Retirement Planning Behaviour of Working Individuals and Legal Proposition for New Pension System in Malaysia

Hassan, Kamal Halili; Rahim, Rohani Abdul; Ahmad, Fariza; Zainuddin, Tengku Noor Azira Tengku; Merican, Rooshida Rahim; Bahari, Siti Kholijah

doi:10.5539/jpl.v9n4p43

Cited by 23 publications

(34 citation statements)

References 7 publications

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“…The manager has to consider a few factors during the distribution of rewards, such as their contribution and status. The employee's contribution to a particular task (Hassan & Mojtaba, 2016;Frohlich et al, 2018;Edmundson, 2020) and the status of the employee are the key determinants for the compensation and rewards for the employee (Kappel, 2018;Pepper, 2019;Hockett, 2019). Many people missed when it comes to distributive justice because of the task's duration (Hancock et al, 2018).…”

Section: Organisational Justice and Turnovermentioning

confidence: 99%

“…Many people missed when it comes to distributive justice because of the task's duration (Hancock et al, 2018). The duration of time has to be realistic and reasonable (Usmani, 2016;Arif, 2018 (Hassan & Mojtaba, 2016;Kappel, 2018). It is similar to instructions and demonstrations on handling a particular task (Grondelle, 2018;Pepper, 2019).…”

Section: Organisational Justice and Turnovermentioning

confidence: 99%

See 1 more Smart Citation

Organisation Justice Towards’ Employees Voluntary Turnover: A Perspective of SMEs in Malaysia

Chong¹,

Hussain²,

Ahmad³

et al. 2021

IJHRS

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Turnover of employees has gained the attention of organisations due to the impact of human resources on organisation performance and competitive advantage. This dilemma leads the management to struggle to find ways and retain employees. To attract, organisations use the "pull factors" to entice employees to perform better in the organisation. This study was conducted to investigate the relationship between the three dimensions of organisational justice: distributive, procedural and interactional justice towards voluntary turnover. This was an explanatory study that used a quantitative research design. Through a survey method, data was collected from a total of 115 respondents. The findings revealed that there was a significant relationship between employee turnover, distributive justice, procedural justice, and interactional justice. However, interactional justice had the strongest impact. This study also unearthed that attractive compensation is not the only method for the management to retain talent in organisations. Organisational justice plays an essential role in the retention of employees. These results will provide a better understanding of supervisors and human resource professionals with additional insights into the impact of organisational justice on employees' turnover. This study indicates that organisations' interactional justice practised is considered a central factor for employee retention. Although prior research has investigated a number of these issues, this study was the first to focus on employees in Small and Medium Enterprises in Malaysia.

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Section: Organisational Justice and Turnovermentioning

confidence: 99%

Section: Organisational Justice and Turnovermentioning

confidence: 99%

Organisation Justice Towards’ Employees Voluntary Turnover: A Perspective of SMEs in Malaysia

Chong¹,

Hussain²,

Ahmad³

et al. 2021

IJHRS

View full text Add to dashboard Cite

show abstract

“…The researcher observed that the existing body of knowledge developed through organizational research indicate that preparations for retirement is influenced by psychological factor, such as educational attainment. Meanwhile, psychological factors such as financial literacy and employer education were associated with a person having a retirement savings program (Hassan et al, 2016). Hence, it is hypothesized that psychological process positively influences planning to retirement.…”

Section: Relationship Between Psychological Process and Retirement Planningmentioning

confidence: 99%

“…Nevertheless, in the previous studies inconsistent findings of the variables was found in influencing the retirement planning and there is a gap as there is almost non-existing empirical research on retirement planning among energy industry employees in Malaysia (Aziam, Siti, Ainiza, Rohayah, & Nor, 2017;Faezah & Talib, 2014;Hassan et al, 2016;Noar, 2017;Shanmugam & Zainal Abidin, 2013;Wata, Kamau, & Bett, 2015;Zazili et al, 2017). As such, this study aims to fill the literature gap by exploring a more comprehensive range of factors concurrently and will focus on identifying the determinants of retirement planning in Malaysian energy industry.…”

Section: Introductionmentioning

confidence: 99%

Psychological Process, Social and Environmental Influence on Retirement Planning: Malaysian Energy Industry Perspective

Jais

Asokumar

2020

Management &Amp; Marketing. Challenges for the Knowledge Society

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AbstractMalaysia currently begins to follow the global trends of an ageing population and expected to be an aged nation by 2040. Due to the unprecedented demographic patterns, ageing population coupled with longer longevity has posed a challenge, as most of the working individuals are still unprepared and not ready to face retirement because of poor planning for their golden years. Similarly, there is a growing aging workforce in the Malaysian energy industry that begets attention for retirement planning. Lack of adequate planning can be an obstacle to achieve a desired retirement life. Therefore, this study examined the determinants (i.e. psychological process, social influence and environmental influence) of employees’ retirement planning in the Malaysian energy industry. This study used a life-course, ecological theory to illustrate the relations between the constructs and retirement planning. This study relied on quantitative approach. A total of 171 questionnaires were collected from employees of the energy industry and were analysed using Partial Least Square Structural Equation Modelling (PLS-SEM) to test the proposed hypotheses. The results indicated that the psychological process, social influence and environmental influence have a positive association towards employees’ retirement planning in Malaysian energy industry. This study will also highlight some suggestions for improvement to encourage the employees to start saving early to achieve a sustainable quality retired life.

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“…Attitudes toward retirement are the important factor that influences retirement planning behavior and people tend to have a good planning for their retirement (Hassan et al, 2016;Moorthy et al, 2012). Mutran, Reitzes, and Fernandez (1997), found that those employees who were more active in their retirement planning were more positive in their attitudes toward retirement.…”

Section: Attitudes Towards Retirement and Retirement Planning Behaviormentioning

confidence: 99%

A Conceptual Review on the Effect of Attitudes towards Retirement on Saving Intentions and Retirement Planning Behavior

Rameli

Marimuthu

2018

SHS Web Conf.

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Retirement planning has been the major concern for many years and is becoming an increasingly prominent issue faced by people nowadays. Retirement planning behavior is defined as people’s behavior towards their retirement planning. Therefore, attitudes toward retirement might lead to the formation of saving intentions to perform the retirement planning behavior. Past studies have indicated that planning has impacted on the saving behavior as well as to the portfolio choice. It is further emphasized that those planners who have retirement planning arrive close to retirement have a high level of wealth and show higher financial literacy than non-planners. The necessity of individuals to increase retirement savings had over a wide promoted, however, the understanding on individual motivation towards savings at higher rates still remains sparse. For those employees who are willing to retire from work, they should have enough savings to cover their needs during retirement. Unfortunately, findings from previous study showed that many people do not start to prepare and save for their retirement till very late in life-cycle, and do not manage to have adequate savings for their retirement. As a contribution to the literature, the present paper theoretically conceptualizes specifically only on the role of savings intention as a mediator between attitudes toward retirement and retirement planning behavior. Drawing on the theory of planned behavior, it is suggested that the behavioral intention is the closest predictor of behavior. Hence, the stronger the intention to perform a behavior, the greater the probability that the behavior should occur. The recommendations for future studies are proposed.

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Retirement Planning Behaviour of Working Individuals and Legal Proposition for New Pension System in Malaysia

Cited by 23 publications

References 7 publications

Organisation Justice Towards’ Employees Voluntary Turnover: A Perspective of SMEs in Malaysia

Organisation Justice Towards’ Employees Voluntary Turnover: A Perspective of SMEs in Malaysia

Psychological Process, Social and Environmental Influence on Retirement Planning: Malaysian Energy Industry Perspective

A Conceptual Review on the Effect of Attitudes towards Retirement on Saving Intentions and Retirement Planning Behavior

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