Private Retirement Scheme as a Financial Protection of Old-Age in Malaysia from the Perspective of PRS Providers

Abstract

The government has recognized the importance of savings from an early age to ensure sufficient savings after retirement. To further increase savings, the government encourages youth to take a long-term investment through the Private Retirement Scheme (PRS). This study was designed to discuss the drawbacks of PRS according to the perspective of PRS providers. This study applied the qualitative research methodology by conducting interviews with the PRS providers. Thematic data analysis was used to deduce the findings gained from the PRS respondents. The findings of the research revealed that majority of the respondents agree PRS is a beneficial scheme to protect investors after retirement. However, there are a few recommendations proposed to improve the PRS, such as more tax incentives by the government, raise people awareness, etc.