The SC said one way involves approaching the problem through a behavioural lens and applying behavioural insights.
In its Annual Report 2022 released today, the SC said one way involves approaching the problem through a behavioural lens and applying behavioural insights to encourage greater retirement planning among Malaysians.
"This is anchored on a multi-pillar pension framework and includes mandated public pension plans as well as voluntary private pension schemes through Private Retirement Schemes that are regulated by the SC,” it said. This, it said, is evidenced by an increase in the number of PRS contributors by 7.5 per cent per annum from 416,913 members in 2018 to 557,000 members in 2022.
"The SC recognises that moving the needle on retirement security with respect to private sector solutions requires partnership and collaboration between retirement stakeholders on multiple"The formal retirement system only covers about 60 per cent of the labour workforce - most of whom have insufficient retirement savings. This problem has been worsened by the recent early withdrawals of retirement savings to tide over cashflow needs through the pandemic,” it said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Misa Krisma Keuskupan Agung Kuala Lumpur: Adakah kita paderi yang berbelas kasihan?Herald Malaysia - daily news source with Malaysian and Global coverage of the Catholic Churches. Catholic News,World Christian News, Malaysia Church News
Read more »
Malaysia’s 2022 capital market rises to RM3.6t, says Securities CommissionKUALA LUMPUR, March 27 — Malaysia’s 2022 capital market size rose to RM3.6 trillion from RM3.5 trillion in 2021 with the drop in the equity market capitalisation offset by...
Read more »
Securities Commission: Venture capitals, private equities committed funds of RM16.08b in 2022KUALA LUMPUR, March 27 — Private equity and venture capital industries chalked up total combined funds of RM16.08 billion in 2022 from RM14.83 billion in 2021, said the...
Read more »
PM Anwar conveys 216th Police Day greetingsKUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim wished members of the Royal Malaysia Police (PDRM) a happy 216th Police Day on Saturday (March 25).
Read more »
Prasarana rail, bus services recorded one million passengers on March 21KUALA LUMPUR: The rail and bus services operated by Prasarana Malaysia Bhd recorded one million passengers on Tuesday (March 21), the highest daily number since the country entered the endemic phase.
Read more »