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Overview
The Private Pension System (PPS) is a voluntary savings system designed to provide individuals with additional income during their retirement. It encourages regular savings to help maintain one's standard of living during retirement.
Features
- Anyone enrolled in the PPS can retire after the age of 56, provided they have been in the system for at least 10 years.
- Individuals not covered by the social security system can also join the PPS.
- The government contributes 30% of the participant's paid premiums to their pension account. Participants cannot use the government's contribution for the first three years. They can use 15% after three years, 35% after six years, and 60% after ten years. The full contribution is available upon retirement.
- Non-taxpaying individuals, such as housewives and the unemployed, can also benefit from the government contribution.
- Employers can receive tax benefits for contributions made on behalf of participants within certain limits.
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