​The National Pension Scheme, SPK established on 15th July 2023 allows members, age 40 and above, to withdraw up to 50 per cent of their account balance to buy, build, repair or renovate a house.

As one of the measures to ensure that home renovation works are being conducted by contractors, the TAP Enforcement Unit has made random inspections on several construction and home renovation projects in Kampung Salambigar, RPN Kampung Mengkubau and Kampung Mentiri. Such visits will be carried out more often as part of TAP's process to assist its members in meeting the objective of the SPK Housing Fund Scheme withdrawal. TAP advised its members to be wary of companies or contractors that do not carry out their constructions works or offering cash withdrawal service to members by accepting commissions for such services. Housing fund scheme withdrawal, other than for housing purposes, can affect the members when they need additional financial resources for their homes in the future.

Forgery of documents by companies and contractors, such as providing contracts or documents for the purpose of obtaining approval for the withdrawal without any actual construction, purchase or renovation of the house are regarded as violations. If found guilty, the company or contractor may be subjected to penalties under Section 35 of the National Retirement Scheme Order 2023 for not using the relevant housing withdrawal payments. A fine of up to $3,000 for the first offence and $10,000 fine for the subsequent offences will be imposed. Complete information on SPK is available at TAP's website or Facebook and Instagram official account.

For more information, contact TAP Call Centre at 272 2929 during office hours or through e-mail: '[email protected]'.

Source:
RTB NEWS

by RTB NEWS

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