private remuneration scheme:Malaysia

Private Retirement Scheme is expected to be launched later this year in cooperation with the Securities Commission (SC).

Deputy Finance Minister Datuk Donald Lim Siang Chai said, for now, SC is actively provide a framework for the scheme including amendments to the Capital Markets and Services Act 2007, draft guidelines on, and held discussions with the parties involved.

He said the scheme was soon able to improve the standard of living after retirement of Malaysia through the storage of additional funds on a voluntary basis.

"It is implemented by extending the retirement product offerings in the market in addition to the compulsory retirement savings in the Employees Provident Fund (EPF)," he said when answering a question from Senator Ahmad Hussin at the Dewan Negara yesterday.

Ahmad asked about the level of preparation before the government launched the scheme and the benefits to the employees.

Donald Lim added that the scheme also provides options to individuals who do not contribute to the EPF to ensure the needs of old age.
-utusan