Pension Plan / Retirement Overview
If you fall in the ages of 18-60, inclusively, Then it is vital that you have a pension plan.
Eligibility:
In addition to the above, a self-employed person is also eligible for this pension plan.
If you are employed to do housework for private residents, then you do not qualify for this pension plan.
Contribution Levels
5% Employee. %5 Employer.
Withdrawal of Mandatory Funds
Permitted if account value is equal or less than $5,000 USD.
Withdrawal of Voluntary Funds
Not allowed while in service.
Portability of Benefits
Most definitely, yes!
Please note that for Legal Requirements, mandatory registration for any pension plan with National Pensions Office (NPO) and subsequent annual filing is required.