Employees Provident Fund: Adequacy of Retirement Income Provision | Chapter 10 | Current Perspective to Economics and Management Vol. 1
Aims: Delve further into
the Malaysia’s Employees Provident Fund (EPF) scheme by exploring the
perceptions of 300 retirees and prospective retirees on the adequacy of incomes
in retirement provided by the current EPF system.
Methodology: By employing
the logistic model, the perceptions of 250 retirees and 50 currently working
employees, were evaluated as part of the overall assessment on the strategic
pathway of the EPF system towards becoming a reliable provider of financial
security for elderly workers.
Results: The study
obtained relatively similar results regarding key factors of retirement income
adequacy for retirees and prospective retirees. Key factors namely the number
of dependent persons, average non-EPF savings, housing loan, car loan and
medical expenses are found to be negatively related to retirement income
adequacy.
Conclusion: Therefore,
necessary improvements on the current EPF scheme need to be implemented so that
the provision of accumulated financial resources for both retirees and
prospective retirees aimed at ascertaining appropriate adequacy levels of
retirement incomes can be monitored in a timely manner.
Author(s) Details
Profesor Dr. Sallahuddin Hassan
School of Economics, Finance and Banking, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia.
School of Economics, Finance and Banking, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia.
Zalila Othman
School of Economics, Finance and Banking, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia.
School of Economics, Finance and Banking, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia.
Wan Zahrah Wan Din
School Of Economics, Finance And Banking, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia.
School Of Economics, Finance And Banking, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia.
Read full article: http://bp.bookpi.org/index.php/bpi/catalog/view/26/82/174-1
View Volume: https://doi.org/10.9734/bpi/cpem/v1
View Volume: https://doi.org/10.9734/bpi/cpem/v1
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