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Deposit Administration SchemeThis will consist of a fund set up by annual contributions based on a given percentage of employees’ annual salary. The contributions will constitute the fund that will be invested by the Company at an annual guaranteed rate of interest. The cumulated fund, which is made up of annual contributions and accrued interests, will be used to pay retirements, redundancy and other related benefits to members who are entitled to such benefits under the scheme as payments of such benefits fall due. The percentage of employees salary (or of total emoluments) to be contributed is to be decided by the employer but this should be within 5% - 25%. One of the important factors to be considered in fixing the rate of contribution is the amount of benefit, both future and past, that will be paid. In this regard, we propose for a start, a rate of contribution ranging from 10% to 15% of employees basic (or total emoluments) annually into Deposit Administration Fund. |
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