Mathematical Analysis of Retirement Income Benefit Based on Annuitization Approach
Journal Title: International Journal of Academic Research in Business and Social Sciences - Year 2017, Vol 7, Issue 7
Abstract
Retirement income inadequacy is one of the major problems to the private sector workforce with defined contribution retirement scheme. It is believed the existing system of Employees Provident Fund (EPF) in Malaysia adopted of lump-sum payment of their retirement benefits should be replaced by annuity-based scheme which can control the total retirement funds balance of the members. Using a mathematical analysis, the comparing system of retirement benefits by EPF can be analyzed. It is clearly showed that, with annuity-based scheme provide the retirees with a steady income stream for the next 20 years after retirement age.
Authors and Affiliations
Nik Hazimi Mohammed Foziah, Puspa Liza Ghazali, Fauzilah Salleh, Saiful Bahri Mohamed
Keywords
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- EP ID EP615387
- DOI 10.6007/IJARBSS/v7-i7/3160
- Views 81
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