First law: 1955.
Current law: 1992 (employees' trust fund).
Type of program: Dual provident fund and universal old-age pension system.
Provident fund: Citizens and permanent residents employed under a service contract.
Exclusions: Security personnel, foreign workers, and employees older than age 55.
Universal old-age pension: Residents.
Prior to 1993, a special system for pensionable government employees.
Provident fund: 5% of monthly salary if the monthly salary exceeds B$80.
Universal old-age pension: None.
Provident fund: 5% of monthly payroll.
Universal old-age pension: None.
Provident fund: None.
Universal old-age pension: Total cost.
Provident fund: Age 55.
Early withdrawal: Age 50.
Drawdown payment: Fund members can draw down funds from their individual account for building or purchasing a house.
Universal old-age pension: 30 years of residence.
Disability benefit (provident fund): The fund member must be certified by a recognized physician as being physically or mentally incapacitated for employment.
Survivor benefit (provident fund): Paid to the next of kin.
Provident fund: A lump sum equal to the total employee and employer contributions, plus compound interest.
Early withdrawal: Insured persons may draw down 25% of accumulated assets.
Drawdown payment: The fund member may draw down up to 45% of accumulated assets in the individual account before age 50 for building or purchasing a house.
The full withdrawal of accumulated assets in the individual account is allowed if emigrating permanently.
Interest rate adjustment: Set by the government annually.
Universal old-age pension: A flat-rate amount.
Disability benefit (provident fund): A lump sum equal to total employee and employer contributions plus compound interest.
Interest rate adjustment: Set by the government annually.
Survivor benefit (provident fund): A lump sum equal to total employee and employer contributions plus compound interest.
Interest rate adjustment: Set by the government annually.
Employees' Trust Fund Board supervises the program.
Ministry of Finance is responsible for administration and financial matters.
Social Welfare Unit of the Ministry of Culture, Youth, and Sports administers welfare assistance benefits.
The government provides health care free of charge.
