Abstract:In most developed and developing nations individuals are actively being encouraged to save towards retirement via a plethora of savings mechanisms. In Malaysia, the reliance on individual savings through the Employees Provident Fund has costly implications for those in low paid, insecure employment, women and those working in the informal sector. Focussing on Malaysia, this paper seeks to present the pitfalls of such over reliance on the provident fund mechanism, which allows early access to savings and divert… Show more
“…The concept of balas-jasa (Yaacob 2000:72), which means 'repaying parents' for what they have done, has been a continuing basis of intergenerational transfers and an important source of old age income (Caraher 2003). A report from the Second Malaysian Family Life Survey (Haaga et.…”
“…The concept of balas-jasa (Yaacob 2000:72), which means 'repaying parents' for what they have done, has been a continuing basis of intergenerational transfers and an important source of old age income (Caraher 2003). A report from the Second Malaysian Family Life Survey (Haaga et.…”
“…Additionally, Croissant (2004) address the problems of an ageing society, increasing the need for care of older people, declining fertility rates and population growth, and the slow growth of the labour force. Caraher (2003b) and Martin (1989) also discussed the consequence of rapid urbanization and industrialization on the ability of a family to offer support to their susceptible family members. Financial awareness and literacy can also be a valid factor in enhancing retirement planning.…”
“…The lack of comprehensive social security system in most developing countries including Malaysia increases vulnerability of the elderly to poverty especially among older women and the self-employed (Caraher, 2003). Whereas in the United Kingdom, aged population is projected to increase rapidly and a significant minority of people of pensionable age fully depends on state-based financial assistance.…”
Section: Global Perspective On Causes Of Povertymentioning
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