Schedule 1

FIRST SCHEDULERegulation 12 Rates And Contributions For Retention AccountAnd Retirement Account

1. The amount specified in the second column must be credited to the Retention Account of a member of the 2001 Scheme who is an eligible junior officer at the intervals specified in the first column:First columnSecond columnLength of reckonable service in years or part thereofRetention Accountcontribution rateOn completion of 1 year of service, up to 6th year of service1 month of gross salaryOn completion of 7 years of service, up to 10th year of service1.5 month of gross salaryMore than 10 years but not beyond the member’s compulsory retirement ageNil except that a one time contribution of $3,700 will be made on 1st November 2001 for those who have more than 10 years service as at 1st November 2001.[S 403/2019 wef 01/05/2019][S 607/2023 wef 01/09/2023]2. The amount of contributions at the contribution rate specified in the second or third column (as the case may be) must be credited to the Retirement Account of a member of the 2001 Scheme subject to the length of the member’s reckonable service specified in the first column:[S 607/2023 wef 01/09/2023]First column Second column Third columnLength of reckonable service in years or part thereof Contribution rate for junior officers Contribution rate for senior officers(a)Less than 4 years Nil Nil(b)More than 4 years but less than 6 years 7.75% Nil(c)More than 6 years up to the member’s compulsory retirement age 7.75% 6%[S 403/2019 wef 01/05/2019]