Employees are required to contribute 4.8% of their gross monthly salary. Employers contribute 15.8% of which 0.6% will cover the insurance premiums. As a result, the total pension investment is 20% of the pension base.
This is a defined contribution scheme. Within this scheme, the monthly contributions are set and invested to accrue a pension capital. Employees are not allowed to exchange a proportion of the pensionable pay for non-cash benefits.
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