Pensions Law Of Malaysia (As At 20th July 2013)
Pensions Law Of Malaysia
(As At 20th July 2013)
Details Contents Of Pensions Law Of Malaysia (As At 20th July 2013) :
The Pensions Law of Malaysia governs the retirement benefits of civil servants in the country. The law was last updated on 20th July 2013 and is officially known as the Pensions Act 1980 (Act 227).
Here are some of the key provisions of the Pensions Law of Malaysia:
Eligibility: The Pensions Law covers civil servants who are employed by the federal or state government, as well as employees of local authorities, statutory bodies, and government-owned companies.
Pension scheme: The Pensions Law establishes a contributory pension scheme for civil servants. Employees are required to contribute a certain percentage of their salary towards their pension, while the government also contributes a matching amount.
Pensionable age: The normal retirement age for civil servants is 60 years old, but employees may opt to retire earlier at the age of 55 or later at the age of 65.
Pension benefits: Upon retirement, civil servants are entitled to a pension based on their length of service and the average of their last 12 months’ salary. The pension amount is calculated as a percentage of the employee's final salary and varies based on the length of service.
Death benefits: If a civil servant dies while in service, their spouse, children, or nominated beneficiary may be eligible for a death benefit. The amount of the death benefit varies based on the length of service and salary of the deceased employee.
Disability benefits: If a civil servant becomes permanently disabled while in service, they may be eligible for a disability pension. The amount of the disability pension is based on the employee's length of service and the average of their last 12 months' salary.
Withdrawal of contributions: Civil servants may withdraw their contributions to the pension scheme if they leave government service before reaching the pensionable age. However, they will not be entitled to any pension benefits.
Transfers: Civil servants who move from one government agency to another may transfer their pension contributions to the new agency.
Overall, the Pensions Law of Malaysia provides retirement benefits and financial security for civil servants who have devoted their careers to serving the country.
Find more statutes like Pensions Law Of Malaysia: Statutes