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Savings for Retirement in the Employees Provident Fund (EPF): A Profile of Contributors and Their Views towards the EPF Scheme | Chapter 05 | Current Perspective to Economics and Management Vol. 2

Aim: The objectives of this explanatory study are to investigate the demographic profile of EPF contributors; current and past employees and analyse their views on Malaysia’s EPF scheme related to the social aspects.


Methodology: In this study, primary data were collected using a self-reported survey. A quantitative method and a snowball sampling procedure were employed resulting in a total sample of 300 respondents comprising both current and past employees.

Results: Among others, this study reveals that there are greater tendencies by employees to overuse various available pre-retirement withdrawals not specifically meant for retirement purposes during the period of employment.

Conclusion: A large number of past employees and an increasing number of current employees, who utilised different types of pre-retirement withdrawals of EPF scheme, respectively, are found to be exposed to the risk of not having adequate income at retirement. Therefore, the government and policymakers are recommended to increase the eligibility requirement for making pre-retirement withdrawals on employees as well as putting in place the necessary supervisions so that the pressing issue of the fast depletion of funds available at retirement can be mitigated.

Author(s) Details

Profesor Dr. Sallahuddin hassan        
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.

Mohamad Syafiqi Hashim
School of Economics, Finance and Banking, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia.

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