Voluntary Pension Fund

 Members of voluntary pension funds pay contributions into their individual accounts, which are invested by the fund manager, allowing their savings to grow until retirement.

Voluntary pension fund contributions can be paid not only by employees but also by employers. Why is it worthwhile for you, as a business leader, to support your employees in building their own financial security for retirement?

• You can help ensure your employees’ financial security in retirement, while also earning their appreciation and strengthening their loyalty to the company.
• You can provide additional support to your older employees! Pension fund contributions must be made at the same amount or proportion for all employees; however, higher contributions may be made for employees who are due to retire within 15 years.
• Contributions paid for your employees can be accounted for as a business expense up to 50% of the current monthly minimum wage, while they are not considered taxable income for the employee.
• You can also make one-time contributions as a bonus or reward.
• It can also be provided as a cafeteria benefit with a favourable tax rate of 37.5%