Nay Pyi Taw--The second draft of General Provident Fund (GPF) Law for civil servants has been compiled. The ministry is in discussion with lower house parliament and the banks and monetary development committee, over the GPF, said Deputy Minister for Planning, Finance and Industry U Maung Maung Win.

The deputy minister replied to the question raised by Upper House MP U Soe Thein from Kayah Township Constituency-9, about a plan to set up General Provident Fund (GPF) which enables the civil servants to get savings when they retire or resign, at the session of the Upper House Parliament on 24 February.

The management committee of the Ministry of Planning, Finance and Industry approved the survey on the national pension system reform on 31, October, 2019. It was forwarded to the National Economic Coordination Committee (NECC) on 2 December, 2019 and to the President Office on 20, December, 2019. The ministry will proceed with it in accordance with the instructions. The first draft law covers 11 chapters and 59 sections. The teams are comprised of officials of the President Office, the Union Attorney-General Office, Union Civil Service Board, the Central Bank of Myanmar and other relevant departments compiled the second draft, he said.

Under that system, the staff and the government will equally contribute monthly fees to the fund. The system mainly aims to enable the staff to survive after their retirement.