The Financial Planning roadshow and TAP’s Act Awareness are series

of program organised by ‘Employees Trust Fund (TAP), Brunei’ which

are part of its continuous effort to educate the public about the role

of TAP, the importance of proper planning and management of

finances (e.g savings and investments) and ultimately towards a long

term goal of increasing the savings rate in the country .

It is aimed at providing the public

(both employers and employees) on

the awareness of the TAP’s Act and

realisations on the importance of

financial planning.

This is also to support His Majesty’s

Titah which touched on the

importance of financial planning.

11) Financial Planning Roadshow) Financial Planning Roadshow

It was first launched on March 31, 2005.

Most of these talks were held in collaboration with established

financial institutions like banks and insurance companies, where

they gave insightful talks on Financial Planning to the officers and

staff of government departments and ministries. It was then

extended to students in technical education and higher education

institutions.

:Vision:Vision

“To promote the achieving of comfortable life for everybody and to becoming Financially Independently through the principles of Financial Planning.”

:Mission:Mission

“To enhance the basic financial literacy and to help them take responsibilities of their own finances. To help them be less dependent on others for their financial needs”

:Objectives:Objectives

2) To improve the level of financial literacy of individuals.

3) To enlighten and promote financial planning knowledge to the general public.

4) To support the strategic plan of the Ministry of Finance under the line of ‘ensuring social security of the worker during retirement’

5) To educate public on being less reliance on government or other financial institutions.

The talk covers 3 different topics:

2) On TAP’s roles as an institution that will be able to facilitate the

employees in their future in terms of proper planning of

retirement fund for their own benefit.

3) Then followed by the importance of individual’s mindset towards

the idea of financial planning as well as providing tips on how to

properly control debts, expenditure, safe investments and

savings in a more discipline way.

4) Thirdly, on raising awareness among Muslims TAP members on

the obligations of “zakat” (alms-giving).

Future Plan Future Plan

As it has been TAP’s aspiration in consistently nurturing savings

culture as well as emphasizing awareness on financial planning

particularly in promoting financial literacy among students.

Consequently, in that aspect TAP is currently in the view with the

Ministry of Education in introducing curriculum mandates requiring

high schools to include elements of financial planning education

such as savings, investments and retirement planning.

2)2) TAP Act Awareness Seminar TAP Act Awareness Seminar

The first seminar was launched on September 10, 2007, where it is

part of Compliance Department’s initiatives in organizing such

talks which emphasize on the importance of complying “TAP’s Act

1992 (Cap.167)”. The seminars are also jointly supported by

representative from Attorney’s General Chambers office as well as

from Labour Department.

It plays a major role in disseminating information and create

awareness targeted to private sectors employers as well as to the

public about:

a) Functions of Employee Trust Fund;

b) TAP’s Act Rules and Regulations;

c) Roles and Responsibilities of employers towards employees in

line with TAP’s Act;

d) Effect of not complying TAP’s Act;

a) Ensuring employers comply with the current TAP’s Act and

also at any time new amendments made;

b) Increase registration of ‘Employers’ and ‘Employees’ to TAP;

c) His Majesty’s Titah on TAP’s Act; and

d) Labour Act.

This is also to compliment with the mission and vision of TAP in the

context of helping members in optimising their savings in

preparation of their retirement.

These seminars are also followed by industrial visits to employers’

business premises conducted by TAP’s Compliance Enforcement

team to inspect whether employers are complying with TAP’s Act

rules and regulations.

During the industrial visits, inspection of the following will be

carried out:

1) Employer registration

2) Employee registration

3) Contribution payment to TAP

Both employers and employees will also be briefed about their roles

and responsibilities in ensuring all matters are up to date either in

terms of information updates or payment of contribution in line

with TAP’s Act.

:Outcome :Outcome

Surveys demonstrated that these roadshows and seminar approach have made several positive effects :

1) Public start to raise questions and issues about investment and financial planning.

2) Demands for financial planning talks has gradually increase especially from schools and Government department and ministries.

3) Public are now more aware of the importance of TAP for their future retirement.

4) Increase in numbers of Employers and Employees registration with TAP.

Employees registration with ETF

230 215

302 283

197 220

289

176

323

454 437

0

100

200

300

400

500

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

No. of Employees Registered

Industrial visits

TAP Act Awareness Seminar

Employers Registration with ETF

9

14

20

128

3033

10

33

24

40

051015202530354045

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

No. of Employers registered

Industrial visits

TAP Act Awareness Seminar

ConclusionConclusion

The talks have been well-received by the public from these series of

roadshows especially amongst students and government staff.

Investing early in a better understanding of financial planning helps

to save much for the their future.

On the other hand, the TAP Act Awareness has also help to ease TAP

Enforcement team in terms of settlement of contribution arrears as

well as action against default employers.