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 gov...