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Retirement Schemes, its Challenges and Ways of Reformation: A Cross-Border Study

Author

Listed:
  • Marhanum Che Mohd Salleh

    (International Islamic University Malaysia, Malaysia.)

  • Mohammad Abdul Matin Chowdhury

    (International Islamic University Malaysia, Malaysia.)

  • Siti Salwani Razali

    (International Islamic University Malaysia, Malaysia.)

  • Nan Nurhidayu Megat Laksana

    (International Islamic University Malaysia, Malaysia.)

Abstract

The number of aging population (age 65 years and above) is expected to increase and grow double digit by the 2030s (Employees? Provident Fund (EPF), 2015). This scenario implies that there should be enough effort and preparation done by an individual or government to face any difficulties especially with regards to financial stability of people on their golden age. In view of this issue, this research aims to study existing retirement/pension plan offered by different countries in the world and Malaysian pension system. This study also highlighted the issues and challenges faced by existing retirement system and ways of reformation. To achieve the said objective, this research is conducted qualitatively based on literature review and observation on existing retirement planning that offered by selected countries in the world. The findings of this study will enable policy makers and researchers to consider further development in regards to the reformation needed to the retirement plan.

Suggested Citation

  • Marhanum Che Mohd Salleh & Mohammad Abdul Matin Chowdhury & Siti Salwani Razali & Nan Nurhidayu Megat Laksana, 2020. "Retirement Schemes, its Challenges and Ways of Reformation: A Cross-Border Study," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 10(9), pages 507-520, September.
  • Handle: RePEc:asi:ijoass:2020:p:507-520
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    References listed on IDEAS

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