Brunei introduces twice-a-month salary scheme for better spending planning
Source: XinhuaNet Time:2017-11-15 11:19:35
A twice-a-month payroll for government servants at Brunei's Prime Minister's Office (PMO) and the Ministry of Finance (MoF) will be introduced on a pilot basis in January 2018, the MoF said on Tuesday.
The ministry said in a statement that in the preliminary stage, the twice-a-month salary payment project is to be introduced at the PMO and the MoF, which is to enable the Treasury Department of MoF to evaluate and review feedbacks on the implementation of this program.
"The rationale behind the twice-a-month salary payment is to increase the effectiveness of cash flow management of officers and staff to finance their daily expenses, facilitate spending planning, help sustain commercial and economic activities in the country and make the domestic economy more resilient," an MoF official told Xinhua.
According to the MoF, for those who get monthly salary, net wages will be calculated after making all necessary deductions from the total salary and allowance. The net salary will be divided into two, whereby half of which will be paid in the middle of the month and the other half will be paid at the end of the month.
The implementation of this initiative will involve all officers and staff under the PMO and the MoF who hold permanent, contractual, monthly, open-vote and daily-paid status and whose salaries are disbursed through the Treasury Department.
The MoF also said the implementation of the twice-a-month payroll has been supported by financial institutions. These institutions will divide all the deductions for personal loans, mortgages, vehicle purchase loans and other loans to be deducted from the payroll.