scholarly journals The Countermeasures Assessment Towards Retirement Basic Savings Estimation Through the Mathematical Research

2019 ◽  
Vol 8 (2S3) ◽  
pp. 406-409
Keyword(s):  
Life Expectancy ◽  
Retirement Age ◽  
Ageing Population ◽  
Retirement Savings ◽  
Mathematical Research ◽  
Entire Life ◽  
The Government ◽  
Retirement Funds ◽  
The Impact ◽  
The Ideal

This paper focuses on the issues of ageing population which contributes towards inadequacy of retirement savings among Malaysian private sector workforce who mainly depends on Employee Provident Funds (EPF) to sustain their life during retirement age. However, the savings in the EPF fund cannot facilitate their expenditures for their entire life following the projected life expectancy of the age 75 years old, even most of retirees had spent all their retirement funds just within 3 to 5 years’ period after reaching the age of retirement. The study attempted to look at the ideal basic savings by measuring the sustainability of the proposed amount to cover the expenditure costs during retirement age. However, the study found that the ideal basic savings amounted RM228,000 can only extended the financial coverage to the retirees up to the projected life expectancy if only if they are disciplined to make a periodical withdrawal of RM950 per month based of minimum monthly pension rate. However, the basic savings just only developed by considering the minimum monthly pension rate amounted RM950 and ignored the impact of inflation and profit gains through accumulative retirement funds in calculating the ideal basic savings. Thus, it would be better if the government and the related authorities have come up with the new basic savings by including those additional elements. It is important to gain a better idea towards the basic savings, which becomes the guideline for the prospect retirees in Malaysia.

scholarly journals Investigating the business performance on the financial well-being of the Government retirees

2021 ◽  
Vol 124 ◽  
pp. 03006
Author(s):  
Abdul Mutalib Embong ◽  
Norzamziah Afzainizam ◽  
Mariati Norhashim ◽  
Amirsaman Ahmadi
Keyword(s):  
Business Performance ◽  
Profile Analysis ◽  
Descriptive Analysis ◽  
Well Being ◽  
The Elderly ◽  
Population Ageing ◽  
Ageing Population ◽  
Cross Sectional ◽  
The Government ◽  
The Impact

Population ageing; where there is growth in the percentage of older persons in the population; is becoming a worldwide phenomenon due to better healthcare and lower birth rates. The phenomenon of population ageing brings with it both challenges and opportunities. The challenges of an ageing population include social, health and economic support of the elderly. Malaysia is recognizing the need to address this issue of financially supporting an ageing population. The purpose of the paper was to investigate the impact of business on the financial well-being (FWB) of the ageing, specifically the government retirees. A questionnaire-based survey was conducted among retirees who were in business throughout Malaysia that employed a cross sectional design. Forty-one respondents were successfully interviewed. Statistical procedures for the analyses included descriptive analysis and a profile analysis using scatterplot on the perceived business performance vs financial well-being. The survey revealed that the majority of the respondents operated business in the services, trade or retail industries which were set up and fully owned by themselves. Resource wise, the majority had very low financial capital, human capital and social capital. The study provides some empirical evidence that the retirees in business may be categorized into opportunity driven and necessity driven groups. The paper concludes that there is a need to find alternative income generation methods for the necessity driven group. Making paid work accessible to the elderly must be urgently put on the national agenda.

On the management of retirement age indexed to life expectancy: a scenario analysis of the Italian longevity experience

2020 ◽  
Vol 21 (3) ◽  
pp. 217-231
Author(s):  
Mariarosaria Coppola ◽  
Maria Russolillo ◽  
Rosaria Simone
Keyword(s):  
Life Expectancy ◽  
Social Security ◽  
Gender Gap ◽  
Scenario Analysis ◽  
Security System ◽  
Retirement Age ◽  
Model Risk ◽  
Content Type ◽  
Mortality Projection ◽  
The Impact

Purpose This paper aims to measure the financial impact on social security system of a recently proposed indexation mechanism for retirement age by considering the Italian longevity experience. The analysis is motivated by the progressive increase in life expectancy at advanced age, which is rapidly bringing to the fore noticeable socio-economic consequences in most industrialized countries. Among those, the impact on National Social Security systems is particularly relevant if people live longer than expected; this will lead to greater financial exposure for pension providers. Design/methodology/approach Referring to the Italian population for illustrative purposes, the authors contemplate different scenarios for mortality projection methods and for the implementation of pension age shift while accounting for gender and cohort gaps and model risk. Synthetic indicators to measure the impact of the indexation mechanism on social security system are introduced on the basis of pension cash flows. Findings An indexation policy that manages gender gap while adjusting retirement age for varying life expectancy is proposed. As a result, sustainability of public retirement expenditure is improved. Originality/value The paper is a concise scenario analysis of the reduction of costs and risks that pension providers would have if the system resorted to link retirement age to life expectancy. The ideas fostered by the paper follow a recent proposal of the Authors on a flexible retirement scheme that deals with model risk for mortality projection and accounts for gender gap in mortality rates.

scholarly journals Proposals to Restructure Social Security

1996 ◽  
Vol 10 (3) ◽  
pp. 67-88 ◽  
Author(s):  
Peter A Diamond
Keyword(s):  
Life Expectancy ◽  
Social Security ◽  
European Countries ◽  
Retirement Age ◽  
Retirement Savings ◽  
Partial Privatization ◽  
Trust Funds

This paper discusses five proposed changes in Social Security: indexing the normal retirement age to life expectancy (as Sweden is doing); investing part of the trust funds in private securities; partial privatization (as has been proposed by Senators Kerrey and Simpson, Sweden is doing and Mexico has done); replacing Social Security by individually mandated savings (as was done in Chile in 1981); and mandating employer provided retirement savings (as recently legislated in Australia and is effectively the case in some European countries.) The economics of Social Security and the politics of restoring (and preserving) actuarial balance are discussed.

scholarly journals High physical work demands and working life expectancy in Denmark

2020 ◽  
Vol 77 (8) ◽  
pp. 576-582 ◽  
Author(s):  
Jacob Pedersen ◽  
Bastian Bygvraa Schultz ◽  
Ida E H Madsen ◽  
Svetlana Solovieva ◽  
Lars L Andersen
Keyword(s):  
Life Expectancy ◽  
Sickness Absence ◽  
Proportional Hazards ◽  
Proportional Hazards Model ◽  
Working Life ◽  
Physical Work ◽  
Retirement Age ◽  
Work Demands ◽  
Physical Work Demands ◽  
The Impact

ObjectiveIn most European countries, political reforms gradually increase the statutory retirement age to counter the economic costs of a growing elderly population. However, working to a high age may be difficult for people with hard physical labour. We aim to study the impact of high physical work demands on working life expectancy (WLE).MethodsWe combined physical work demands assessed by job exposure matrix (JEM) and longitudinal high-quality national registers (outcome) in 1.6 million Danish workers to estimate WLE and years of sickness absence, unemployment and disability pension. The JEM value for physical work demand is a summarised score of eight ergonomic exposures for 317 occupations groups, sex and age. The WLE was estimated using a multistate proportional hazards model in a 4-year follow-up period.ResultsIndividuals with high physical work demands had a significantly lower WLE, than those with low physical work demands, with largest differences seen among women. At age 30 years, women with high physical work demands can expect 3.1 years less working, 11 months more of sickness absence and 16 months more of unemployment than low-exposed women. For 30-year-old men, the corresponding results were 2.0 years, 12 months and 8 months, respectively.ConclusionOur findings show that high physical work demands are a marked risk factor for a shortened working life and increased years of sickness absence and unemployment. The results are important when selecting high-risk occupations, and expand the knowledge base for informed political decision making concerning statutory retirement age.

scholarly journals Designing benefit rules for flexible retirement: Welfare vs. redistribution

2011 ◽  
Vol 61 (1) ◽  
pp. 3-32 ◽  
Author(s):  
P. Eső ◽  
A. Simonovits ◽  
J. Tóth
Keyword(s):  
Life Expectancy ◽  
Social Welfare ◽  
Incentive Compatibility ◽  
Retirement Age ◽  
Second Best ◽  
Flexible Retirement ◽  
Individual Incentive ◽  
Scalar Multiple ◽  
The Government ◽  
The Individual

With flexible (variable) retirement every individual determines his optimal retirement age, depending on a common benefit-retirement age schedule and his life expectancy. The government maximises the average expected lifetime utility minus a scalar multiple of the variance of the lifetime pension balances to achieve harmony between the maximisation of welfare and the minimisation of redistribution. Since the government cannot identify types by life expectancy, it must take the individual incentive compatibility constraints into account. Second-best schedules strongly reduce the variances of benefits and of retirement ages of the so-called actuarially fair system, thus achieving higher social welfare and lower redistribution.

scholarly journals A STUDY ON LONGEVITY FACTOR: THE CASE OF GOVERNMENT PENSIONER IN MALAYSIA

2017 ◽  
Vol 16 (1) ◽  
Author(s):  
Rose Irnawaty Ibrahim ◽  
Zailan Siri
Keyword(s):  
Life Expectancy ◽  
Mortality Risk ◽  
Retirement Age ◽  
Male And Female ◽  
Pension Costs ◽  
The Government ◽  
Pension Liabilities ◽  
Over Time

There are many researches showing that the life expectancy for most countries is increasing. Since the life expectancy at a particular age tends to increase over time for male and female, the mortality risk tends to be smaller over time. Therefore it is expected that pensioners tend to live longer and thereby cause increase in pension liabilities to the government. Countries are looking for solutions to decrease the effect of increased longevity on pension costs. The most common changes are to equalize the retirement age for male and female and to rise the retirement age. Therefore, we studied the longevity factor for the government pensioner in Malaysia at age 55, 56, 57, 58, 59 and 60 years respectively. Since the pensions are paid for the rest of the pensioner’s life in the event of his death and also to his spouse and child if any in the form of a derivative pension, the longevity factor for pensioner, spouse and child will be formulated and estimated separately. To formulate and estimate these factors, the theory of annuities and the Pension Law of Malaysia need to be studied.Keywords: Life Expectancy; Mortality Risk; Pension Liabilities; Longevity Factor; Derivative Pension; Annuities.

scholarly journals The Impact of Ageing Population on Malaysian Economic Growth

2020 ◽  
pp. 1-6
Author(s):  
Mazlynda Md Yusuf ◽  
Sarina Mohamed ◽  
Mohamad Yazis Ali Basah
Keyword(s):  
Economic Growth ◽  
Life Expectancy ◽  
Labour Force ◽  
Labour Force Participation ◽  
Ageing Population ◽  
Dependency Ratio ◽  
Fertility Rates ◽  
The Past ◽  
The Future ◽  
The Impact

An ageing population is a worldwide phenomenon, as the results of improvement in mortality rates and drops in fertility rate over the past century. Previously, this trend was focused among the developed countries of Europe and North America but over the past 20 years, the ageing population has started to grow in the developing countries, especially countries of Southeast Asia such as Malaysia. Given changes in fertility and improving life expectancy, the figure is expected to increase significantly. According to the Department of Statistics Malaysia, it is estimated that 6.5% of the total population is aged 65 and above in 2018 and this figure is expected to increase to 14.5% in 2040. With the current changes in the demographic trend, it is expected that there will be changes in the amount of savings and this could also lead to changes in the economic performances in the future. Thus, the main objective of this study is to examine the impact of the ageing population on economic growth in Malaysia by using annual data from the year 1985 to 2016. Total fertility rates, life expectancy, labour force participation rate and old-dependency ratio are variables that are used in the study. These data were analysed using Multiple Linear Regression Model and the results indicate that Malaysia is expected to experience the ageing population in the future and that it gives effect towards Malaysian's economic growth. Keywords: ageing population; economic growth; life expectancy; labour force participation; old-dependency ratio; fertility rates

scholarly journals Reclamation Planning on Mining Operations PT. Prima Timah Utama in Mapur Village, Bangka Regency, Bangka Belitung Province

2018 ◽  
Vol 2 (4) ◽  
Author(s):  
Imam Firdaus ◽  
Didik Susetyo ◽  
Restu Juniah
Keyword(s):  
Acacia Mangium ◽  
Production Operation ◽  
Mining Activities ◽  
Mining Operations ◽  
The Government ◽  
Reclamation Plan ◽  
High Level ◽  
The Impact ◽  
The Ideal

PT. Prima Timah Utama is one of the companies that received a Production Operation Mining Permit from the Bangka Regency Government in May 2014. The company has been carrying out mining activities since Mei 2014, with a maximum production level of 500,000 m3 of ore per year. This study made a field study of the impact of mining activities carried out by the company, looked at the success rate of reclamation, and calculated the ideal costs to improve environmental quality after mining activities. Reclamation planning for mining operations at PT. Prima Timah Utama is included in the type of non-experimental qualitative research conducted desktop study and field observations in the mining field. This research will analyze and make a reclamation plan based on the criteria of success of ex-mining land that is standard for sustainable mining. The results of the study show a lack of guarantee of the implementation of reclamation guaranteed by the Company to the government of ± 50% of ideal conditions. Based on the results of the study, the company will use plants that are able to have a high level of adaptation to critical environments. One type of plant chosen is Acacia mangium. The costs needed to carry out the ideal reclamation activities to improve the quality of the environment after mining are IDR 3,642,427,321.- or IDR 65,629,324.- / hectare

LINKAGES UNDERLYING THE INFLUENCE OF POPULATION AGEING ON ECONOMIC GROWTH AND POLICY IMPLICATIONS TO VIETNAM

2017 ◽  
Vol 126 (5B) ◽  
pp. 73
Author(s):  
Nguyễn Thị Thu Hà
Keyword(s):  
Economic Growth ◽  
Capital Accumulation ◽  
Population Ageing ◽  
Output Growth ◽  
Policy Implications ◽  
Ageing Population ◽  
Negative Effects ◽  
Ageing Society ◽  
The Government ◽  
The Impact

This paper is in line with literature reviews of ageing society and economic growth to provide a deeper knowledge of whether ageing population diminishes or enhances economic growth. The first part presents the causes of negative effects of population ageing on economic growth. It reveals that lower fertility, longer life expectancy, low consumption and high public spending on health care lead to aggregate output growth decline in the long-run. The following part attempts to explain the hypotheses of why ageing can contribute to economic growth. The key issue is the human capital accumulation according to the proposition of replicated economy. Furthermore, this part indentifies the elderly factors affecting economic growth, including effective labor, knowledge transfer and change in saving patterns. Accordingly, the conceptual framework is schematically shown with linkages underlying the impact of population ageing on economic growth. This study is expected to be the first research focuses on the schematic diagram of this relationship and will be useful for planning policy reform of the government of Vietnam. Lastly, after reviewing the overview picture of population ageing in Vietnam, some policy implications are suggested to take advantage of population ageing and to diminish negative effects of population ageing on economic growth.

scholarly journals Covid-19 Dan Pengaruhnya Terhadap Perilaku Hidup Bersih Masyarakat Muslim

2021 ◽  
Vol 2 (2) ◽  
pp. 113-124
Author(s):  
Amrullah Amrullah ◽  
Hasse Jubba ◽  
Siti Maysharah
Keyword(s):  
Literature Review ◽  
Positive Impact ◽  
Daily Life ◽  
Muslim Population ◽  
Hygiene Behavior ◽  
The Government ◽  
The Impact ◽  
The Ideal ◽  
Islamic Organizations

Coronavirus disease also known as Covid-19 forces society to adapt and change to encounter and stop its spread. Maintaining personal and environmental cleanliness is the method suggested by WHO and the government for dealing with the pandemic. Islam has taught about the virtue of cleanliness in the Quran and hadith long before the Covid-19 pandemic. Likewise, religious authorities such as the MUI issued a fatwa on the topic long before the coronavirus arrived in Indonesia. This research used the literature review method to understand Muslim society's awareness of cleanliness and the impact of Covid-19 on its behaviors. It discovered that the ideal expected of Islam to be aware of cleanliness still showed a gap over the reality that occurred, particularly in Indonesia, which has the world's largest Muslim population. However, the arrival of the Covid-19 pandemic in Indonesia has had a positive impact on personal cleanliness. According to a BPS survey, the majority of respondents are more likely to adopt hygiene behavior. Furthermore, Islamic organizations such as MUI, Muhammadiyah, and NU have long emphasized the importance of maintaining personal and environmental cleanliness. One of the lessons of the Covid-19 pandemic is the importance of cleanliness, particularly in daily life.

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