BESIDES the proposal to increase the retirement age for the private sector, the Government should also come up with measures to overcome the problem of inadequate retirement savings. Among the ideas being talked about is a workable annuity scheme.
A speaker at the recent Malaysian Private Pension and Healthcare Conference 2011, Actuarial Partners Consulting Sdn Bhd senior partner Zainal Kassim, said if the Employees Provident Fund (EPF) or the private sector formed some sort of annuity scheme for retirees, it could be a solution to the problem of people running out of savings soon after retirement.
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