Background on Pension Scheme and Need for Reform
This is the first of a four-part series on the proposed FNPF Pension reforms. Part 1 outlines the characteristics of the current FNPF Pension Scheme and why immediate action is needed. The other three parts will explain the challenges posed by the current scheme and proposed reform options to address these challenges.
The proposed reforms to the Fund are the most comprehensive undertaken since FNPF was established in 1966 to ensure workers saved for their financial security in retirement. Understandably, they have attracted a lot of attention.
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