Project Description

Conditions for Old age pension:

  1. Contributed to the Fund for the period not less than 180 months and
  2. Attained retirement age
  3. Compulsory at the age of 60 years or
  4. Voluntarily, any time upon attaining the age of 55

Old age pensions calculations

  1. For the member who joined the former scheme before 1st July 2014 and at the date of 1st August 2018 has attained the voluntary retirement age shall be paid into two formulas as follows:-
    1. 1/580 X MOS X APE X 12.5/4 and monthly pension of 1/580 X MOS X APE x0.75 /12
    2. 1/580 X MOS X APE X 12.5/4 and monthly pension of 1/580 X MOS X APE x0.75 /12
  1. Pension shall commence on the month following the month the member ceased to receive salary
  2. Pensions shall be indexed after every 3 years according to inflation rate as follows:-
    1. 50% if inflation rate range from 1% to 10%
    2. 5% if inflation rate is above 10%
    3. No indexation if inflation rate is below 1%
  1. For a member who opt for early retirement reduction factor of 0.3% shall be applied on a monthly pension
  2. Minimum pension shall not be less than 40% sect oral minimum wage