Payment methods for SCP scheme announced

THE SCP (Supplemental Contributory Pension) Unit through the Employees Trust Fund (TAP) has announced that registered employers can make payments for the SCP scheme at any of TAP counters in its respective branches.

These include the TAP headquarters in the Ministry of Finance building as well as its branches in Yayasan Sultan Haji Hassanal Bolkiah shopping complex in the capital, the Kuala Belait branch, Tutong branch and Temburong branch.

With regards to registration for the SCP, TAP said in its press statement yesterday that its existing members who have registered with TAP up until the SCP was enforced on January 1 this year will automatically be registered to the SCP scheme.

Meanwhile, for those who have only started working on or after January 1, 2010, employers are required to register them to TAP and SCP simultaneously.

Employers will need to fill in and submit the registration form SCP 01, whereas they will have to use the SCP 03 form to register their employees to the scheme.

"Letter of notices will be sent out to employers registered with SCP, which will include the employers' and employees' SCP account information. However, employers are also advised to visit any of the TAP branches to get a copy of the letter if they have not received it yet," the statement said.

The minimum monthly contribution for the SCP is 3.5 per cent of the employee's wage, while the employer is also required to contribute an additional 3.5 per cent.

Payments can be made by cash, cheque or cashier order, and can only be made at TAP counters.

The deadline to submit the contributions is on the 15th day of the succeeding month. For example, February 2010 contributions should be paid no later than March 15, 2010.

"Calculation of contributions need not be rounded up to the nearest dollar. However, to ease the calculation of contribution, employers (with the consent of employees) are allowed to round up the contributions to the nearest dollar," it was stated.

Both registration and payment forms can be obtained from any TAP counter. Should the public have further queries on the SCP scheme, they can visit any TAP counter, or contact the TAP Call Centre at 2382800 or visit www.mof.gov.bn.

The Brunei Times