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2019, Political Economy: Government Expenditures & Related Policies eJournal
This paper formulates a comprehensive pension fund framework for enhancing system capacity to manage economic and social risks. The National Social Protection Fund (NSPF) attempts to quantify the informal sector, incorporated under a unifed national protection scheme. The new protection mechanism consists of two sub-funds: The National Integral Social Security Fund (NISSF) and the National Education Fund (NEF). NISSF encompasses all economically active Malaysian population, including the informal workforce, whereas the NEF captures the economically inactive young population. Simulation fndings indicate that education, health and income redistribution can improve the livelihood of the vulnerable population groups in Malaysia.
Institutions and Economies
An Alternative Social Protection Scheme for Malaysia: The National Social Protection Fund (NSPF2019 •
This paper formulates a comprehensive pension fund framework for enhancing system capacity to manage economic and social risks. The National Social Protection Fund (NSPF) attempts to quantify informal sector, incorporated under a unified national protection scheme. The new protection mechanism consists of two sub funds: The National Integral Social Security Fund (NISSF) and the National Education Fund (NEF). NISSF encompasses all economically active Malaysian population, including the informal workforce, whereas the NSPF captures the economically inactive young population. Simulation findings indicate that education, health and income redistribution can improve the livelihood of the vulnerable population groups in Malaysia.
PLATFORM - A Journal of Management & Humanities
NATIONAL SOCIAL PROTECTION FUND: THE MULTI-PILLAR EMPLOYEES' PROVIDENT FUNDThis paper formulates a comprehensive pension fund framework for enhancing system capacity to manage economic and social risks. The National Social Protection Fund (NSPF) attempts to quantify the informal sector, incorporated under a unified national protection scheme. The new protection mechanism consists of two sub-funds: The National Integral Social Security Fund (NISSF) and the National Education Fund (NEF). NISSF encompasses all economically active Malaysian population, including the informal workforce, whereas the NEF captures the economically inactive young population. Simulation findings indicate that education, health and income redistribution can improve the livelihood of the vulnerable population groups in Malaysia.
This paper formulates a comprehensive pension fund framework for enhancing system capacity to manage economic and social risks. The National Social Protection Fund (NSPF) attempts to quantify informal sector, incorporated under a unified national protection scheme. The new protection mechanism consists of two sub-funds: the National Integral Social Security Fund (NISSF) and the National Education Fund (NEF). NISSF encompasses all economically active Malaysian population, including the informal workforce, whereas the NEF captures the economically inactive young population. Simulation findings indicate that education, health and income redistribution can improve the livelihood of the vulnerable population groups in Malaysia.
This paper introduces a new definition such as “Pensionomics”, a way of classifying and a method of evaluating different pension systems. An analytical tool called “Pensions Consistency (PC) Index” has been developed for the purposes of evaluating different pension systems performance. The PC-Index enables policy-makers and researchers to identify the level of consistency as well as the strengths and weaknesses within any pension system. The implementation of the PC-Index involves the following four basic steps: (i) the use of multi-input-output table; (ii) classification of variables and identification of parameters; (iii) measurement of the PC-Index; (iv) construction of the PC-Surface. Through the PC-Index, this paper promotes multidisciplinary approach to evaluate pension systems.
This report aims to support policymakers, program designers, and evaluators to develop a comprehensive social protection mechanism. The past decade has seen a marked spike in policy momentum around the importance of social protection policies and programs yet there has been very little attention to social protection’s role in tackling experiences of poverty and vulnerability. Social protection is recognized as a key policy tool to help achieve the Malaysia Development Goals; as a policy approach underpinned by rigorous evaluation evidence; as a critical mechanism to cushion the poor and newly poor from the worst effects of the global recession; and as a core human right. At the same time, the 2010s have seen a renewed interest in the role that addressing gender inequalities can play in achieving broader development objectives. The post-2015 Malaysia development agenda requires a new approach to national development, taking the multiple interlinked domestic and global challenges that exist even more into account. It is therefore of paramount importance that, in view of the multiple roles that social protection can play in social and economic development, the post-2015 Malaysia development agenda will acknowledge the critical role extending adequate social protection plays in furthering key outcomes, ensuring the inclusion of all groups in development and society as a means to combat inequality, vulnerability, and poverty. The post-2015 debate needs a renewed and comprehensive focus on poverty, inequality, income distribution, and social inclusion. Fiscally sustainable social protection programs based on strong legal and regulatory frameworks should be an integral component of national development strategies to achieve inclusive, equitable sustainable development. In setting out its point of departure for the study of poverty reduction, the Proposal makes the following significant observations: - It is crucial to develop a coherent and consistent framework for connecting discussions of poverty and its reduction to strategic links among different dimensions of development, including governance, economic growth, stabilization, and security. - Policy recommendations should draw substantially from the ideas, theories, and experiences available from more successful records of poverty reduction, notably those attained by the Nordic late industrializers and the East Asian developmental states. - It is necessary to go beyond measuring things that people lack without understanding why by investigating such aspects of poverty as self-reinforcing vertical and horizontal inequalities, and the impact of orthodox macroeconomic policies and the disproportionate tendencies of market forces on these inequalities. - Equity being an integral component of poverty reduction, it is necessary not to isolate social policy from economic policy, but to analyze the macroeconomic policy and growth strategy that should be pursued in tandem with ‘poverty alleviation’ social policy. - The notion of participation in current poverty reduction strategies, stresses process rather than substance. By restricting the agenda of participation to empowerment at the micro-level without tackling disempowerment or exclusion at the macro level, the notion ignores the dilemma that poverty is lived at the micro level but its reproduction, intensification or amelioration depend crucially on macro-level policies.
2017 •
Malaysia country now towards an ageing population, in which exposed to the longevity risk. People in Malaysia still lack awareness on preparing for their retirement. The mainstream retirement scheme, Employees Provident Fund in Malaysia has reported inadequate to sustain the elderly after working age. Therefore, the study aims to examine the alternative options available to the public to maximize their retirement incomes. The study found that the existing pension schemes still lack efficiency regarding investment, benefits allocation and do not provide coverage to all level of community members, in particular for those in the informal sector. Thus, the authority needs to revise the retirement system to keep elderly out of poverty line.
This Electronic Monograph is divided into ten chapters. The first chapter presents a general description of each chapter respectively. The second chapter introduces how developing Asia is facing the challenge of the aging population, as well as falling fertility. These twin phenomena now threaten the economic progress that the region has enjoyed the last few decades. However, its rising proportion of the elderly may come with the benefit of having a high saving rate that can be channelled to investments. This chapter discusses the ongoing demographic transition, population aging, demographic dividend, and how it will affect the economic prospects of developing Asia going forward. A sound approach to sustaining economic growth and providing economic security for the elderly would strike the right balance between assets and public transfers while promoting high rates of human capital investment through investing in physical capital and human capital coupled with technological innovation. The third chapter examines the evolution of social security research from a theoretical and empirical perspective. This is done through an extensive review and analysis of publications from the Journal of International Social Security Review published by Wiley within a 50-year period (1967-2017). It was observed that at a different period in time, the social security research focused on different national and international issues that invoked different social welfare programs and pension systems approach (public or private) to facilitate the explanation of its final socio-economic impact into different social groups in the same country or region respectively. The fourth chapter proposes a new model based on a group of indicators to evaluate the social security plans performance of ASEAN-members (Singapore, Malaysia, Indonesia, Thailand, and the Philippines). The first section presents a general review of all possible indicators applies in the evaluation of social security plans performance. Secondly, we present a new indicator, “The Social Security Plans Performance Index (SSPP-Index)” is intended to offer policymakers and researchers an additional analytical tool to study the coverage, efficiency, effectiveness, trend, and future of any social security plan as a whole. The SSPP-Index can be applied to the study of any social security plan and not constrained by geographical area or development stage of the social security plan on the study. The SSPP-Index is a simple and flexible indicator. The third section summarizes the results on the ASEAN-Members social security plans performance under the application of the SSPP-Index. The fifth chapter shows how obesity can affect the productivity and social security of any country. In our case, we evaluate the specific case of Malaysia. The same research evaluates the obesity levels among the three largest races of Malaysia such as Malay, Indians, and Chinese. The main objective of this research is to evaluate if exist any relationship between obesity and productivity, then we try to probe through compare our new index and the growth in labor productivity. Hence, this new index is entitled “The National Obesity Behavior Index (NOB-Index).” The NOB-Index offers the possibility to evaluate and monitoring expansion or contraction of obesity on the national and regional level. In the same document is given a serial of recommendation and policies to solve this deep health problem in Malaysia. The sixth chapter proposes a list of crucial factors that can be considered as a template for universal retirement plan. Malaysia is used as the base of our modelling. Ten crucial factors that are identified to have direct or indirect effect on the retirement plan among the three largest races in Malaysia, namely the Malay, Indians, and Chinese are examined. The main objective of this research is to propose a new approach to evaluate the optimum age retirement for Malaysians in general. Hence, this new index is entitled “The Optimum Age Retirement Index (OAR-Index)”. Based on the findings, the study proposed that Malaysia would be well served to increase the retirement age of the country’s workforce and proposes a number of recommendations and policies to complement the retirement-age extension. The seventh chapter formulates an analytical framework to analyze whether pension growth can be a determinant of economic growth. The Pension Scheme Performance Evaluation Model (PSPE-Model) intends to study the performance of pension schemes from a macroeconomic perspective. The PSPE-Model tests whether the marginal optimum national pension system coverage critical point based on the national productivity growth performance is simultaneously determined by the efficient coordination of private and public pension system programs coverage and the national productivity level. The model investigates the marginal optimum national pension system coverage critical point of two Asian countries, Japan and Singapore. The eighth chapter explores how inflation and the exchange rate can affect the real value of any pension plan system in the long run. In our case, we focus on the specific pension plan system of the Employees Provident Fund (EPF). Nonetheless, we use a new model that is entitled “The EPF Real Value Box –EPFRV Box”. The EPFRV Box facilitates the graphical visualization of the inflation/exchange rate impact on the Employees Provident Fund (EPF). In essence, the EPFRV Box is applied to the Employees Provident Fund (EPF) of Malaysia to evaluate the impact of inflation and exchange rates on the Malaysian EPF real value from 1980 to 2030. Finally, the main objective is to apply the EPFRV Box to extend the significance of the impact of inflation and the exchange rate on any pension plan system (in this case EPF) beyond mere theory, using them as practical instruments to solve retirement and pensioner’s problems. The ninth chapter explores the concept of Pensionomics as a prospective tool for pension evaluation. This chapter suggests a paradigm shift: a multidisciplinary synthesis of differing perspectives in evaluating pension overall performance based on past work on pension evaluation, incorporating non-economic variables with significant impact on economic growth and social development. This chapter suggests a new analytical tool called “Pensions Consistency (PC) Index” that identifies the level of consistency as well as the strengths and weaknesses within any pension system. The new conceptual framework focuses on building inter-sectoral and holistic policies able to respond to the new multidimensional dynamic environment. The tenth chapter explores how inflation and the exchange rate can affect the real value of any pension plan system in the long run. In our case, we focus on the specific pension plan system of the Employees Provident Fund (EPF). Nonetheless, we use a new model that is entitled “The EPF Real Value Box –EPFRV Box”. The EPFRV Box facilitates the graphical visualization of the inflation/exchange rate impact on the Employees Provident Fund (EPF). In essence, the EPFRV Box is applied to the Employees Provident Fund (EPF) of Malaysia to evaluate the impact of inflation and exchange rates on the Malaysian EPF real value from 1980 to 2030. Finally, the main objective is to apply the EPFRV Box to extend the significance of the impact of inflation and the exchange rate on any pension plan system (in this case EPF) beyond mere theory, using them as practical instruments to solve retirement and pensioner’s problems. The ninth chapter formulates a comprehensive pension fund framework for enhancing system capacity to manage economic and social risks. The National Social Protection Fund (NSPF) attempts to quantify the informal sector, incorporated under a unified national protection scheme. The new protection mechanism consists of two sub-funds: The National Integral Social Security Fund (NISSF) and the National Education Fund (NEF). NISSF encompasses all economically active Malaysian population, including the informal workforce, whereas the NSPF captures the economically inactive young population. Simulation findings indicate that education, health, and income redistribution can improve the livelihood of the vulnerable population groups in Malaysia.
The main aim of this article is to provide an overview of social security in Malaysia. The focus is on relevant services, players and databases in the country. The development of social security in Malaysia is captured in Malaysia’s Five Year Development plans with a twin goal of achieving good growth and equitable development. Hence, social security policies in the more recent development plans were part of the distribution policies. The study uses the ILO’s three-dimensional approach to social protection as a benchmark for analysis. The first dimension refers to the proactive measures to provide social assistance to the non-productive and productive groups in society by ensuring access to basic essential goods and services. The basic protection floor has improved over the years with programmes targeted at equitable development and inclusive growth as seen in the NEM and the 10th MP. The second dimension refers to the social insurance system to prevent or at least mitigate the impact of risks borne by society. The four main schemes such as pension for civil servants, the LTAT, the EPF, and SOCSO have contributed to a relatively higher score for Malaysia (same income group), in the Social Protection Index (SPI) introduced by the ADB (2003). However, post-1997 Asian Financial Crisis saw social security policies beginning to incorporate labour market programmes, the third dimension of the ILO’s framework which aims at promoting the potentials and opportunities for individuals to contribute positively to society. Several agencies that are accountable to different authorities are responsible for the programmes. Yet, there is no effective coordination; in other words, no supreme body to oversee the products of social security and to link them all to meet the national framework and policy. The absence of an overarching social policy is not helping either. All social protection service providers and government agencies collect data and information in order to support their own programmes. As a result, the single-user data collection remains isolated with no mega-database as an interface among social security providers.
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