Comparative Analysis of Malaysian and Indonesian Retirement Plan
Main Article Content
Abstract
In Malaysia, the Employee Provident Fund (EPF) was established Under the Employees Provident Fund Act 1991 as a social security organisation that offers members trustworthy and efficient savings management and it is open to both personnel. In contrast, the Private Pension Administrator (PPA) developed the Private Retirement Scheme (PRS), a retirement programme, to address retirees' insufficient resources for meeting their retirement expenses in light of rising living standards and longer life expectancies. Having to see the similar aspects between EPF and PRS in terms of creating savings and their importance towards securing a certain degree of comfort for retirees, the purpose of this study is to provide a thorough explanation of how these two retirement plans can benefit all Malaysian private employees. Similar to Malaysia, all private sector workers in Indonesia are also required to participate in retirement plan. Thus, the purpose of this study is to evaluate the similarities and differences between Malaysia's and Indonesia's retirement plan. This research employs a qualitative approach, by conducting library-based research on the relevant materials including, but not limited to statutory provisions, case laws, law textbooks, journal articles, newspapers, conference proceedings, and seminar papers. At the end of the discussion, the findings show that both countries have their own retirement plans and have the same goal which is to provide facilities to all private-sector workers.
Article Details
How to Cite
Shah, N. A. M. A., Nasrul, M. A., Rahman, S. F. B. A., & Seviyana, D. (2023). Comparative Analysis of Malaysian and Indonesian Retirement Plan. Lex Scientia Law Review, 7(2), 659-708. https://doi.org/10.15294/lesrev.v7i2.69847
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———. “Proses Penamaan PRS Bagi Ahli Beragama Islam,” 2020. https://www.ppa.my/prslive/proses-penamaan-prs-bagi-ahli-beragama-islam/.
———. “Structure Of PRS,” n.d. https://www.ppa.my/prs-and-you/structure-of-prs/.
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Ananta, Aris, Ahmad Irsan A. Moeis, Hendro Try Widianto, Heri Yulianto, and Evi Nurvidya Arifin. “Pension and Active Ageing: Lessons Learned from Civil Servants in Indonesia.” Social Sciences 10, no. 11 (November 2021).
Awaludin, Suriany. “Pembahagian Wang KWSP.” Harian Metro, August 16, 2018. https://www.hmetro.com.my/addin/2018/08/368485/pembahagian-wang-kwsp.
Baeha, Ashri Azhari, Bismar Nasution, Sunarmi Sunarmi, and Mahmul Siregar. “Kepastian Hukum Terhadap Kewenangan Otoritas Jasa Keuangan Sebagai Pengawas Eksternal Dari PT. Asabri.” Locus Journal of Academic Literature Review, 2022, 181–90.
Bakar, Sazali Abu. “Nomination in the Employees Provident Fund (EPF) and Pilgrimage Fund (TH): A Study According to the Islamic Law.” Master Thesis, Faculty of Islamic Studies, National University of Malaysia, 2010.
Berita Harian. “Warga Malaysia Bekerja Di Luar Negara Layak Mencarum SP1M,” December 27, 2016. https://www.bharian.com.my/berita/nasional/2016/12/227495/warga-malaysia-bekerja-di-luar-negara-layak-mencarum-sp1m.
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Capital Markets and Services Act 2007 (CMSA) (Act 671)
CIMB. “Do I Need PRS If I Already Have EPF?,” 2021. https://www.cimb.com.my/en/personal/life-goals/investment/do-i-need-prs-if-i-have-epf.html.
Denton, Frank T., and Byron G. Spencer. “What Is Retirement? A Review and Assessment of Alternative Concepts and Measures.” Canadian Journal on Aging/La Revue Canadienne Du Vieillissement 28, no. 1 (2009): 63–76.
Employees Provident Fund Malaysia. “Benefits as an EPF Member,” 2016. http://www.kwsp.gov.my/portal/en/members/member-responsibility/registration/benefits-as-an-epf-member.
Employees Provident Fund Act 1991 (EPF 1991) (Act 452)
Farza, Reza Rizky, Agus Mulya Karsona, and Betty Rubiati. “Jaminan Pensiun Bagi Pekerja Kontrak Dalam Rangka Meningkatkan Kesejahteraan Pekerja Kontrak.” Jurnal Bina Mulia Hukum 4, no. 1 (2019): 150–67.
Fintra. “Employee Provident Fund (PF)| Ultimate Guide to PF Balance, Withdrawal for 2023,” 2022. https://fintra.co.in/blog/employee-provident-fund.
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Hadi, Abdul, Emese Bruder, and Widhayani Puri Setioningtyas. “Comparison of the World’s Best Pension Systems: The Lesson for Indonesia.” Social Sciences 11, no. 435 (2022): 1–17.
Halid, Suzalina. “71 Peratus Pencarum KWSP Tidak Cukup Wang Untuk Bersara.” Berita Harian, February 23, 2023. https://www.bharian.com.my/berita/nasional/2023/02/1068169/71-peratus-pencarum-kwsp-tidak-cukup-wang-untuk-bersara-pm.
Hallman, Victor G., and Jerry S. Rosenbloom. Private Wealth Management: The Complete Reference for the Personal Financial Planner. United States of America: The McGraw-Hill Companies, Inc., 2009.
Hamid, Tengku Aizan, and Chai Sen Tyng. “Meeting the Needs of Older Malaysians: Expansion, Diversification and Multi-Sector Collaboration.” Malaysian Journal of Economic Studies 50, no. 2 (2013): 157–74.
Harian Metro. “Ramai Tak Cukup Duit Bila Bersara.” Harian Metro, November 3, 2021. https://www.hmetro.com.my/bisnes/2021/11/773385/ramai-tak-cukup-duit-bila-bersara.
Hassan, Kamal Halili, Rohani Abdul Rahim, Fariza Ahmad, Tengku Noor Azira, Tengku Zainuddin, Rooshida Rahim, and Siti Kohlijah Bahari. “Sistem Persaraan Dan Pencen Swasta Di Malaysia.” In Proceedings Keselamatan Sosial Dan Industri Pekerjaan: Polisi Dan Perundangan, Universiti Kebangsaan Malaysia, 62–79, 2015.
Hassan, Kamal Halili, Rohani Abdul Rahim, Fariza Ahmad, Tengku Noor Azira Tengku Zainuddin, Rooshida Rahim Merican, and Siti Kohlijah Bahari. “Retirement Planning Behaviour of Working Individuals and Legal Proposition for New Pension System in Malaysia.” Journal of Politics and Law 9, no. 4 (2016): 43–52.
Heng, Guo. “Which Should You Choose to Save More For Retirement: EPF or PRS?” RinggitPlus, March 18, 2015. https://ringgitplus.com/en/blog/personal-finance-news/which-should-you-choose-to-save-more-for-retirement-epf-or-prs.html.
Ibrahim, Dahlia, Zuraidah Mohamed Isa, and Norhidayah Ali. “Malaysian Savings Behavior towards Retirement Planning.” In Proceedings of 2012 International Conference on Economics Marketing and Management, Vol. 28. Singapore: IACSIT Press, 2012.
Imoney Learning Centre. “PRS (Pt.5): Private Retirement Schemes in Malaysia – Risk Factors,” March 13, 2013. https://www.imoney.my/articles/prs-risk-factors.
Iszahanid, Hafizah. “Penama KWSP Elak Makan Duit Haram, Bahagikan Ikut Faraid.” Berita Harian, March 10, 2019. https://www.bharian.com.my/rencana/agama/2019/03/539306/penama-kwsp-elak-makan-duit-haram-bahagikan-ikut-faraid.
Jamaludin, Nurasyikin. “Individual Retirement Savings Behaviour.” PhD Thesis, Edith Cowan University, 2012. https://ro.ecu.edu.au/theses/432/.
Joo, So-Hyun, and John E. Grable. “Employee Education and the Likelihood of Having a Retirement Savings Program.” Journal of Financial Counseling and Planning 16, no. 1 (2005): 43–52.
Kimiyaghalam, Fatemeh, Shaheen Mansori, Meysam Safari, and Stanley Yap. “Parents’ Influence on Retirement Planning in Malaysia.” Family and Consumer Sciences Research Journal 45, no. 3 (March 2017): 315–25.
Kumar, Narendra. “Advantages and Disadvantages of Employee Provident Fund EPF Online.” Enterslice (blog), September 21, 2017. https://enterslice.com/learning/advantages-disadvantages-employee-provident-fund-epf/.
“KWSP - Corporate Profile,” March 2023. https://www.kwsp.gov.my/about-epf/corporate-profile.
KWSP Website, n.d. https://www.kwsp.gov.my/.
Law Number 11 of 1992 concerning Pension Funds.
Lee, Hock Lock. Financial Security in Old Age: Whither the Employees Provident Fund of Malaysia? Selangor: Pelanduk Malaysia, 2001.
Lim, Jen-Li. “Guide To Private Retirement Schemes (PRS) In Malaysia.” imoney Learning Centre, 2021. https://www.imoney.my/articles/prs.
Malaysia Kini. “Masih Ramai Ambil Mudah Namakan Waris KWSP,” 2017. https://www.malaysiakini.com/news/406593.
Merriam-Webster. “Retirement Definition & Meaning,” n.d. https://www.merriam-webster.com/dictionary/retirement.
Minimum Retirement Age Act 2012 (Act 753)
ML, Azma. “12 Jenis Pengeluaran KWSP Dibolehkan Sebelum Umur 55 Tahun, Berikut Info Wanita Perlu Tahu.” Sinar Plus, March 10, 2023. https://sinarplus.sinarharian.com.my/fyi/12-jenis-pengeluaran-kwsp-dibolehkan-sebelum-umur-55-tahun-berikut-info-wanita-perlu-tahu/.
Mohamed, Sallehuddin. “The Employees Provident Fund & You.” EPF Forum, 2021. http://portal.mim.org.my/resources/MMR/9509/950906.Html.
Moran, Porsche. “Retirement Plans from Around the World.” Investopedia, 2021. https://www.investopedia.com/financial-edge/0412/retirement-plans-from-around-the-world.aspx.
M-Star. “Balu Menangis Gagal Keluarkan Wang KWSP Suami Tunjuk Surat Nikah, Sijil Mati Pun Tak Laku - ‘Senang Cerita, Masa Hidup Buat Perancangan Siap-Siap,’” 2021. https://www.mstar.com.my/lokal/viral/2021/01/01/balu-menangis-gagal-keluarkan-wang-kwsp-suami-tunjuk-surat-nikah-sijil-mati-pun-tak-laku---senang-cerita-masa-hidup-buat-perancangan-siap-siap.
Ng, Tuan-Hock, Woan-Ying Tay, CN-L. Tan, Ying-San Lim, and N. L. Tan. “Influence of Investment Experience and Demographic Factors on Retirement Planning Intention” 6, no. 2 (2011): 196–203.
Nurcahyo, Ngabidin. “Perlindungan Hukum Tenaga Kerja Berdasarkan Peraturan Perundang-Undangan Di Indonesia.” Jurnal Cakrawala Hukum 12, no. 1 (2021): 69–78.
Pensions Act 1980 (Act 227)
Policy Street. “Private Retirement Scheme: Things You Should Know,” July 25, 2022. https://www.policystreet.com/articles/private-retirement-scheme-things-to-know.
“Primary Care in the Elderly.” In First Symposium on Gerontology 1995: Issues and Challenges of Ageing Multidisciplinary Perspectives. Gerontology Association of Malaysia, Kuala Lumpur, 1995.
Principal Malaysia. “General Private Retirement Scheme (PRS) Information,” 2023. https://www.principal.com.my/en/faq-prs-general-information.
Private Pension Administrator Malaysia (PPA). “Make Your Nomination,” 2022. https://www.ppa.my/make-your-nomination/.
———. “Proses Penamaan PRS Bagi Ahli Beragama Islam,” 2020. https://www.ppa.my/prslive/proses-penamaan-prs-bagi-ahli-beragama-islam/.
———. “Structure Of PRS,” n.d. https://www.ppa.my/prs-and-you/structure-of-prs/.
———. “Why PRS?,” 2023. https://www.ppa.my/prs-and-you/why-prs/.
PropertyGuru. “Your Guide to PRS Malaysia and PRS Withdrawal for Homes,” April 2020. https://www.propertyguru.com.my/property-guides/guide-to-prs-malaysia-prs-withdrawal-for-homes-25710.
Retirement and Re-Employment Act 1993 Singapore
Rokhim, Rofikoh, Wardatul Adawiyah, and Ida Ayu Agung Faradynawati. “The Indonesian Pension System.” In International Comparison of Pension Systems: An Investigation from Consumers’ Viewpoint, edited by Hongmu Lee, Gianni Nicolini, and Man Cho, 357–78. Contributions to Management Science. Singapore: Springer Nature, 2022.
Said, N. L. M., M. Z. Muda, S. E. Yaacob, and A. M. Yusoff. “Status of Property Nominee for Employees Provident Fund.” International Business Management 7, no. 6 (2013): 432–35.
Sinar Harian. “Kerajaan Bakal Perkenal Skim Simpanan Pekerja Asin,” 2022. https://www.sinarharian.com.my/article/217217/berita/nasional/kerajaan-bakal-perkenal-skim-simpanan-pekerja-asing.
Talib, Ibrahim. “Asset of a Husband: Asset of a Wife-EPF Contribution and Related Legal Provision.” Malaysia: the Malaysian Syariah Lawyers Association with the Cooperation from the Department of Law & Syariah, Academy of Islamic Studies, University of Malaya, 2005.
The Malaysian Reserve. “The Importance of Beneficiary Nomination for EPF Members,” November 28, 2019. https://themalaysianreserve.com/2019/11/28/the-importance-of-beneficiary-nomination-for-epf-members/.
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