2022 saw a record number of people leaving their jobs for opportunities elsewhere. Similarly, the National Pension and Provident Fund saw a significant increase in young members leaving the pension scheme. The 2022 data from the NPPF saw over 2000 members who contributed less than five years of service leave the pension scheme.
Over 3500 pension members left the pension scheme last year. Members with less than five years’ contribution make up more than 60 per cent of those who left the pension scheme.
Records with the NPPF show over the past five years, members with less than five years’ contribution consistently left in huge numbers. 2018 saw over 401 people leaving, more than 442 left in 2019, over 607 in 2020, and 572 in the year 2021.
Meanwhile, members leaving in the other age groups remained fairly constant.
Members with 20 years or more of contribution also make up the bulk of those leaving the pension scheme. Last year saw over 500 people with 20 years or more of contribution leave.
On the other hand, as of December last year, the NPPF has close to 69,000 active members. The number of active members is an increase of over 2000 from the previous year.
The NPPF received more than Nu 900 M in provident fund contribution from employers and members from July to December last year. The NPPF receives more than Nu 350 M a month in pension and PF from its members.
While pension paid to some 9300 pensioners account to over Nu 80 M.
Of the total active members, more than 40,000 are public servants and more than 13,000 are from the armed force. Similarly, there are more than 2,000 from the private sector.
Edited by Sherub Dorji