Title of
Type of
Territory
measure
legislation/ scheme
Coverage
Source of funds
Qualifying conditions
Korea
(Republic of)| (Cont'd)
Benefits
Class 2
insured
person :
900 won (HK$9)
or more per month as determined
by Presiden- tial Decree.
Employer of Class 2 insured
person:
2-3% of Class 2 in sured
person's monthly earnings 23 determined by Presiden- tial Decree.
(Liability for payment rests with the Class 2 insured person).
For reduced old age pension:
Every insured person who has contributed more than 10 years but less than 20
years.
For invalidity pension:
Every person who has been insured for over one year.
(For survivor's pension:
it the death of the insured
(continued)
Xii) Supplementary amount to bu awarded on basis of spouse and hildren below age 18 (formula by Presidential Decroe).
(c) Reduced pension
45% of basic amount mentioned above plus 5% of basic amount for every year of contribution in excess of 10 years.
Invalidity pansion
Full, 50% or 30% of basic amount listed above plus. supplementary amount, depend- ing on extent of disablement
Survivor's pension
Besic amount of pension at
a rate prosented by Presidential Decrue within 50% of basic amount of
pension plus supplementary amount.
Note: Provisions exist for the
above benefits to be received in a lump sum.
Table 19
Administrativo organisation
Remarks
Malaysia
For old age and death:
Provident fund
For inva- lidity:
Social
insurance
Employees' Provident Fund Ordinance, 1951
All employee s irrespective of their carnings and their employers.
Insured
person:
About 6% of
earnings, according
to wage classes.
Employer:
About 7% of
payroll,
according
to wago classes.
For old ago grant:
Aged 55 & over and at retirement; or at any age if leaving the country for good.
For survivor grant:
At the death of the insured.
Old age grant:
Lump sum equivalent to the total contributions by the insured and employer, plus at lost 2.5% compound interest.
Survivor erant:
Same as old age grant; payable to nominated survivors or legal heirs.
Administered
by the Employ- cos' Provident Fund Board which
is composed of equal number of government officials, employee repre- sentatives and employer
representatives. Under the general suporvi- sion of the
Ministry of
Finance.
An employce is required
to contribute to both schemes. Special pension system for public employees.