contributing same contributions to the NPPFP 8
9 Crediting of contributions! Out of 16-20% contributions, 10% credited to the Tier 1 Fund! Balance contributions credited to the individual Tier 2 account 9
10 Retirement incomes after July 1, 2002! Lump sum payments: " Gratuity (as usual) " Portion of Provident Fund! Annuity payments: " Pension 10
11 Tier 1 Benefits! Tier 1 covers six types of pension benefits: #Member monthly pension #Permanent disability #Surviving spouse #Surviving children #Orphan #Dependent parent 11
12 Qualifying conditions for pension! Saving period: # Minimum of 10 years and 120 months contributions! Retired from service: # attaining minimum civil service retirement age (56) 12
13 Computation of pension Member pension = TPP * 60% * ACSSI Full working period Where: 1. TPP is total pension points 2. ACSSI is average civil service salary index (index is lagged by one year index) 3. Full working period is taken 30 years at present 13
14 Features of the pension plan Features of the pension plan! Maximum pension is twice the ACSSI! Minimum pension is 30% of ACSSI! Early retirement pension allowed 5 years prior to attaining minimum civil service retirement age! Pension is portable! Pension is indexed to ACSSI! Refund Tier 1 account for saving period less than 10 years and 120 months contributions 14
15 Tier 2 Benefits! Payable lump sum of accumulated contributions along with returns credited to individual Tier 2 account upon exit from employment! In case of death, lump sum payable to the nominees! Allow early withdrawals for construction /repairs of house/education of children 15
16 Perspective! Initially be focused only the Government Employees Provident Fund members! Extend coverage to other workforces to: " encourage cross mobility of labour forces " provide equitable incentives to private sectors, salaried employees! Bringing uniformity in social protection program in the country 16
17 Possible Reforms in Future " Increase of Retirement Age by 3 months per year until 65 years in 2038 instead of 2 months per year as provided for in the current regulations " Increase of Full Working Period by 3 months per year until becoming equal to the pension sustainable age minus 20 i.e.,45 years in 2062 instead of 2 months a year as given in the current regulations " Index pensions after retirement CPI or ACSSI whichever is lower " Increase of contributions to Tier 1 as given next: 17
18 Increase of contributions under Tier Year Current year Increase as a percentage of basic salary Employee Nil 0.5% 0.5% 0.5% 0.5% Employer Nil 0.5% 0.5% 0.5% 0.5% Total monthly contribution as a percentage of basic salary to (Tier I) 10% 11% 12% 13% 14% 18
19 19
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NATIONAL PENSION AND PROVIDENT FUND PLAN RULES AND REGULATIONS OF THE KINGDOM OF BHUTAN (Amended in 2010) Pension Rules and Regulations
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