Dear all,
As you might have noticed that a provident fund committee has been formed this year to improve the policy of MI provident fund, negotiate with the fund management company so as to bring more benefit to MI staff.
After several meetings and discussion with the fund management company, with approval of Dr. Watcharas, the executive director, on behalf of the committee, I am pleased to inform you that some changes have been made and some new articles have been added to the policy of MI provident fund. The revised provident fund policy will be put into effect from July 1, 2016 onward. Hereby please find the detailed revision of the MI provident fund as below
1. Changed Policy
1.1 MI staff are given more options to decide which percentage of monthly salary to be contributed to the provident fund.
· From July 2016, staff would be able to choose either 7%, or 10% or 14% of monthly salary as provident fund. MI staff are requested to inform HR about your decision for the contribution rate by June 15.
· After the confirmation, staff will be allowed to change their contribution rate once a year in every January. The change request must be sent to HR by every end of December.
1.2 MI staff are given the right to select their own investment models to get profit from the provident fund
· MI will no longer manage the provident fund investment on behalf of all MI staff.
· An expert from the provident fund management company will visit MI in the first week of June to introduce the investment models. The staff may discuss the detailed investment model with the fund administrators of the company. After select the investment model, staff will have two times of chances a year to change their models in January and July respectively.
2. New articles
2.1 For any staff who have served MI for three years and above, once they resign or retire from MI, they would be able to either withdraw the full amount of provident fund contributed by both staff and MI and its investment profits, or they could hold it for three months, counting from the date they leave MI, when the staff will still get the investment profit from the both side contributed provident fund.
2.2 The policy for three-months profit after resigning or retire will also apply to the staff who worked at MI for less than three years, but the profit will only come from the part contributed by the staff.
2.3 For staff who are a member of MI provident fund for 180 days and above, and at the age of 55 years old and above, they will be able to withdraw a flexible amount of provident fund after resign or retired. Staff could either request to receive the full amount of provident fund in one-time, or receive by installments. For this regard, staff can contact the fund administrator directly.
Should you have any questions or any clarification, please feel free to contact me any time.
Best regards
Phinyada
Chair person of committee