News: 01/07/2008

 News Links

  News hour

The Employees Trust Fund's dividend has increased from 10-million dollars in 1993, to 1.2 billion dollars in March this year. The positive development is a milestone and is attributed to the effective efforts by the government in introducing the social security scheme. The Second Minister of Finance, Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Haji Abdul Rahman was speaking at a gathering  marking the 15th anniversary of the Employees Trust Fund, or TAP for short, in Gadong.  He elaborated that the scheme encourages social security for employees on retirement and as such the Employees Trust Fund will relentlessly ensure that employers adhere to regulations by paying a certain amount of money to the fund for the benefit of their employees. The Yang Berhormat also stressed that unlike savings, accumulated TAP fund will only be available upon retirement.  Subsequently, Yang Berhormat also lunched the Finance Management Campaign for primary schools throughout the country in encouraging children to save money.  

During the 15 years of its inception, the Employees Trust Fund or TAP  has extended its role in providing social security. Its long term programme runs parallel with current requirements.  Over the mentioned period TAP has been actively engaged implementing successful projects in terms of equipments and skill as well as customer service. Overall, TAP offers facilities and ease of service to all its members, employers and the public. TAP's achievements amongst other things included computerized accounting system in 1998.  In 2001, TAP introduced a machine Kiosks,  e-Info TAP capable of identifying details of personal through identity cards or smart cards. Through this service, the public could access information relating to TAP including their personal information in regard to   amount of deposit and dividend rates.  The introduction of the Kiosks has received recognition at the "ASEAN Social Security Asociation-ASSA Meeting held in Ho Chi Minh City, Vietnam in 2002.  

In structural development,  TAP has a number of Internal Audit Units as well as Investment Units.  TAP also enforced a series of measures that include visits to commercial premises, briefings to employers on the Act and Regulations of TAP and  organized Road shows on its  Financial Planning.  TAP also has plans to work together with Banks in the country aimed at introducing payment of deposits through TAP's bank counters soon.  In its long term planning, TAP plans to educate and raise awareness on the importance of financial planning. TAP also works in tandem with the Ministry of Education through the Curriculum Development Department to include Financial Education in the curriculum taught formally in schools starting from primary up to secondary levels..................[More News]