(Bandar Seri Begawan, 4th) According to a press release from the Employees Trust Fund (TAP), IS Amusement Park was fined for failing to pay mandatory employee contributions as required under the Employees Trust Act (Tabung Amanah Pekerja, TAP).
The owner of the amusement park admitted to failing to comply with the TAP scheme and the Supplemental Contributions Pension Trust (SCP) scheme, as stipulated under Section 23 of the Employees Trust Act (Chapter 167) and Section 26 of the Supplemental Contributions Pension Trust Act (Chapter 276).
The Bandar Seri Begawan court imposed a fine of $1,600 on the company and ordered it to pay $10,393.71 to TAP. Authorities warned that if the company fails to pay on time, a writ of execution will be issued against it.
The Employees Trust Fund bureau reminded all employers that violations of the Employees Trust Act and the National Retirement Scheme Act (Chapter 273) are punishable by a maximum fine of $3,000 for first-time offenders, and up to $10,000 for repeat offenders.
The bureau urges employers to pay employee funds by the 15th of the following month to avoid penalties, including loss of dividends and service fees.
The owner of the amusement park admitted to failing to comply with the TAP scheme and the Supplemental Contributions Pension Trust (SCP) scheme, as stipulated under Section 23 of the Employees Trust Act (Chapter 167) and Section 26 of the Supplemental Contributions Pension Trust Act (Chapter 276).
The Bandar Seri Begawan court imposed a fine of $1,600 on the company and ordered it to pay $10,393.71 to TAP. Authorities warned that if the company fails to pay on time, a writ of execution will be issued against it.
The Employees Trust Fund bureau reminded all employers that violations of the Employees Trust Act and the National Retirement Scheme Act (Chapter 273) are punishable by a maximum fine of $3,000 for first-time offenders, and up to $10,000 for repeat offenders.
The bureau urges employers to pay employee funds by the 15th of the following month to avoid penalties, including loss of dividends and service fees.