|Overview : |
Description of the assignment: Consultancy
Project Name: Feasibility Review of Superannuation Scheme in Malaysia
Project Code: MyRFP/2012/003
Expected date for commencement of Contract: 11 June 2012
Proposal should be submitted to United Nations Development Programme, Wisma UN, Kompleks Pejabat Damansara, Jalan Dungun, Damansara Heights, 50490 Kuala Lumpur, Malaysia.
Any request for clarification must be send in writing to firstname.lastname@example.org Please write the Project Code in your e-mail heading. The deadline for submitting clarifications/questions is 11 May 2012.
Please find the RFP doc attached.
Public sector pension scheme in Malaysia is a non-contributory scheme based on defined benefit, pay-as-you-go. It covers federal and state civil servant as well as Statutory and Local Authorities employee.
The benefit under this scheme comprising:
· lump-sum gratuity (7.5% x months of reckonable service x last drawn salary); and
· monthly pension (1/600 x months of reckonable service x last drawn salary), subject to the maximum of three fifths of his last drawn salary, with a different formula of monthly pension for retirement due to abolition of the office and reorganization of a department where the calculation is based on factor of 1/500 x months of reckonable service x last drawn salary.
There is also family pension scheme called a derivative benefit for widows/widower and children of the deceased. A number of countries around the world are currently reviewing their pension schemes and exploring the superannuation scheme approach to new entrants into the public service. The proposed new superannuation scheme is based on the defined benefit, contributory scheme where the retirement benefit’s formula will be enacted under the law, but it is funded by the contributions of both the Government and officers.
This project seeks to undertake a feasibility study on the superannuation scheme implementation in Malaysia for the new entrants. Further analysis particularly to determine the affordability of the proposal as well as the adequacy of proposed benefit will be undertaken in 2012.